What is the Scope of Networked Audio Technology in the Global Pro AV Cable Market?
Arizton’s recent market research report on the global pro AV cables market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by product type (audio & video cords, power cords, DMX cords, ethernet cords, instrument cords, multicore cord, and other cords), by application (AV acquisition conferencing & delivery, sound reinforcement, lighting & lighting control, signal management, and data transfer), by end-user (large venues & events, corporates, educational institutes, government & military, studio & broadcasting, hospitality, and other), by distribution channel (online and retail), by geography (APAC, Europe, North America, Latin America, and MEA), and offers detailed competitive analysis.
The global pro AV cables market is anticipated to generate revenues of around $2 billion by 2024, growing at a CAGR of over 4% during 2018-2024.
The launch of high-quality products that offer enhanced features such as ease of usage, connectivity, design, sensor technology, and signal transmission will transform the market. The drastic shift in consumer behavior towards live music concerts and exhibitions in developing countries such as China, Germany, Japan, and India will boost the revenues in theglobal pro AV cables market.
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The top 3 drivers and trends augmenting the growth of the global pro AV cables market are discussed below:
Emergence of Networked Audio Technology
The emergence of networked audio technology or simply audio networking is transforming the global pro AV cables market. Audio networking involves digital audio distribution using Cat5 and Cat6 ethernet connectivity of the computer networks, thus, gaining the name “Audio over Internet Protocol (AoIP)”. The use of Ethernet connectivity helps transport multiple channels of digital audio seamlessly. The increasing use of audio networking in various theaters, clubs, and touring rental companies will boost revenues in the global pro AV cables market.The technology behind audio networking is the conversion of the audio signal into digital data and to connect audio devices by using low cost, readily available ethernet or fiber optic cables. This connectivity model enables the transmission of multiple signals including multiple audio sources, data, voice, and audio over the same cable. Multichannel Audio Digital Interface (MADI) networks support 64 channels at 44.1 or 48 kHz/24-bit over fiber or coax. These networking systems offer improved audio quality, reduced cabling and installations, improved flexibility, and the convergence of data, voice, and audio networks. Such benefits will encourage vendors to launch a wide variety of products in the global pro AV cables market.
Convergence of Pro AV and IoT
The rising penetration of internet, smart devices, and increasing focus on digitalization of industries will lead to the convergence of AV and IoT in the global pro AV cables market. The world has been observing a rising infiltration of IoT (Internet of Things) in the pro AV industry, and various vendors are discovering ways of using IoT to reorganize manufacturing processes and SPM (supply chain management) as well as to deliver more personalized customer experience. The exponential use of smart devices that collect, analyze, and share real-time data, will help vendors to analyze consumer preferences. These technologies help vendors offer seamless and proactive services, thereby, boosting revenues in the global pro AV cables market. The introduction of smart tech is seemingly game-changing for companies seeking a new level of efficiencies in the global market. The emergence of smart devices will have a profound impact on product design, development, manufacturing, marketing, sales, aftersales, and offering seamless and customized consumer experience in the market. The increasing focus on continuous product improvement will contribute to the growing sales in the global pro AV cables market.
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Growing Live Performance & Music Industry
The exponential spurt in the live performance and music industry is driving the demand in the global pro AV cables market. Pro AV solutions such as lighting systems and sound reinforcement systems are gaining immense popularity in the global market. Increasing corporate sponsorship for music tours, venues, and events are also contributing to the industry growth and thereby, contributing to the revenues in the global pro AV cables market. For instance, corporate sponsorship of such events grew by 15% in 2017 to reach $1.57 billion from $1.42 billion in 2015. The attendance at such concerts is increasing exponentially as the audience get a chance to witness and experience their favorite artists performing on the stage. The increasing popularity of live music events at concerts and festivals such as Glastonbury will positively impact the development of the global pro AV cables market during the forecast period.
The leading vendors in the global pro AV cables market are Belden, CORDIAL, HARMAN International (Samsung), and Southwire Company.
The complete overview of the latest market research report on global pro AV cables 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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