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Artificial Intelligence

Generative AI in Music Market to Reach Valuation of USD 2.6 Bn at CAGR of 28.6% by 2032

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New York, April 03, 2023 (GLOBE NEWSWIRE) — The global Generative AI in Music Market size accounted for USD 229 million in 2022 and growth is estimated to accelerate at a CAGR of 28.6%, registering an incremental revenue of USD 2.6 billion by 2032. The generative AI in music is dependent on deep learning and analyzing large amounts of data. In the current era of digitalization, artists are more inclined towards online presence and creating visually captivating content to achieve success and popularity.

Generative AI in Music Market By Component

To get additional highlights on major revenue-generating segments, Request a Generative AI in Music Market sample report at https://market.us/report/generative-ai-in-music-market/request-sample/

Key Takeaway:

  • By component, the software segment generated the largest revenue share of 55% in 2022.
  • By type, the GANs segment has dominated the market, accounting for the largest global revenue of 41% in 2022.
  • By Application, the mastering music segment dominated the market, with the largest market revenue share of 30% in 2022.
  • In 2022, North America dominated the market with the highest revenue share of 35%.
  • Asia Pacific region is expected to grow at a significant CAGR from 2023-2032.

The generative AI music tools help generate music faster and more affordably compared to traditional use. The standard business process for creating music requires more time, effort, and costs. Thus, the artists and music generators in the market are adopting generative AI music synthesizers for effective business.

Factors affecting the growth of generative AI in music market

Several factors can affect the growth of generative AI in music market. Some of these factors include:

  • Increasing use in the composition of music: Companies in the music market are introducing various AI tools for the composition of music and remix music that allows consumers to construct their own rhythms.
  • Increasing use in music generation from texts: The artists in music industries prefer generative AI tools in music generation. Generative AI tools are more efficient than traditional music generation because they are cost-effective and also save time. Google researchers have introduced MusicLM, which is an AI model that can generate high-fidelity music from the text.

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Top Trends in Global Generative AI in Music Market

The traditional music generation is replacing with generative AI music tools. The demand for generative AI music tools is increasing in music mastering among the younger generation. AI audio/video generator tools producer market companies are focusing on providing cost-effective and high-quality services to meet high consumer demand. AI is starting to play an important role in the music industry because it allows musicians to generate music from texts with low costs and within less time. The artist is shifting towards generative AI tools to gain popularity in the music industry.

Market Growth

Authentic artists have launched a wide variety of AI-powered virtual artists that provide fresh music experiences. In 2021, audio-on-demand streaming services such as Spotify generated the highest revenue in the United States. The artists in the music industry are using generative AI music tools for good-quality music generation. Increasing adoption of smartphones and rising numbers of mobile music apps are driving the demand for generative AI in music. Generative AI has opened up new opportunities for generating new sounds and rhythms. The increasing applications of generative AI in music in the music industry are driving the market growth.

Regional Analysis

The generative AI in music market was dominated by North America, which acquired the most significant revenue share of 35% in 2022. The United States is also home to some popular music festivals, including Bonnaroo, Coachella, and Lollapalooza. Thus the music industry plays a vital role in the regional growth of the market. With technological advancements and artificial intelligence, the music industry is expected to show lucrative growth in the forecast period. The music industry in North America accounted for 28.8 billion in 2021 due to the emergence of music companies such as Spotify. However, the Asia Pacific region is expected to grow at the fastest CAGR during the forecast period due to the revolution in the music industry because of the generative AI.

Competitive Landscape

Several key companies in generative AI in music market focus on technological advancements in AI tools to provide better services. Also, companies are adopting marketing strategies such as merging and acquisition to stay competitive in the market. Several major key players in generative AI in music market include Shutterstock Inc., Aiva Technologies SARL., Soulful, Ecrett music, Boomy Corporation, OpenAI, Amadeus Code, etc.

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Scope of the Report

Report Attribute Details
Market Value (2022) USD 229 Million
Market Size (2032) USD 2.6 Billion
CAGR (from 2023 to 2032) 28.6%
North America Revenue Share 35%
Historic Period 2016 to 2022
Base Year 2022
Forecast Year 2023 to 2032

Market Drivers

The growth of the market is propelled by increasing listening habits in the younger generation. Many AI music tools are available in the market that supports both beginner and seasoned musicians in creating their own music. Thus, the demand for generative AI music tools is increasing, hence driving the market. Increasing adoption of smartphone and technological advancements is mainly driving the growth of global generative AI in music market. In addition, the music industry’s introduction of technological advancements, such as the Internet of Things (IoT), deep learning, and machine learning, is fueling the market growth.

