Emergence of wireless technologies, IOT, artificial intelligence, machine learning has been developing new world where each object is connected with one another. This connectivity brings new opportunities for enterprises where they can introduce innovative products to strengthen their market share. There are many sectors affected by these technologies including healthcare, manufacturing, BFSI and media and entertainment. Globally, it is considered that entertainment is one of the fastest growing sector where developed and developing countries people are spending their disposable income on entertainment services and products. This demand is one of the important factors for musical instrument manufactures to develop smart musical instruments which are connected through smart devices so that instrument player and listeners experience pleasant environment. Learning conventional musical instruments is very hard which needs special skills set and needs appropriate guide who can help to learn these instrument which is time consuming process. However, to overcome from such situations musical instrument manufactures are developing smart musical instrument which are connected through mobile devices and app. These smart musical instruments are connected through Bluetooth connectivity and Wi-Fi so that instrument players and listeners can access these devices from mobile devices.
Smart Musical Instruments Market: Drivers and Challenges
Changing consumer behavior towards music and increasing disposable income are major drivers which boost the demand for smart musical instrument. Today’s technology friendly people majorly demands smart musical instruments to learn musical instrument faster than traditional musical instruments. Increasing disposable income of people who live in India, Pakistan and Turkey where music has good heritage drive the market because, people from these countries, most of their disposable income spend on entertainment and new things to learn which give them more satisfaction. Adding music as a part of school curriculum is one of the driving factors where schools need smart musical instruments to make easy the music education and increase the students’ interest in this filed.
Lack of interest among the customers to purchase the instruments is one of the factors challenging the electronic musical instruments market. High cost of the electronic musical instruments and longer replacement cycles are some of other factors that are hindering the growth of the electronic musical instruments market.
Lack of interest among the customers to purchase the instruments is one of the factors challenging the smart musical instruments market. High cost of the smart musical instruments and longer replacement cycles are some of other factors that are hindering the growth of the smart musical instruments market.
Smart Musical Instrument: Segmentation
Segmentation based on Type:
Smart Musical Instruments Module: Competitive Landscape
Some of the key players in Smart Musical Instrument market are Zivix LLC, McCarthy Music, Kickstarter, PBC, CME, Artiphon, Phonotonic, Modern Ancient Instruments Networked AB, Electronic Musical Instruments Market include Gibson Brands, Inc., Fender Musical Instruments Corporation, Kawai Musical Instruments Manufacturing Co., Ltd, inMusic, Inc., Pioneer Corporation, Steinway Musical Instruments, Inc., Yamaha Corporation., Roland Corporation, Audiotonix Limited, and Casio Computer Co., Ltd
On the basis of regions, Smart Musical Instruments Market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East and Africa. North America and Western Europe smart musical instrument market is predominantly mature as compared to the other regional market as they are fast in the adoption of technology. Smart Musical Instruments Market in Asia Pacific excluding Japan and Japan are expected to possess maximum potential in the forecast period. Smart Musical Instruments Market in Latin America and Middle East and Africa are also projected to witness positive growth during the forecast period.
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