As per research outfit TechNavio, the global music streaming market is set to grow at a CAGR of more than 14% during the forecast period.
Apple, Deezer, Google, iHeartMedia, Pandora Media and Spotify ranked as the top music streaming providers.
The reason for this exponential growth could be attributed to new features offered by music streaming service providers that enable access to uniterrupted music either free or by paying a nominal fee.
High growth in mobile ad spending, increased use of mobile apps and rise in number of subscription services that are contributing to the growth of the global music streaming market.
Vendors are offering free downloading and streaming services for mobile devices since the penetration of smartphones and tables has grown rapidly worldwide.