The global music streaming service market at a CAGR of over 16% during the forecast period

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Aug 27, 2019, 10:45 ET

NEW YORK, Aug. 27, 2019 /PRNewswire/ -- Global Music Streaming Service Market: About this market

This music streaming service market analysis considers sales from both individual and commercial end-users. Our analysis also considers the sales of music streaming service in APAC, Europe, North America, South America, and MEA. In 2018, the individual segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as easy access to music online and increasing use of smart-handheld devices will play a significant role in the individual segment to maintain its market position. Also, our global music streaming service market report looks at factors such as increasing preference for music streaming service, the decline in physical sales of music, and increase in mobile ads driving revenue for music streaming apps. However, lack of ownership in music streaming, low-profit margins of vendors, and illegal downloads and piracy may hamper the growth of the music streaming service industry over the forecast period.

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Global Music Streaming Service Market: Overview

Increasing preference for music streaming services Globally, the development of wired and wireless technologies and telecommunication standards such as 3G, 4G, and 5G has resulted in an improvement of Internet bandwidth, thereby supporting the adoption of music streaming services across the world. Music streaming services help prevent illegal downloading and sharing of music. This demand for increasing preference for music streaming services will lead to the expansion of the global music streaming service market at a CAGR of over 16% during the forecast period. Increasing introduction of differentiated music streaming services The increasing introduction of differentiated music streaming services in the global music streaming service market is leading the vendors to provide streaming services to their customers with several features, including easy accessibility on various platforms, auto playlist customization, and high audio quality. This development is expected to have a positive impact on the overall market growth.

Competitive Landscape

With the presence of several major players, the global music streaming service market is fragmented. This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading music streaming service manufacturers, that include Alphabet Inc., Amazon.com Inc., Apple Inc., Sirius XM Holdings Inc., Spotify AB.

Also, the music streaming service market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.

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