Pro Microphone Market - Global Outlook and Forecast 2019-2024
The pro microphone market is expected to grow at a CAGR of over 2% during the period 2018–2024.
Growing convergence of Pro AV and IoT, the emergence of networked audio technology, increased demand from corporate, government, and institutions sectors, growth in music production and recording industry are the factors that are expected to contribute to the growth of the Pro headphones market during the forecast period.
The global pro microphone market growth is mainly propelled by upgrades and the replacement of legacy systems in developed markets. Technological innovations are generating new opportunities for vendors in North America and Europe, along with APAC. Although the market is exhibiting early signs of demand saturation and maturation, the new demand is expected to come from developing economies such as China, India, and Brazil. The increasing proliferation of IoT in the education sector is offering vendors opportunities to explore additional sales prospects as university campuses are becoming smart. Hence, these advancements are likely to drive market growth during the forecast period. With digital wireless technology coming with a host of benefits such as low voice distortion, less noise interference, there are increased opportunities for encryption and enhanced the reliability of signal transmission. Vendors are increasingly finding growth opportunities due to the growing importance of AV conferencing within global and local corporate setups. End-users are constantly looking out for better sound quality, which is driving the need for constant R&D in the market. The US is the largest market for the microphone in the world, followed by Japan.
The study considers the present scenario of the pro microphone market and its dynamics for the period 2018−2024. It covers a detailed overview of several market growth enablers, restraints, and trends. The market study includes insights on segmentation by product type (wired and wireless (handheld, clip-on and other)), connectivity types (wired and wireless), end-user (corporate, studio & broadcasting, large venues & events, educational institutions, government & military, hospitality, and others ), format (analog/non-digital and digital), distribution channels (retail and online), and geography (APAC, Europe, Latin America, MEA, and North America).The report covers both the demand and supply sides of the market. It profiles and examines leading companies and other prominent companies operating in the pro microphone market.
Pro Microphone Market: Segmentation
This research report includes detailed market segmentation by product type, format, end-user, distribution channel, and geography. The wireless microphone segment currently dominates the market. However, the wired segment accounted for a majority share of more than 59% of the market in terms of unit shipment due to their low costs. The increased penetration of digital wireless technology has put a wireless microphone on the growth track worldwide. These devices are widely used worldwide in concerts, musical events, sporting tournaments, and broadcasting studios. Several end-users prefer wired types over wireless ones due to the convenience these devices offer. Further, end-users do not have to deal with battery or frequency selection challenges.
The market size for the digital microphone is expected to grow at a CAGR of over 3% during the period 2018−2024. The growth in the digital segment is due to the increasing focus on the development of new tech-savvy products. Further, the adoption of digital devices worldwide has significantly increased as they offer improved sound quality and better noise cancelation mechanism.
In 2018, the corporate segment dominated the market in terms of value and unit shipment. The corporates segment is expected to grow during the forecast period due to the growing demand for sound reinforcement and video conferencing solutions among corporates. Also, the growing number of offices, geographic expansion of companies, and the integration of IoT in business workflow processes are the major driving forces behind the growth of the segment. The large venues and events segment follow the corporate segment. The increasing number of live performances, the growing number of music concerts and festivals, and the growth in the number of music tours by celebrities are likely to help the growth of this segment during the forecast period. The market is witnessing an upsurge in demand for sound reinforcement systems that include pro microphone in educational institutions. The increasing trend of smart campuses is driving the adoption of these devices worldwide. The increased proliferation of wireless technology is also influencing traditional campus-based teaching and learning. Classrooms and campuses are equipped with microphone and speaker to enhance the learning experience. Thus, as the trend of smart campuses continues to move forward, the demand for sound reinforcement equipment will increase. The increase in replacements and upgrades is driving the market growth of the government and military segment. Further, governments worldwide are embracing digitalism, which also drives the demand for sound reinforcement systems. Other segments such as studio and broadcasting, hospitality, retail and distribution, and healthcare are also witnessing the increasing adoption of sound reinforcement equipment globally.
Retail and online are two major distribution channels in the pro microphone market. A majority of the revenue comes from the retail distribution channel such as AV system integrators, pro-AV and electronics stores, and pro AV dealers and distributors. However, the availability of pro microphone in professional headphones and solutions through online OEMs’ e-commerce portals and online direct-to-consumer stores is growing.
Professional microphone manufacturers harness retail stores due to personalized customer services. However, the growth in online sales is set to increase YOY during the forecast period. The primary reason for this is online stores offer a variety of options to choose from than retail stores. Vendors such as HARMAN, Yamaha, Sennheiser, Shure, Audio-Technica, Sony, and MUSIC Group have established retail stores in Europe, North America, and APAC. Further, they have robust websites, which provide sound reinforcement equipment and solutions. The online distribution model for the market is sturdy and is set to witness healthy growth in the next few years.
Market Segmentation by Product Type
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