In-Ear Monitoring System Market - Global Outlook and Forecast 2019-2024
The in-ear monitoring system market is expected to reach around $981 million by 2024, growing at a CAGR of about 4.5% during 2018–2024.
Collaborations among music industry players, advancements in in-ear monitoring technology, and intensification in market competitions are expected to offer new opportunities for vendors in the global in-ear monitoring system market. Further, product differentiation is a factor for vendors to distinguish their products and service offerings, or else they might lose relevance in the market. In addition, the development of new functionalities and continued product upgrades is required to keep pace with the evolving technological landscape in the in-ear monitoring system market. Shure, Sennheiser, LD Systems, and Audio-Technica are some of the key vendors engaged in the designing of wireless in-ear monitoring systems.
Factors such as ease of usage, connectivity, signal transmission, expansion of global music business, reduced dependency upon sound engineers, and progression in the end-user application are driving the global in-ear monitoring systems market. The increasing partnership with musicians and audiologist will boost revenues in the in-ear monitoring systems market. The report provides an in-depth market and segmental analysis of the global in-ear monitoring system market by products, applications, distribution channels, and geography.
The study considers the present scenario of the in-ear monitoring systems market and its market dynamics for the period 2019−2024. The report covers a detailed overview of various market growth enablers, restraints, and trends. The study covers both the demand and supply aspect of the market. It also profiles and analyzes leading and prominent companies operating in the market.
The research report on the in-ear monitoring system market cover market sizing and forecast, market share, industry trends, growth drivers, and vendor analysis. The study includes insights on segmentation by products (wired, wireless), applications (studio and broadcasting, live events and performances, large venues, and others), distribution types (online and retail), and geography (North America, Europe, APAC, Latin America, and MEA).
In-ear Monitoring System Market: Dynamics
A key trend witnessed in the music industry market is to target visually impaired musicians via innovations. A major development in the in-ear monitoring system market has been the contribution toward the Baton Project, a plan that redefines orchestra for visually impaired musicians. A leading manufacturer, Shure, has backed the Project. It launched PSM900 in-ear monitoring systems, which can transmit the vibrations from the Baton directly to a wearable device worn by the visually impaired end-user. The transmitted signals ensure that they are received by the user that help in assessing the direction of the ongoing performance.
In-ear Monitoring System Market: Segmentation
This market research report includes a detailed segmentation of the market by products, applications, distribution types, and geography. The in-ear monitoring system market by products can be segmented into wired and wireless. The wireless in-ear monitoring system segment continues to dominate the market due to innovations and the rise in strategic partnerships between manufacturers and musicians and bands. For instance, since 2014, the famous singer and songwriter ED Sheeran has opted for Sennheiser, which is a high-quality, brand. Further, the availability of multiple features in wireless in-ear monitors has increased the demand across diverse end-user applications. They are widely used during live performances and studio recordings. Vendors are actively involved in developing new and innovative products for the diverse range of end-user applications. For instance, Audio-Technica delivers an in-ear monitoring system (Audio-Technica M2), which has competitively priced and easy to operate.
The global in-ear monitoring market by application is segmented into studio and broadcasting, live events and performances, large venues, and others. The in-ear monitoring system market is witnessing an increase in live events and performances, and the segment is growing at a CAGR of about 5%. Live events and performances comprise outdoor concerts, performances, live music festivals, and clubs. Global music tours are drawing considerable attention and popularity, which requires effective in-ear monitoring systems. Hence, vendors catering to this end-user application segment via strategies such as partnerships with event organizers, music bands, and artists. They are also collaborating with trending performers to highlight and increase product sales.
The in-ear monitoring system market by distribution channels is classified into retail (AV system integrators, Pro AV &electronics stores, Pro AV dealers &distributors) and online stores. The retail stores segment dominated the market share in 2018. The segment consists of three sub-segments: AV system integrators, Pro AV & electronics stores, and Pro AV dealers and distributors. AV system integrators provide consultation services to end-users and act as intermediators between end-users and OEMs. Pro AV and electronic stores sell and rent pro AV solutions that are used during live shows, music concerts, and public speaking events. Pro AV dealers and distributors are the prime sellers of in-ear monitoring systems that sell them on behalf of OEMs. Online sales are set to increase over 10% YOY during the forecast period
Market Segmentation by Products
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