Market Restraints

Generative AI in music may not always be able to produce high-quality outputs. The generated outputs also may contain some errors that have a negative impact on market growth. The cyber-attacks and consumer data privacy issues are increasing due to a lack of data, overly complex models, and poor training expected to hamper market growth during the forecast period.

Market Opportunities

The demand for generating music from texts has opened up new avenues of creativity for musicians and non-musicians. Increasing applications of generative AI in music composition of music, music mastering, streaming music, and making of new sounds are expected to drive the market during the forecast period. Rapidly increasing adoption of smartphones and the introduction to the internet of things(IoT) are anticipated to create lucrative growth opportunities in the market. The technological advancements in the music industry bought new innovations in the music industry expected to drive the market in the forecast period.

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Report Segmentation of the Generative AI in Music Market

Component Insight

Based on components, the software segment dominated the market, with the largest market revenue share in 2022. Generative AI models can identify the different components of a music piece, including lyrics, melody, and rhythm, and then analyze these components to improve overall sound quality. Software such as Amper Music, AIVA, Soundful, Boomy, Open AI, and Ecrett Music are extensively used in generating music using generative AI techniques.

Type Analysis

Based on type, GANs segment was dominant, with the largest market revenue share in 2022. GANs are the state-of-the-art method for generating high-quality music. The GAN synths generate entire audio significantly faster than real-time on a modern GPU and nearly 50,000 times faster than a standard WaveNet. The GANs can potentially transform the music industry because it provides 90% more accuracy than traditional music generation techniques.

Application Insight

On the basis of application, the mastering music segment was dominant in the market, with the largest market revenue share in 2022. The segment’s growth is propelled by the increasing adoption of generative AI techniques in studios with precise acoustic that allows people to spot spectrum range and sound equilibrium. It enhances the quality of music and helps discover optimized music listening on any device. In addition, the use of AI in music mastering reduces the cost of manual development and reduces human errors.

For more insights on the historical and Forecast market data from 2016 to 2032 – download a sample report at https://market.us/report/generative-ai-in-music-market/request-sample/

Market Segmentation

By Component

  • Software
  • Services

By Type

  • GANs
  • AR-CNNs
  • Transformer-based Models

By Application

  • Composition of Music
  • Music Mastering
  • Streaming Music
  • Making of New Sounds
  • Other Applications

By Geography

  • North America
    • The US
    • Canada
    • Mexico
  • Western Europe
    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Portugal
    • Ireland
    • Austria
    • Switzerland
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • The Czech Republic
    • Greece
    • Rest of Eastern Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia & New Zealand
    • Indonesia
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC
  • Latin America
    • Brazil
    • Colombia
    • Chile
    • Argentina
    • Costa Rica
    • Rest of Latin America
  • Middle East & Africa
    • Algeria
    • Egypt
    • Israel
    • Kuwait
    • Nigeria
    • Saudi Arabia
    • South Africa
    • Turkey
    • United Arab Emirates
    • Rest of MEA

Key Market Players

  • Shutterstock Inc.
  • Aiva Technologies SARL.
  • Soundful
  • Ecrett music
  • Boomy Corporation
  • OpenAI
  • Amadeus Code
  • Other Key Players

Recent Development of the Generative Ai in Music Market

  • On February 7, 2023, Microsoft announced that it is building AI technology based on the same foundation as ChatGPT into Microsoft Bing.
  • In March 2021, Spotify announced an upcoming option for higher resolution sound, Spotify Hi-Fi using generative AI.

Browse More Related Reports:

  • Generative AI in Business Market size was valued at US$ 1.2 billion in 2022 and is expected to grow at a CAGR of 33.5% during the forecast period of 2023-2032.
  • Percussion Instrument market was worth USD 1,615 million in 2021. It is projected to grow at (CAGR) of 1.3% between 2023 and 2032.
  • Musical Toys Market size was valued at USD 5600 million in 2022 and to grow at a CAGR of 9.5% reaching USD 13500 million by 2032.
  • Action Camera Market size is expected to be worth around USD 20.6 Billion by 2032 from USD 6 Billion in 2022, growing at a CAGR of 13.50% during the forecast period from 2023 to 2032.
  • Smart Speaker Market size is expected to be worth around USD 100 Billion by 2032 from USD 10.8 Billion in 2022, growing at a CAGR of 25.60% during the forecast period from 2023 to 2032.
  • LCD TV Panel Market is valued USD 180.7 Bn and is expected to be reach USD 245.3 Bn in 2032, with a CAGR 4.9 % from 2022 to 2032.

