The demand for electronic musical instruments has exploded thanks to the interest in musical entertainment activities, according to a new report from TechNavio.
TechNavioThe report said that the increase in disposable income and free time has fueled the demand for more leisure activities related to music. With an endless stream of eye-catching and feature-rich music tech products released, there is always a new toy to invest in to expand creative capabilities.
Additionally, these companies make their products easier to learn about, understand, and use. Most are even implementingAI tools to enhance user experience.
The report predicts that the constant development and innovation of new products will continue to stimulate other emerging trends with a positive effect. TechNavio cites the launch of Gibson’s Dave Mustaine Flying V guitar as an example of this ongoing innovation. At this year’s CES in Las Vegas, NV, Roland showed off their 50th-anniversary concept piano with flying drones as speakers.
The increase in hardware does not come without challenges, however. This increased adoption of hardware requires music production software to keep up. Artists ditch their physical instruments for an all-in-one digital audio workstation like Ableton, FL Studio, or Logic Pro.
Major computer manufacturers are spending more on marketing campaigns to compete with tablets and smartphones. As handheld devices become more prominent in music production, laptops, and computers decline. This shift will continue to force product innovation for creatives who create using mobile devices.
In a separate report, TechNavio predicts that the music publishing market will increase to $2.41 billion by 2026. The key driver for this explosive growth, according to the report, is the demand for dance music among the younger generation.