Increase in strategic partnerships between musicians and audiologists is a key opportunity for the vendors in the in-ear monitoring market.
Arizton’s recent market research report on the global in-ear monitoring system market identifies Shure, Sennheiser Electronic, Harman International (Samsung), and Audio-Technica as the leading vendors during the forecast period. This research report provides a comprehensive study of competitive analysis and trend forecasts. The study segments the market by product types (wired and wireless), applications (studio & broadcasting, live events & performances, large venues, and others), distribution types (online and retail), and geography (North America, Europe, APAC, Latin America and MEA).
The in-ear monitoring market is expected to reach over $950 million, growing at a CAGR of over 4% during 2018−2024.
The growth of the live music and recorded music industry across the globe is projected to drive the demand for effective in-ear monitoring systems. Wireless in-ear monitoring systems are set to witness faster demand than wired systems.The research report offers market share in volume (thousand units) during the forecast period.
The leading three drivers and trends driving the growth of in-ear monitoring market are discussed below:
Expansion of Global Music Business
The growth of the global music industry can be attributed to revaluation of cultural and recreational values and change in the mode of celebrations. The global music market grew close to 10% in 2018. Technological innovations are key growth drivers for the global music business. North America and Europe have remained significant markets for music business, while the MEA region has started to witness a considerable demand for in-ear monitoring systems. The US, Japan, the UK are the leading countries in the music market. Music companies are putting in constant efforts to enrich music content and increase customer experience across the globe. Music industry professionals are creating multiple platforms and services to engage with music enthusiasts world over. All these factors are expected to drive the global music business, which in turn is likely to increase the usage of in-ear monitoring market growth.
Partnerships with Musicians and Audiologists
Musicians and audiologists play a pivotal role in the rise of the audio equipment market. The increase in strategic partnerships between musicians and audiologists is a key opportunity for in-ear monitoring system vendors. The growth of the global music market and the overall popularity of live performers have risen significantly, thereby increasing the demand for live concerts. It is evident that any product used or endorsed by celebrities and musicians will have visibility in the eyes of customers; thereby increasing the image of the brand. Ed Sheeran’s use of Sennheiser microphones and other products gives the company an edge. The in-ear monitoring market requires the advice of audiologists for health and regulatory adherences, thereby making his/her role substantial in the overall progress. Audiologists play a crucial role in deciding upon the hearing preservation ability of the musician. The synergy among vendors and audiologists due to increase in strategic partnerships. Brands such as Sensaphonics, engaging in developing in-ear monitors and hearing protection products, have in the past held Gold Circle Seminar, involving recognized audiologists for advising on suitable hearing limits and devices best suited for the same.
Showcasing Products across Industry Events
Industry events remain a major platform to highlight and showcase innovative products developed by companies in the industry business. The NAMM (National Association of Music Merchants) is a not-for-profit association, which has been strengthening the global music, sound, and event technology products industry since its establishment in 1901. The trade shows organized by the NAMM annually provide a platform for industry members to seek opportunities in the latest innovations in recording technology, music, stage and lighting products, and other sound equipment products. AKG by Harman has in the past launched its IVM4500 IEM in-ear monitoring system at NAMM in 2012. Wisycom USA is presenting its line of high-end-in-ear monitoring solutions in NAMM 2019.
Nady Systems, Pyle-Pro, Hear Technologies, Peavey Electronics Corp., Prodipe, JTS Professional, Audio2000’s, EnpingSange Electronic (Baomic), Shenzhen Anleon Electronic, SOYO Technology, Takstar, Wisycom USA, CAD Audio, MIPRO, Listen Technologies, Gear4Music, TOA Corp., Advanced Native Technologies, The T.Bone, and LD Systems are the other prominent vendors in the global in-ear monitoring market.
The complete overview of the latest market research report on the global in-ear monitoring market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges, and provides market sizing and forecast for major geographical regions and key countries.
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