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Artificial Intelligence

Brainomix Achieves Breakthrough with FDA Clearance of e-Lung AI Software

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Established market leader in stroke AI imaging receives its first FDA clearance in the lung imaging space.With this expanded foundation of AI-driven healthcare solutions, the Oxford-based company remains committed to driving innovation and delivering impactful advancements in imaging biomarkers.OXFORD, England, and CHICAGO, May 17, 2024 /PRNewswire/ — Brainomix, a pioneer in artificial intelligence (AI) imaging solutions to enable precision medicine, is proud to announce the FDA clearance of its latest product, Brainomix 360 e-Lung. Brainomix’s entry into the lung imaging space follows a series of successful clearances and widespread clinical adoption of its Brainomix 360 Stroke platform in both the US and Europe.

The clearance of e-Lung marks a significant milestone in Brainomix’s journey to expand its footprint in medical imaging beyond stroke-related applications and represents a notable step forward in the quest for advanced lung imaging solutions. The company, with its rich academic heritage and record of scientific excellence, will expand its research collaborations in the pulmonology space to yield new insights to inform future iterations of e-Lung and chart a path towards continual improvements for the lung imaging technology.
Dr Deji Adegunsoye, Assistant Professor of Medicine and Scientific Director of the Interstitial Lung Disease Program at University of Chicago Medicine, said: “This is an exciting step for Brainomix, who have a demonstrated track record of developing novel AI-based solutions in stroke and are now applying that expertise to develop innovative tools in the lung space. The preliminary data for e-Lung is impressive and would indicate that we have a promising tool that could help to expedite healthcare delivery and improve clinically meaningful outcomes for patients with lung disease.”
Brainomix recently announced the publication of a new study1 in the prestigious peer-reviewed journal American Journal of Respiratory and Critical Care Medicine (AJRCCM), resulting from a research collaboration with AstraZeneca. The results showed that Brainomix’s proprietary lung imaging biomarkers, which include the weighted reticulovascular score (WRVS), stratified patients at risk of Idiopathic Pulmonary Fibrosis (IPF) progression, outperforming standard measures.
Dr Michalis Papadakis, CEO and Co-Founder of Brainomix, said: “We are harnessing our expertise in AI-powered imaging to develop novel biomarkers in other disease indications where AI can support imaging-based diagnostic and treatment decisions.
“This e-Lung FDA clearance reflects our focus on developing innovative solutions that empower healthcare professionals with cutting-edge tools for sophisticated disease evaluation, enhancing access to treatments that can ultimately work to improve patient outcomes.”
Brainomix will be presenting its latest e-Lung data at the American Thoracic Society (ATS) annual conference in San Diego May 17th – 22nd, including results from research collaborations with Heidelberg University and with Seattle-based Avalyn Pharma.
Am. J. Respir. Crit. Care Med.: 2024 Feb 16 – e-Lung CT Biomarker Stratifies Patients at Risk of IPF Progression in a 52-Week Clinical Trialhttps://www.atsjournals.org/doi/abs/10.1164/rccm.202312-2274LEAbout Brainomix
Brainomix specializes in the creation of AI-powered software solutions to enable precision medicine for better treatment decisions in stroke and lung fibrosis. With origins as a spin-out from the University of Oxford, Brainomix is an expanding commercial-stage company with offices in the UK, Ireland and the USA, and operations in more than 30 countries. A private company, backed by leading healthtech investors, Brainomix has innovated award-winning imaging biomarkers and software solutions that have been clinically adopted in hundreds of hospitals worldwide. Its first product, the Brainomix 360 stroke platform, provides clinicians with the most comprehensive stroke imaging solution, driving increased treatment rates and improving functional independence for patients.
To learn more about Brainomix and its technology visit www.brainomix.com, and follow us on Twitter, LinkedIn and Facebook.
Contacts
Jeff Wyrtzen, Chief Marketing & Business Development [email protected] +44 (0)7927 164210T +44 (0)1865 582730
Media enquiries
Charles ConsultantsSue [email protected] M +44 (0)7968 726585
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CUBE acquires global regulatory intelligence businesses from Thomson Reuters

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LONDON, May 17, 2024 /PRNewswire/ — CUBE, a global leader in Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM), announces today its acquisition of the Thomson Reuters Regulatory Intelligence and Oden products and businesses.

