Smart Musical Instruments Market Size 2024-2028

The smart musical instruments market size is estimated to grow by USD 20,439.65 at 5.25% between 2023 and 2028. The growth of the market depends on several factors such as increasing consumer spending on music-related activities, the surge in sales through online distribution channels, and increasing adoption as they enable faster learning. The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

Artiphon Inc., Audiotonix Ltd., CASIO Computer Co. Ltd., CME PTE. LTD., HyVibe, inMusic Brands Inc., Kawai Musical Instruments Mfg. Co. Ltd., Kickstarter PBC, Kurv Music Ltd., Modern Ancient Instruments Networked AB, Roland Corp., Steinway Inc., Xiaomi Communications Co. Ltd., Yamaha Corp., Zivix LLC, and The ONE Music Group. 

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Market Dynamics

The market is at the forefront of technological innovation, integrating cutting-edge technologies and digital advancements to enhance music creation and performance. These technologically sophisticated instruments feature smart characteristics like inbuilt sensors and connectivity choices such as Bluetooth, enabling seamless integration with mobile devices and digital audio workstations (DAWs). Professional performers and hobbyists alike benefit from the enhanced capabilities of these instruments, which range from electric guitars to percussion equipment. Sustainability is also a key focus, with instruments made from eco-friendly materials like sustainable wood and recycled metal gaining popularity. The market not only caters to musicians' needs for advanced technologies but also supports music education by making composition and production more accessible and intuitive than ever before. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Drivers

A surge in sales of smart musical instruments through online distribution channels is notably driving the market growth.  In recent times, the global market has witnessed a surge in the sales through online distribution channels. Both the established and private labels are effectively selling their smart musical instruments online. Online shopping through smart devices is gaining traction due to the significant rise in the penetration of internet services, improved economy, upgrading of purchases, financial assistance, and multiple delivery options. However, as the online distribution channel eliminates the need for physical stores, merchandise, sales staff, and inventory, both established and private labels are increasingly leveraging the online distribution channel to enhance their sales.

Similarly, the availability of multiple online payment options, a wide range of merchandise, online tracking of shipments, 24/7 customer support, more massive internet reach, and cheaper costs have contributed to the popularity of online shopping among consumers. Other factors that have made online shopping popular among consumers include the growing population of working women, the rising number of nuclear families, and busy lifestyles. Thus, the surge in sales through online distribution channels will boost the growth of the global market during the forecast period.

Significant Market Trends

Penetration of AI in musical instruments is an emerging trend shaping market growth. Consumers are adopting novel technologies to match their changing lifestyles, needs, and preferences for convenience. The adoption of artificial intelligence (AI) or machine intelligence is growing popular across most electronic instruments, which includes musical instruments. Over the past three to four years, there has been an upsurge in the application of AI in the field of music, especially in music composition, streaming, and music monetization. The concept of monitoring and controlling musical instruments via the internet and through smartphones has captured the attention of consumers in recent times. 

In addition, the remote operability functions in a smart musical instrument allow the musician to use smart devices to play it via wireless technology. By downloading appropriate applications on a smartphone, consumers can access their smart musical instruments remotely through Wi-Fi, Bluetooth, or Internet connectivity. Hence, the rise in the adoption of AI in smart musical instruments is expected to promote the growth of the global market in focus during the market growth analysis period.

Major Market Challenges

The high cost of smart musical instruments is a significant challenge hindering market growth.  Unlike traditional or basic musical instruments, the cost is way too expensive. Most of these are innovative, technologically advanced, durable, and of a superior build. And, as these are of good quality and branded products that can endure long use with minimum regular maintenance, these products are sold at a higher price. Though they are growing popular owing to their wide range of benefits among premium users, the common people are reluctant to purchase these due to their expensive cost associations. Hence, it is expected to hamper the growth of the market over the next five years.

For instance, Yamaha's traditional or basic piano costs around USD 700 to USD 1,100, whereas Yamaha's smart pianos are priced in the USD 2,200 to USD 3,000 range. Therefore, the expensive pricing is expected to hamper the growth of the global market in focus during the market forecasting period.

