"Exploring the Growth of AI in Music Industry"
Market Overview
The generative AI in music market is emerging as a transformative force in the global music industry. Leveraging machine learning, neural networks, and deep learning algorithms, generative AI enables the creation of original compositions, melodies, harmonies, and even lyrics. This technology is revolutionizing how music is produced, personalized, and consumed by allowing machines to generate music autonomously or collaboratively with human artists. As of 2024, the generative AI in music market is valued at over USD 400 million and is expected to witness a compound annual growth rate (CAGR) of over 28% through 2030. This surge is largely driven by increasing demand for cost-efficient, scalable, and innovative music production methods in sectors like advertising, film, gaming, streaming, and social media content creation.
Market Segmentation
The generative AI in music market is segmented based on component, application, end-user, and deployment mode. By component, it is categorized into software tools…