The acquisition of these global businesses represents a major step forward in CUBE’s growth plans. It will deliver significant scale across many of the world’s leading and systemically important financial institutions. CUBE’s existing global customer base will be expanded to total approximately 1,000 customers in banking, insurance, asset and investment management, payments and adjacent regulated industries.
CUBE’s global employees will expand to 600, of which close to 250 are highly qualified regulatory subject matter experts, legal and compliance professionals.
Ben Richmond, founder and CEO of CUBE said: “Thomson Reuters is known to be the biggest and best in the industry for providing regulatory expert analysis and subject matter expertise, alongside world-leading journalism and news. The combination of CUBE’s purpose-built AI, with the years of content curated by Thomson Reuters Regulatory Intelligence and Oden expert analysts, will accelerate innovation. Together, we will deliver regulatory transformation capabilities for our global customers that could only have been imagined before.”
Richmond continues: “This combination will provide tremendous scale and depth across CUBE’s regulatory content and technology. It is a significant step toward creating an industry-defining regulatory compliance and risk platform that will benefit all customers and elevate the industry as a whole.”
Through this acquisition, CUBE will provide an expanded and comprehensive selection of specialized regulatory intelligence and regulatory change services, committed to excellence, quality, and highly contextualised and meaningful regulatory content for customers. By combining cutting-edge technology and subject matter expertise at scale CUBE will set a new bar for the industry in regulatory automation and content.
Chris Maguire, General Manager, Risk and Fraud, Corporates, Thomson Reuters said: “It was clear to us that CUBE had established itself as a leading regulatory intelligence provider for global enterprise clients in the financial services and insurance sectors. We wanted to ensure our customers and employees could work with an organisation that would continue to innovate and significantly invest in solutions like Thomson Reuters Regulatory Intelligence and Oden. We are working tirelessly to ensure a seamless and value-enhancing transition for customers and employees, and we are looking forward to working with the CUBE team during this transition.” 
Christopher Fielding, Hg, said: “We’re delighted to further extend our market reach, bringing in two high quality and complementary global businesses to the CUBE platform.”
Thomas Martin, Hg, added: “We see these acquisitions as enabling further innovation in the regulatory intelligence and change management sector, leading to strengthened demand for these quality solutions across the globe.”
The terms of the transaction will not be disclosed.
About CUBE
CUBE provides a highly comprehensive and robust source of classified, and meaningful AI-driven regulatory data to power its Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM) solutions. CUBE’s purpose-built regulatory technology including its AI engine (RegBrain) and software platform (RegPlatform) tracks, analyses, and monitors laws, rules, and regulations in every country and in every published language to create an always up-to-date regulatory footprint that transforms visibility and compliance capability for customers across the globe.
With operations across Europe, North America, Canada, Asia, and Australia, CUBE serves a diverse and global base of customers and partners including the largest financial institutions in the world who leverage CUBE’s platform to streamline their complex regulatory intelligence and change management processes.
Following the strategic partnership with Hg in March 2024, CUBE announced the acquisition of US-based Reg-Room in May 2024.
About Hg
Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers.
This industry is characterised by digitisation trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come. Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well.
With a vast European network and strong presence across North America, Hg’s 400 employees and around $70 billion in funds under management support a portfolio of around 50 businesses, worth over $140 billion aggregate enterprise value, with over 110,000 employees, consistently growing revenues at more than 20%.
About Regulatory Intelligence
Regulatory Intelligence is a proactive, connected, and comprehensive solution that tracks and analyses regulatory changes within ~2,000 regulatory bodies and rulebooks for more than 20 countries. It enables banking, financial services, and insurance (BFSI) sectors to manage exposure to operational, regulatory, and compliance risk.
About Oden
Oden State Rules and Regulations (SR&R), Oden Policy Terminator/Sentry PT, and OdenTrack provide repositories and automated solutions for complying with state rules and regulations on the provisioning of Personal and Business Insurance in the US.

