Increased Use Of Background Music In Public Infrastructure
According to the latest market study released by Technavio, the global background music market 2016-2020 is expected to grow at a CAGR of close to 3% during the forecast period. This research report titled ‘Global Background Music Market 2016-2020′ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
The Americas contributed the highest revenue share of 42.18% in 2015. The market share of Europe is expected to increase owing to the growth in the tourism sector in the region.
Global background music market in hospitality industry
In 2015, the global background music market in the hospitality industry is expected to reach USD 96 million by 2020.
The hospitality industry is the biggest customer for the global background music market. The business needs of the hospitality industry demand the need for background music as it enables to set up the mood and ambience for consumers. “However, with the increasing availability of music streaming services, many restaurants, cafes, and pubs use them instead of background music. This will significantly slow down the growth rate of the market during the forecast period,” says Ujjwal Doshi, a lead analyst at Technavio for media and entertainment services research.
Global background music market in retail industry
The global background music market in the retail segment is expected to exceed USD 77 million by 2020.
The retail industry is one of the early adopters of background music. Vendors select music depending on the theme of the retail store. Music with high tempo is used in stores with a lot of footfall, which enables the customers to shop quickly. Stores with a niche audience and classical theme use low tempo music, which relaxes the customers and allows them to make purchasing decisions easily. Based on the target audience and the type of product sold, the retailers decide on the background music.
Global background music market in commercial buildings
The global background music market in commercial buildings is expected to exceed USD 77 million by 2020.
This is the second fastest growing segment in the background music market. In the last decade, the way people shop has evolved from a single store to multi-brand retail outlets to shopping malls. “Background music subconsciously influences the purchasing decision of the consumer. This has led to the use of ambient music in shopping malls, retail outlets, office lobbies, and elevators,” adds Ujjwal.
Global background music market in public infrastructure
The global background music market in public infrastructure is expected to exceed USD 113 million by 2020.
It is the fastest growing segment of the global background music market. With the development of smart cities, governments are making efforts to provide better transit facilities. With many developing nations investing in transit infrastructure, there is a large demand for background music at public transit, airports, railway stations, and other public infrastructure.
News Source: Techavio
Image source: Restaurant Le Piment Rouge
Image License: Public domain
