Exponential growth of music industry, increased number of exhibitions & conferences to boost the global pro speaker market
Arizton’s recent market research report on the global pro speaker market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by product (structure (point source systems, line array systems, subwoofers, and other) and amplification (powered speaker and passive speaker)), by format (digital and analog), by distribution channel (retail and online), by end-user (corporate, large venues & events, educational institutions, government & military, studio & broadcasting, hospitality, and others), and by geography (North America, APAC, Europe, Latin America, and MEA).
The global pro speaker market size is projected to reach values of over $2 billion by 2023 and is expected to grow at a CAGR of more than 2% during 2017-2023.
The development of hospitality, real estate, corporate, education, and music industries is augmenting the demand for professional speakers in the global market. The exponential growth of the music industry worldwide will propel the need for public address systems in the global market.
The top 3 drivers and trends contributing to the growth of the global pro speaker market are discussed below:
Growth in Music Production and Recording Equipment Market
The evolution of the music industry is fueling the development of the music production, post-production, and recording equipment market. The increasing number of music production activities is driving the demand in the global pro speaker market. The music production and sound recording market require sound reinforcement equipment that offers proper amplification. The advent of professional speakers allows vendors to offer products that add new dimensions to the music production and amplification capabilities in the music industry.
The growing demand for high-quality sound processors and amplifiers will create lucrative investment opportunities for leading players in the global market.
Additionally, the increasing number of music bands, live performances, and concerts will have a positive impact on the global pro speaker market.
Rising Number of Exhibitions, Conferences, and Seminars
The increasing number of exhibitions, conferences, and seminars will contribute to the demand in the global pro speaker market. Exhibitions help to showcase skills and artwork, demonstrating products, driving innovations, fine-tuning strategy, and gathering data. It is estimated that an average of approximately 30,840 exhibitions is held across a variety of sectors worldwide. The growing number of academic conferences, workshops, and seminars is another factor driving the growth of global professional speaker market. Various universities, scientific institutions, and other educational institutions are investing in the procurement of sound reinforcement equipment such as pro microphones and pro speakers to address larger crowds and increase the participation in these events.
Growing Adoption in Educational Institutions
The evolution of modern-day campuses that leverages technological advancements to revolutionize the education system will transform the global pro speaker market. The establishment of smart campuses that incorporate wireless technology and IoT to promote interconnectedness in various university campuses will boost the demand for professional speakers in the global market. The growing adoption of digital wireless systems as part of audio system upgrades and equipping classrooms with wireless technologies will help vendors gain a larger pro speaker market during the forecast period. Furthermore, the government initiatives to promote e-learning and the adoption of advanced technology will create new opportunities for leading vendors in the global market.
The leading vendors in the global pro speaker market are Bose, d&b audiotechnik/system, HARMAN International (Samsung), L-Acoustics, LOUD Audio, MUSIC Group (MUSIC Tribe), and Yamaha.
The complete overview of the latest market research report on global pro speaker market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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