The “Online Music Education” 2022-2031 Research Report affords qualitative and quantitative insights into the principal drivers, constraints, opportunities, and challenges influencing world markets growth. The find out about offers complete statistical market records on the leading players, as nicely as income predictions. This market lookup additionally presents statistics on the income boom of numerous regional and country-level markets, as properly as the opposition panorama and unique organization analyses for the projected period.
The global online music education market held a market size of USD 130.74 Million in 2020 and is expected to reach USD 421.92 Million by 2027. The online music education market is anticipated to grow at a CAGR of 18.4% over the forecast period.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
Online music education is a recent technology in the music education industry. It utilizes online platform computers and internet to teach, guide, & to train the students. Online music education increases interactivity through usage of videos, audios, and graphics. Also, children find learning online to be less daunting and beneficial since they may ask questions without fear of being judged and can re-read & re-visit lectures at any moment via recorded videos and audios.
Online music education also allows the learners to get trained by highly trained professionals in the industry from any remote location. On the other hand, teachers can also keep a track of their student’s data, their schedules, and other related videos and clips for training purposes, using this platform. Increased usage of mobile devices, and growth in digitization across the globe has resulted in increased demand for online music education to great extent, in the past few years. The trend of online education and training is here to stay in the forthcoming years.
Covid-19 posed a big challenge to the learning industry. Lockdown across the globe has resulted in slowdown and closure of all the learning & training institutes. In this situation, online platform for music education is of great help to the students as well to the trainers. It allows them to continue their trainings in remote areas, without being exposed to coronavirus spread. Furthermore, growing awareness towards various online training in developing countries is expected to drive the market demand.
Significant number of investments are being made by the market players to provide additional features to the online music education platforms in order to serve their client’s requitements in a better way.
Growth Influencers
Continuous growth in the number of internet users across the globe is driving the demand for online music education
One of the most important factors fuelling the growth of online music education market, is growth in the number of internet users. This has resulted in increased demand for online trainings. Increasing use of technologies such as digitization, artificial intelligence has further promoted to the growth in the usage of online music education to a great extent.
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Covid-19 resulting in lockdown across the globe
Growing number of coronavirus cases across the globe has resulted in complete lockdown in various countries across the globe. Music industry is hugely affected by Covid-19 as it has affected other industries. In this scenario, Online music education gives teachers, the convince of place and time. Music professionals can train their students in any remote location, at any given point of time. These advantages offered by online music education has resulted in increased demand, and is expected to grow during the forecast period.
Lack of awareness regarding availability of online music education is restraining the market growth
Lack of awareness regarding the existence and usage of online music education in the developing countries, is one the most important factors retraining the growth of the market. Also, the trend of online training has just arrived in the developing countries like India. There is a lack of knowledge among parents and students, regarding benefits online platform can fetch for students, in turn is creating a hindrance in the market growth.
Segments Overview
The global online music education market is segmented instrument type, type, session type, organizer type, learner type.
By Instrument Type
• Piano
• Guitar
• Banjo
• Violin
• Others
The piano segment held the largest share of 34% in 2020. The segment is expected to continue this dominance during the forecast period. The guitar segment is also expected to grow at a highest rate i.e., CAGR of 19.2% during the forecast period.
By Type
• Music History
• Musicology
• Theory
• Others
The theory segment held the largest share of around 59% in 2020. The segment is expected to continue this dominance during the forecast period. The music history segment is also expected to grow at a highest rate, during the forecast period.
By Session Type
• Solo
• Group
Based on session type, solo segment is forecasted to grow at a highest rate during the forecast period.
By Organizer Type
• Schools
• Music studios/academy
• Professionals
Based on organizer type, schools’ segment is estimated to dominate the online market education market, with a share of more than 39% in 2020. Whereas, music studio/ academy segment is projected to grow at the highest rate of 20.1% during the forecast period, and is projected to surpass the school segment in terms of market share, by the year 2023.
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By Learner Type
• Beginners
• Hobbyists
• Professional Musicians
The learner type segment was dominated by hobbyists sub-segment, with the largest share in 2020, and is expected to continue this dominance during the forecast period.
Regional Overview
On the regional basis, the global online music education market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Asia-pacific is dominating the global online music education market, in terms of growth rate, during the forecast period. Growing number of internet users in Asia-pacific countries is one of the most important factors, resulting in this dominance. Furthermore, growing trend of music learning among the youngsters, coupled with the high adoption rate of advanced technology is expected to support market growth in Asia-Pacific region. Whereas, North America region is expected to capture the largest market share of 34% in 2020, and is expected to continue this dominance during the forecast period.
Competitive Landscape
Prominent players functioning in the market include: Berklee College of Music, The Juilliard School, Lessonface.com, Moosiko, MusicGurus, AAFT School, VIP Peilian, Skoove, TakeLessons, Berklee College of Music, Point Blank, Tonara, Yousician, TakeLessons, among others. The top 14 market players captured a cumulative share of nearly 48% in the year 2020.
The global online music education market report offers insights on the below pointers:
• Market Penetration: The research report provides comprehensive data on the market offered by the prominent players
• Market Development: The report offers detailed analysis about emerging markets and examines penetration across mature segments of the markets
• Market Diversification: The research report offers comprehensive information about untapped geographies, recent developments, and investments
• Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches, collaborations in the market have been provided in this research report. In addition, the report also includes a SWOT analysis of the leading market players.
The global online music education market report answers questions such as:
• What is the market size and forecast of the global online music education market?
• What are the inhibiting factors and impact of COVID-19 on the global online music education market during the assessment period?
• Which are the products/segments/applications to invest in over the assessment period in the global online music education market?
• What are the technology trends in the global online music education market?
• What strategies are considered favourable for entering the global online music education market?
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