Global Online Music Education Market to Reach $421.9 Million by 2027 – Astute Analytica
CHICAGO, UNITED STATES, October 4, 2022 /EINPresswire.com/ — Astute Analytica reports that the global online music education market size was US$ 130.7 million in 2020 and is expected to grow to US$ 421.9 million by 2027 by registering a compound annual growth rate (CAGR) of 18.4% during the forecast period from 2022 to 2027.
Online music education is the process of teaching and learning music through online platforms, including authorized websites, apps, live video conferencing, etc. The global online music education industry is attributed to record steady growth due to the growing innovations in technologies, emerging IT companies, and their enhanced service offerings.
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Online Music Education Market, by Organiser Type
Schools are the key contributors to online music education, thereby the highest shareholding organizer. Schools held a share of 39.8% in 2021, followed by Music Academy/studios, which recorded a value of US$ 48.4 million in 2021 and are expected to grow at the highest CAGR of 20.1%.
Online Music Education, by Instrument
The instrument segment is sub-segmented into Piano, Guitar, Banjo, and Violin, the Piano leads with the highest market share of 38%. As of Feb 2022, there are nearly 37 million pianists in the world, and around 21 million people in the US play the piano. The piano segment held a value of US$ 44.7 million in 2021, while Guitar stood in second place. In the coming years, the guitar segment is expected to grow at the highest growth rate of 19%, owing to the optimizable performance of guitars suitable for various music types, including remix, pop, etc.
Online Music Education, by Session Type
Based on Session Type, the global online music education market has recorded excellent growth due to the tremendous contribution of the group session segment, which held a share of 79.3% share in 2021. Music education institutes prefer giving group sessions in order to train a group of students at a single time. In the coming years, the solo session is expected to project the highest CAGR of 19.9% due to the rising demand for personalized sessions.
Online Music Education, by Type
Based on Type, the theory type segment led with the highest market share of 57.1% in 2021, owing to the high demand from educational institutions like schools, Universities, etc. Meanwhile, the music history segment will register a CAGR of 19.2% due to the growing demand for learning about the history of every type or genre of music.
Factors Influencing the Market
Digitalization is gaining significant importance in the education sector due to the growing adoption of e-learning solutions. As a result, the global online music education market is expected to grow significantly. Additionally, the adoption of smart and connected devices for education has recorded a significant rise after the COVID-19 pandemic. Various organizations started offering classes for free in a bid to help music enthusiasts get adequate knowledge at home. For instance, Skoove, one of the prominent leaders dealing in the online music education industry, made some of its premium content for people. The beginner piano course, having nearly 25 songs, was made free for the children. Additionally, the company started offering free Skoove Premium to teachers and educational institutions.
With the advent of the internet, learning music is now just a tap away. People do not need to travel to far-off places to learn music and find the best music teachers online. Various platforms, such as Masterclass, Coursera, Lynda, etc., offer online music education from the best professionals. Such benefits are driving the scope of the overall market.
Data security is one of the key constraints that may hamper the growth of the online music education market. Moreover, data sharing through the internet increases the risk of cyber-attacks.
Opportunities and Trends:
Artificial Intelligence is gaining vital importance and transforming the overall outlook of the education sector. The development of music has become easier with the use of technologies like AI bots. Smart AI bots allow musicians to develop their own albums. Further, various prominent music institutions like Berklee and Juilliard are steadily inclining toward online music education implementing MOOCs. For instance, in March 2022, Berklee pulled the veil off its independent recording and production major. The college has been making constant efforts in a bid to help students produce professional-quality music anywhere through their personal music production toolkit.
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Market Players and Recent Developments
Some of the major players in the global online music education market include Yousician, Berklee College of Music, Moosiko, Skoove, MusicGurus, Tonara, Lessonface, VIP Peilian, The Juilliard School, Point Blank, AAFT School, Lessonface.com, Musitechnic, Udemy, TrueFire, TakeLessons, Coursera, and others. The industry players are increasing their online offerings recognizing the scope of online music education. For instance, MusicGurus, an online learning platform, wrapped off its Song Studies with KT Tunstall in May 202. The course incorporates tips and tricks and also provides two-hour learning. Additionally, TakeLessons Inc. pulled the veil off its new subscription site in March 2021, crafted for beginner, intermediate and skilled musicians.
By Instrument Type
By Session Type
By Organiser Type
By Learner Type
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America
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About Astute Analytica
Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
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October 04, 2022, 14:46 GMT
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