The convergence of IoT and pro AV industry will give rise to unconventional growth in the sound reinforcement market
Arizton’s recent market research report on the global sound reinforcement market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by product type (microphones, pro speakers, audio mixers, audio signal processors, power amplifiers, and others), by format type (digital and analog), by distribution type (retail and online), by end-user type (corporate, large venues and events, educational institutions, government and military, studio and broadcasting, hospitality, and others), and by geography (APAC, Europe, Latin America, MEA, and North America).
The global sound reinforcement market revenue is expected to reach $9 billion by 2024 and is likely to grow at a CAGR of 3.33% during the period 2019−2024.
The sound reinforcement system is designed and engineered to capture, enhance, and amplify the live or pre-recorded sound and distribute it over a large area to an audience. The four major processes of a simple sound reinforcement system are signal input, signal processing, audio amplification, and audio output.
The top three drivers and trends propelling the global sound reinforcement market are discussed below:
Growing Convergence of Pro AV and IoT
There is a rising penetration of Internet of Things in the pro AV industry, and the vendors are using IoT to streamline the manufacturing process and supply chain management to deliver a more personalized experience to the customers. The industries which have top IoT expenditure are Travel, Transportation, Hospitality, Industrial Manufacturing, Media and Entertainment, followed by several others. The technologies behind IoT are IP standard, wireless, network essentials, and security. The convergence of IoT and pro AV industry will give rise to operational efficiency, unconventional growth, and sophisticated cabling solutions in the sound reinforcement market. Though the convergence offers many benefits, there are certain challenges that pro AV industry could face while incorporating IoT. These include privacy concerns, security issues, and distributed control.
Rise in Live Performance, Music Industry, and Sporting events
Sound reinforcement equipment and lighting systems, along with the associated pro AV systems and solutions are the heart and soul of the live music industry globally. The major reason behind the growth of live music concerts is the revenue generation for artists that see concerts as a primary source of their income. Increase in corporate sponsorship for music tours, venues, and events are also contributing to the market growth. These events and concerts not only help to boost the market growth but also contribute significantly to the economy of the country. The US is the largest market for live music performances and concerts and generates nearly 35% of the global revenue for the live music industry.
The sporting events alone contribute a considerable chunk of revenue in the market. These sporting events and sports sponsorship are the key revenue contributors to the sound reinforcement market as they require products such as microphones, speakers, and amplifiers along with other systems. The growth in sporting events worldwide is propelling the demand for sound reinforcement systems. These systems are installed in sporting arenas and stadiums for communication purposes and announcements.
Increasing demand from Educational Institutions and Government
Educational institutes are becoming one of the key end-users of pro AV solutions worldwide. Smart campuses are using wireless technology and IoT to promote interconnectedness in various university campuses. Various sound reinforcement equipment such as microphones and speakers are becoming an integral part of university campuses. The Imperial Valley College in California, US has designed active learning classrooms consisting of laptops, documentation cameras, and connections to shared displays to improve the learning experience. Many speakers are installed in classrooms and campuses to deliver lectures.
The demand for pro AV solutions in government offices is also rising. Various government offices and courtrooms use pro AV solutions to locally control audio systems. A majority of courtrooms worldwide use legacy audio systems comprising a few microphones, amplifiers, and speakers. The conferences and seminars organized by various governments and a push toward digitization in many countries have fueled the demand for modern pro AV systems in the market worldwide.
Audio-Technica, Bose, Harman International (Samsung), MUSIC Group (MUSIC Tribe), Sennheiser, Shure, Sony, and Yamaha are the major vendors of global sound reinforcement market.
The complete overview of the latest market research report on the global sound reinforcement market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges, and provides the market size and forecast for major geographical regions and key countries.
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