The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Background Music market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Background Music
The report offers actionable and valuable market insights of Background Music. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Background Music Market across various industries and regions.
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This newly published and insightful report sheds light on Market Insights of Background Music, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Background Music Market.
Market Snapshot
According to Fact.MR, the background music market is crossed an impressive valuation of nearly US$ 650 Mn in 2020, registering a Y-o-Y expansion of 6.4%. The market is poised to reflect an identical CAGR, topping US$ 1.2 Bn by 2031.
Key manufacturers in the market for background music are consistently offering high quality equipment and services. For this purpose, they are making use of advanced technologies, including wireless connectivity, automation and other significant advancements.
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Key Segments Covered
- End Use Application
- Background Music Equipment for Retail Stores
- Background Music Equipment for Leisure & Hospitality Settings
- Background Music Equipment for Public Organizations
- Background Music Equipment for Cafes & Restaurants
- Background Music Equipment for Other End Users (Music Streaming)
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Competitive Landscape
The background music landscape is likely to remain consolidated, with prominent market players focusing on expanding their presence through acquisitions and mergers which gives them access to additional resources such as copyright management capabilities and extensive music database.
In January 2021, Vector Capital announced the acquisition of Mood Media, the world’s leading in-store Media Solutions Company dedicated to elevating the customer experience.
The acquisition focuses on three key areas- deepening our client and channel relationships, expanding ongoing investments in the Company’s global technology platform and delivery capabilities, and bolstering our product offerings through innovation.
Demand for background music is primarily driven by the efforts of restaurants in combining the music with their brand theme, thereby offering a unique experience to consumers. Foodservice outlets consider appropriate use of background music to hold potential in increasing the consumers’ stay, which in turn has been linked to growth in the average money spent by consumers. Co-working spaces continue to remain at the forefront of the growing demand for background music in corporate spaces.
Key Takeaways from the Market Study
- By end use application, music streaming services to make major use, expanding at 5% CAGR
- More than 3 out of 5 background music services to be deployed across cafes & restaurants
- U.S to emerge as a lucrative market, accounting for over 50% background music demand
- India experiencing substantial uptake, poised to register 2/5th of global background music demand
- Emergence of coffee joints to propel demand in Germany, registering a CAGR of 8%
- China, Japan and South Korea likely to emerge as highly opportunistic markets
- Global background music market demand to expand nearly 2x by 2031
“Emphasis on providing conducive ambience is prompting outdoor settings, including restaurants, cafes and gyms, to invest in good quality background music solutions, inclining growth,” says the Fact.MR analyst.
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More Valuable Insights on Background Music Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Background Music, Sales and Demand of Background Music, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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