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Cayman Enterprise City Publishes Socio-Economic Impact Assessment by Economist and Leading Advisor on the Caribbean, Marla Dukharan

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The Impact of Cayman Enterprise City’s Socio-Economic Development Project Nears USD $1 Billion
GRAND CAYMAN, Cayman Islands, May 16, 2024 /PRNewswire/ — Cayman Enterprise City (CEC) has released a Socio-Economic Impact Assessment by Marla Dukharan. The report illustrates that CEC is increasing its impact by supporting higher earnings for Caymanians and is driving a shift towards a knowledge-based economy by focusing on high productivity sectors. The release by Dukharan reads, “Caymanian resourcefulness and private sector-led innovation have been the driving force behind the islands’ outstanding socio-economic success. Cayman Enterprise City underpins the next generation of Cayman innovation and dynamism.”

With an economic impact of USD $130 million in 2023, contributing just under USD $1 billion to the local economic activity in 12 years since inception, “CEC is helping the nation to diversify economically, in terms of sectors and jobs, ensuring locals have economic and employment opportunities that match the nation’s progress,” the report reads.
The CEC socio-economic development project is now home to 352 Special Economic Zones Companies (SEZCos), many of which are globally recognised institutions led by top executives and industry experts. “CEC member companies are providing high-value employment with salaries exceeding those typically found outside of the special economic zone,” said Charlie Kirkconnell, Chief Executive Officer at CEC. “The CEC community is fully invested in Cayman and the report illustrates that the CEC socio-economic development project is making a very significant impact on Cayman’s economy and community.”
“As CEC continues to grow, it continues to create significant employment and entrepreneurial opportunities for Caymanians and we encourage anyone that might be interested in finding out how they might get involved, whether as a member of the community and/or as a volunteer in our Enterprise Cayman non-profit organisation (NPO).”
77% of Caymanian-held jobs at CEC member companies, are in sectors with high social returns and increasing global demand. “By putting skills first and prioritizing learning, CEC is enabling new industries to take root,” the release by Dukharan reads.
CEC, through its Enterprise Cayman NPO, is a first-mover in private sector-facilitated education and training in the Caribbean, making it a leading force to boost youth participation in the economy. By offering training in specialised skills, Enterprise Cayman is helping to close the gap in higher education and earnings for Caymanians. “Through Enterprise Cayman we’ve set out to strategically support meaningful employment and entrepreneurial opportunities for Caymanians, by providing internship and mentorship opportunities, by hosting skill-building and career focused training, and by providing invaluable networking and community engagement opportunities,” said Kirkconnell.
In 2023 individuals took advantage of 4,226 opportunities to participate in education, training, and career development events and, since launching entrepreneurial programming in 2021, Enterprise Cayman has worked with 41 new Cayman-born business ventures. “We’re helping to develop a local talent pool that meets the demand of Cayman’s growing digital innovation and technology sectors while, in parallel, offering exciting opportunities for individuals to launch new business ventures within an innovative business environment,” said Kirkconnell.  
With CEC’s new campus and state-of-the-art facilities, Signal House, the project “holds the promise of deep, continued economic impact,” the report concludes.
To access CEC’s economic impact assessments and Enterprise Cayman’s annual reports please visit https://www.enterprisecayman.ky/reports. For more information on how to get involved and for upcoming programmes and events visit www.enterprisecayman.ky. 
Website: www.caymanenterprisecity.com LinkedIn: @CaymanEnterpriseCityTwitter:  @CEC_CaymanInstagram: @CaymanEnterpriseCityFacebook: @CaymanEnterpriseCityYouTube: @ceccayman
About Cayman Enterprise City 
Cayman Enterprise City (CEC) is an award-winning development project which consists of three special economic zones (SEZs) focused on attracting knowledge-based and specialised-services businesses to set up a genuine physical presence in the Cayman Islands. The zones included within CEC are Cayman Tech City, Cayman Commodities & Derivatives Centre, and Cayman Maritime & Aviation City. With a dedicated Government Authority, licensing fee concessions and guaranteed fast-track processes, CEC enables international companies to quickly and efficiently establish a Cayman Islands office, which in turn enables them to generate active business income within a tax neutral environment.
About Enterprise Cayman 
Enterprise Cayman is a non-profit organisation (NPO) powered by Cayman Enterprise City in partnership with Cayman Islands’ special economic zone companies (SEZCos). The organisation, which applies the Theory of Change (TOC) methodology, provides Caymanians and residents with access to high-quality learning experiences and opportunities to develop and launch new business ventures, to pursue careers within the technology and innovation sectors, and to join a dynamic network of industry professionals. Let’s grow the next generation of Caymanian innovators and entrepreneurs with Enterprise Cayman!
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FOR MORE INFORMATION:Contact: Kaitlyn Elphinstone  Email: [email protected]  

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