Music streaming refers to the use of the Internet to send music in a compressed format, to retrieve and play it on user convenience and time without the need to manually downloading and storing files on a local host device. As these services do not require additional storage space, users can access millions of songs based on their choice.

Some key factors that are expected to drive global Music Streaming Market growth over the forecast period are;

1) A sharp rise in Internet users

2) The rapid adoption of smartphones and laptops worldwide.

Besides, the evolution of digitalization and consumer preference for the adoption of advanced consumer electronics are several other factors that are expected to further expand the music streaming market size during 2020-2026. Moreover, the way this service works by providing music streams on-demand consistently, it provides access to some of the rare or scarcely found music genres such as the vintage collection of songs that are not found anywhere or are hard to download from any other sources. Thereby it facilitates easy availability songs and also allows switching from music taste any time as per user requirement which should stimulate the music streaming market trends in the upcoming years.

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Technological advancements in the music streaming industry such as the evolution of speech recognition technology to enhance the consumer experience are anticipated to boost the number of user accounts, but on the other hand, the rise in global piracy is seen as a major restraint in the business market growth during the forecast period. The other factors such as declining margins, licensing-related expenditures and efforts, and intense competition are expected to significantly hinder the music streaming market demand. However, the necessary measures control piracy and strict regulatory deployment are anticipated to spur the adoption of music streaming services among end-users. 

Among the end-user segments, the residential segment is projected to dominate the global music streaming market share, with an increase in the adoption of connected advanced consumer electronics such as smartphones and laptops and an increase in overall disposable income among the users. Considering the regional perspective, The North American music streaming market is anticipated to account for the majority of revenue share during the forecast period, which can be owed to the high adoption of digital music in the region complemented by the availability of high disposable income among the citizens. In addition, the increased adoption of advanced data services such as high-speed broadband connections and uninterrupted 4G connections are several other factors that are expected to support regional growth over the forecast period.