The rise in demand from emerging economies such as China, India, and Brazil will create new investment opportunities for vendors in the global pro microphone market.
Arizton’s recent market research report on the pro microphone market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by product type (wired and wireless), format (digital and analog), end-users (corporate, large venues and events, educational institutions, government and military, studio and broadcasting, hospitality, and others), geography (APAC, Europe, Latin America, MEA, and North America), and offers detailed competitive analysis.
The pro microphone market is anticipated to generate revenue of $3,043 million and is projected to grow at a CAGR of over 2% during the forecast period. The increasing demand from industries such as exhibition, trade shows, sports, music concerts, and film and motion production will attribute to the growth of the global pro microphone market
The leading three drivers and trends driving the growth of the pro microphone market are discussed below:
Expansion of Live Music Industry
The spurt in the growth of live music concerts and events and revenue generation from them is fueling the demand for professional microphones in the global market. Increasing sponsorship from corporate sector for music tours, venues, and events is contributing to the growth of the global pro microphone market. Corporate sponsorships in the global market were valued at more than $1 billion in 2016. The increasing number of the audience attending live music concerts, festivals, and events will boost the growth of the music industry, thereby propelling the demand in the global pro microphone market.
The US is the largest market for live music performances and concerts generating close to 35% of the total revenue in the live music industry.
The growing demand for sophisticated microphones along with speakers, audio mixers, sound processing systems, and amplifiers will attribute to the revenue for sound reinforcement equipment in the pro microphone market.
Increasing Number of Exhibitions, Conferences, and Seminars
The rising number of exhibitions, conferences, and seminars will surge the demand for pro microphone products during the forecast period. The increase in the corporate marketing budgets to boost the face-to-face interactions and attendance in exhibitions is augmenting the demand for professional microphones in the global market. The spike in B2B marketing spends from companies in the emerging market is creating new potentials for leading players in the global pro microphone market. Increase academic conferences, workshops, and seminars hosted by various universities, scientific institutions, and educational organizations will also boost the demand for pro microphone products during the forecast period.
Growing Adoption in Educational Institutions
The trend of smart campuses to meet the students’ requirement for more engaging, immersive, and interactive learning worldwide will augment the growth of the global pro microphone market. Smart campuses are leveraging wireless technology and IoT to boost the network connectivity across various campuses. Various educational institutions across the globe are focusing on deploying sound reinforcement equipment and audio system upgrades and equipping classrooms with wireless technologies to deliver information from a centralized location. Further, the implementation of e-learning technology in the education industry will have a positive impact on the growth of the pro microphone market over the next few years.
The leading vendors in the pro microphone market are Audio-Technica, HARMAN International (Samsung), Sennheiser, Shure, and Yamaha.
The complete overview of the latest market research report on the pro microphone 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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