The application of IoT, AR, and voice control and recognition technology is transforming the future of the pro speakers market
With the increasing penetration of the internet worldwide, the digitization of the music industry, including speakers and other electronic products, is increasing. There is an increase in the penetration of IoT in the pro speakers market, and several vendors are exploring ways of using IoT to streamline manufacturing and SPM (supply chain management) processes in order to deliver more personalized customer experience. According to high-end audio market statistics, a high proliferation in the sale of high-end audio equipment is likely to be observed as end-users such as educational institutes are adopting pro AV Solutions. Smart campuses are using wireless technology and IoT to promote interconnectedness among universities.
The corporate sector has emerged as the most significant end-user in the pro audio market. With an increase in the competition, the corporate industry and institutions are increasingly adopting AV equipment to ease and manage the workflow at workplaces. Nowadays, the implementation of sound reinforcement equipment and video conferencing systems in the corporate sector has become a necessity. Therefore, vendors are introducing a new range of products, which are in-lined with the current requirement.
The emergence of smart technology is expected to affect the sale of pro speakers significantly
The audio and video(AV) industry is experiencing a shift from analog to digital medium. The convergence of IoT and pro AV industry is projected to give rise to sophisticated cabling solutions in the pro audio market. The demand for pro AV cables such as PoE is set to grow during the forecast period due to their growing application in the AV/IT domain. With rapid changes in the pro AV industry, the impact of IoT on pro speakers is easily noticeable. The use of pro AV solutions such as microphones and professional speakers is increasing in the corporate sector for external as well as internal communications.
Currently, the global pro speakers market is dominated by global vendors that are expected to expand the business, especially in the fast-developing countries of APAC and Latin America. Vendors are developing new-age speakers to suit the customer’s need and are focusing on increasing their geographical presence in emerging markets such as Brazil and China. Also, startups are competing with established vendors which is expected to decrease the market shares of major manufacturers during the forecast period.
PRO SPEAKERS MARKET SEGMENTATION
This market research report includes a detailed segmentation of the market by
- Distribution channels
INSIGHTS BY PRODUCTS
Compactness, portability, and competitive pricing are driving the point source systems segment
The pro speakers market by product types can be divided into line array systems, point source systems, subwoofers, and other speaker types. Point source systems are the most popular variants, and they capture more than one-third of the pro speakers market. They are budget speakers and come in a variety of sizes. These products are suitable for use at small venues and are highly cost-effective, which is driving their market share.
Line array speakers are the second most demanding variant that is generally used for the large touring production. They maintain a consistent sound level from the front to the back of the listening areas and prevent sound leaking on the stage. Subwoofer speakers are low-frequency devices. They are designed to reproduce low- and sub-low frequency content and amplify bass sound waves. Theatres and multiplexes are the major users of subwoofer speakers. Other types include column array speakers, distributed loudspeaker systems, and cluster speaker systems.
INSIGHTS BY FORMATS
Digital pro speakers are increasing their revenue shares in the market
The global pro speakers market by format can be divided into digital and analog. In terms of shipment, the digital segment accounted for more than 50% of the global pro speakers market in 2018. The segment is expected to growth at a CAGR of around 3% during the forecast period. Digital devices are witnessing increased proliferation worldwide.
INSIGHTS BY END-USERS
The corporate sector is emerging as the most significant end-user due to the integration of IoT with professional speakers
The global pro speakers market has a wide range of end-users such as corporates, large venue and event organizers, educational institutes, government and military, studio and broadcasting, hospitality, and others. The corporates segment occupies nearly one-third of the market due to the growing demand for sound reinforcement and video conferencing solutions among corporates. The segment is expected to grow at a CAGR of nearly 3% during the forecast period. Also, increasing business opportunities, the growing footprint of companies, and the rising integration of IoT with business workflow processes are the major driving forces for the growth of the segment.
With the rise in live performances, music concerts, and festivals, and music tours, the event organizers segment has emerged as the second largest end-users. The education sector is the third largest end-user segment, as the sector is witnessing an upsurge in academic seminars and conferences. Higher educational institutes have started to offer periodic leadership programs and training exercises, where sound reinforcement equipment play a vital role during academic seminars, conferences, and training sessions.
INSIGHTS BY DISTRIBUTION
Amazon, SoundBroker.com, Americanmusical.com, Organgeaudio.co.uk, Alibaba, and AliExpress are major pro speakers online stores
The market has two primary distribution channels - retail stores (AV system integrators, pro AV and electronics stores, and pro AV dealers and distributors) and online stores. A majority of revenue is generated through retail channels as they are the most trusted destinations for end-users. AV System Integrators comprise service providers that offer consultation services to end-users and act as intermediaries between end-users and OEMs. A pro AV and the electronic store sells and rents pro AV solutions used in live shows, music concerts, dance parties, and public speaking events. Pro AV dealers and distributors are the prime sellers for OEMs in the pro speakers market.
The penetration of the internet is increasing the presence of professional speaker vendors online. E-commerce websites such as Amazon, eBay, SoundBroker.com, Americanmusical.com, Organgeaudio.co.uk, Alibaba, and AliExpress are offering professional speakers at competitive prices on their respective websites. The market is expected to witness growth in online stores during the forecast period.
INSIGHTS BY GEOGRAPHY
The growing entertainment and music industry is driving the pro speakers market in North America and APAC
The pro speakers market is segmented into North America, APAC, Europe, Latin America, and MEA. North America captured around one-third of the pro speakers market, growing at a CAGR of approx. 3%. The region is the highest contributors to the market in terms of revenue as well as unit shipment. The US was the largest market for sound reinforcement solutions due to its growing music industry, increasing commercial construction activities, and increasing retail expansion. Factors such as a high spending power of the millennials and boomers, high participation in music festivals, growing adoption of smartphones, increasing inclination toward new technology, and high urbanization are driving the market in North America.
APAC is the second largest market as the region is witnessing rapid urbanization. Further, the number of developing countries that are expected to bolster retail sales and growth of the entertainment and broadcasting industry is growing, thereby driving the rapid growth of the pro speakers market. The demand for new pro AV systems in the European market continues to grow while upgrades and replacements are also driving market growth.
INSIGHTS BY VENDORS
The pro speakers market is witnessing a high-demand from commercial and educational sectors due to the introduction of innovative and high-profile musical equipment. Leading vendors are introducing new methodologies to develop new-age audio equipment. Vendors are increasingly focusing on developing countries as they are offering high business opportunities for pro speakers products.
The global pro speakers market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
By Product Type
- Point Source Speaker Systems
- Line Array Speaker Systems
- Other Pro Speaker Systems
By Distribution Channels
- Online Stores
- Retail Outlets
- AV System Integrators
- PRO AV Dealers & Distributors
- PRO AV Electronic Stores
- Large Venues and Events
- Educational Institutes
- Government and Military
- Studio and Broadcasting
- North America
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa