Collaborations and partnerships will remain the key strategies for the vendors in the sound reinforcement market in US.
Arizton’s recent research report on the Sound reinforcement market in US provides a comprehensive industry study, trend forecasts, and competitive analysis. The study segments the market by products (microphones, pro speakers, audio/sound mixers, audio signal processors, power amplifiers, and others), formats (digital and analog), distribution channels (online and retail), and end-users (large venues and events, corporates, educational institutes, government and military, and others).
The Sound reinforcement market in US is likely to reach around $3.16 billion by 2024, growing at a CAGR of approximately 3% during 2018–2024.
Factors such as the growth in the live music industry, increase in strategic collaborations for product designs, rapid urbanization, and industrialization are expected to drive the sound reinforcement market in US. The changing corporate dynamics have played a vital role in the overall development of the industry. Vendors are trying to implement new technologies and innovations in their products.
Increased Number of Live Concerts
The sound reinforcement market in US has gained immense momentum due to the rise in musical concerts and live shows. Another key trend driving the live music industry has been large national concert promoters such as AEG and Live Nation acquiring rights for organizing large venues and music festivals. Further, the growth in the demand for live concerts and stage shows has led to an opportunity for sound reinforcement system vendors to promote their products. Vendors are partnering with artists, event planners, or tour organizers for the usage of their products during tours and shows, which is driving market revenue significantly.
Strategic Collaborations to Enhance Product Designs
Vendors catering to the sound reinforcement market in US have taken the route of inorganic strategies such as collaborations and partnerships to capitalize upon the opportunities prevailing in the market for better offerings. These collaborations can help in understanding the need for the end-customer in a better manner. End-user applications such as live music concerts, large venues, and worship places have considerable scope for implementing such strategies. Vendors can easily engage in creating blueprints and discussing them with the various key stakeholders in the segment. Thus, strategic partnerships help to understand the current customer’s need, which will further drive the sound reinforcement market in US.
The implementation of Virtual Reality in basketball and soccer stadiums is gaining popularity in the US
The scope of utilizing sound reinforcement systems in sports events is immense. The US has witnessed a reasonable number of sporting events across the year. This has provided several opportunities for vendors to promote their sound reinforcement solutions. For instance, Wells Fargo Center is planning to install new L-Acoustics K2/K1–SB sound system. Further, innovations such as the implementation of virtual reality (VR) in basketball and soccer stadiums in the US is also gaining popularity. VR enables the viewers to experience the game close to the ground. With increased penetration of VR in sporting events, the number of people coming over to witness the game is set to grow significantly. VR is set to deliver an enhanced experience for game watchers. All such aspects are further expected to push the growth of sporting events as well as the demand for setting up enhanced sound reinforcement systems in sporting arenas.
Audio-Technica, Bose, HARMAN International, MUSIC Group (Music Tribe), Sennheiser Electronic, Shure, Sony, and Yamaha are the leading vendors in the sound reinforcement market in US.
The complete overview of the latest market research report on the sound reinforcement market in US 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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