Market Segmentation

Technology Analysis

The connected instruments segment is estimated to witness significant growth during the forecast period. This segment includes musical instruments that can be played while connecting with devices such as smartphones, laptops, and tablets via Bluetooth Wireless Fidelity (Wi-Fi), and the internet. The connected musical instruments enable the users to learn how to play the musical instrument more quickly and easily. 

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The connected instruments segment was the largest and was valued at USD 55,972.30 in 2018. Furthermore, the connected musical instruments cater to the requirements of both professional and amateur end-users by offering innovative and technologically advanced features such as wireless connectivity, light-emitting diode (LED) light assistance, audio recording, multi-task song recording, portability, and more. Although there are only a few connected instruments available in the market, like piano, keyboard, and guitar, the global market is likely to witness the penetration of more of these products by the end of the forecast period. Hence, the connected instruments segment is estimated to witness robust growth, which will boost the growth of the global market during the market forecast period.

End-user Analysis

Based on the end-user, the segment is classified into professionals and hobbyists. In this professional segment, the smart instruments can enhance live performances by offering features like built-in rhythm tracks, backing tracks, and metronomes. This provides musicians with the tools needed to deliver tight, polished live shows. Professionals can use smart instruments to expand their musical repertoire and experiment with different sounds and styles. These instruments often come with extensive sound libraries and virtual instrument collections, allowing for a diverse range of musical possibilities. Professionals can integrate smart instruments into traditional setups, allowing them to combine acoustic and digital elements to create unique and innovative performances and recordings. The key vendors in the market are investing substantially in terms of research and development to integrate smart features in other professional musical instruments, such as wind musical instruments and percussions, which are expected to be launched during the market growth and forecasting period. Therefore, all these factors will strengthen the growth of the professional segment and drive the market during the forecast period.

Regional Analysis

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North America is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America dominates the global market, as it is heavily influenced by the increasing popularity of music concerts. North America has a significant number of professional musicians, hobbyists, and music enthusiasts who are eager to adopt new technologies. The demand is driven by musicians seeking enhanced capabilities and versatility in their instruments. North America is home to many technology and innovation hubs, such as Silicon Valley in California and the Boston-Cambridge area in Massachusetts. These regions drive technological advancements, making it easier for manufacturers to develop and produce them.

In addition to that, the rising demand for live music and performances is leading to an increase in the number of dance clubs and pubs, thereby fueling the demand for disc jockey (DJ) gear. The region hosts several music festivals and live concerts. Furthermore, since North America has the highest per-capita disposable income, they are more affordable in this region than in other regions. Such factors are expected to drive the regional market growth during the market research and growth period. 

Major Smart Musical Instruments Market Companies and Competitive Insights

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Artiphon Inc. - The company offers smart musical instruments such as Orba 2, Chorda, and Instrument 1.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

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Market Analyst Overview

The music industry is embracing cutting-edge technologies and smart characteristics, transforming musical instruments with connectivity choices like Bluetooth and inbuilt sensors. Software and digital technology, including AI algorithms, are enhancing music production software with features such as intelligent tuning and automatic accompaniment, providing responsive performance feedback. Technological improvements cater to educators, music producers, and musicians, promoting adaptability and ease of use while integrating conventional techniques. Smart drums, wind instruments, keyboards, and vintage instruments benefit from real-time feedback and effects manipulation, alongside recording functionality. Instruments made from eco-friendly materials like bamboo contribute to sustainability efforts. Online communities and platforms like Viberate foster musician collaboration and knowledge exchange, while interactive learning systems and gamified practice routines offer individualized learning experiences. The future promises further innovation in smart gadgets and digital signal processing, expanding the ecosystem of apps and materials for enhanced music creation and performance.

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What are the Key Data Covered in this Smart Musical Instruments Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2024 and 2028
• Precise estimation of the market size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behaviour
• Growth of the market across North America, APAC, Europe, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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