According to Arizton, while the European market will focus on innovative promotional strategies to overcome stagnation, the APAC and US markets are expected to witness high revenue growth. The corporate sector is a significantly expanding application segment, with a monthly sale of around 5.6 thousand units. The online sales channel is expected to capture a significant portion of revenues. However, retailers' omni-channel strategies focused on building customer relationship may prove beneficial to counter the onslaught from online retailers.
The demand for pro speakers in the large venues and events segment is growing significantly. The segment is expected to offer immense business opportunities for vendors during 2018–2024. The segment is followed by commercial and colleges and universities segments. Line array speakers are expected to grow at the highest CAGR of about 3% during the forecast period due to the growing adoption of pro speakers in fixed installations and music concerts.
Arizton also predicts a high-impact from the introduction of connected devices, augmented reality and voice recognition technologies in the global professional speakers market and in particular for corporate and commercial applications. "There is a massive demand for audio speakers in the commercial end-user segment as corporates are opting for best-in-class AV solutions for smooth communication. The audio and video (AV) industry is experiencing a shift from analog to digital. The convergence of IoT and pro AV industry is projected to give rise to sophisticated cabling solutions in the pro speakers market. The demand for pro AV cables such as PoE is also set to grow during the forecast period due to their growing application in the AV/IT domain," the report details.
In terms of geography, vendors are focusing on developing countries to expand their business in the pro speakers market, Arizton adds. "Currently, the global pro speakers market is dominated by global vendors that are expected to expand the business, especially in the fast-developing countries of APAC and Latin America."
The corporate sector has emerged as the most significant end-user in the pro speakers market. With an increase in the competition, the corporate industry and institutions are increasingly adopting AV equipment to ease and manage the workflow at workplaces. Nowadays, the implementation of sound reinforcement equipment and video conferencing systems in the corporate sector has become a necessity. Therefore, vendors are introducing a new range of products, which are in-lined with the current requirement.
According to the market research firm, point source systems are the most popular product class, capturing more than one-third of the pro speakers market. Line array speakers are the second most demanding variant, followed by subwoofer and low-frequency devices. The corporate segment represents nearly one-third of the market due to the growing demand for sound reinforcement and video conferencing solutions. With the rise in live performances, music concerts, festivals, and music tours, the entertainment segment represents the second largest application market.
The global pro speakers market research report covers market sizing and forecast, market share, industry trends, growth drivers, and vendor analysis. The study includes insights on segmentation by product types (line array systems, point source systems, subwoofers, and other type), formats (digital and analog), end-users (corporations, large venues and events, educational institutions, government and military, studio and broadcasting, hospitality, and others), distribution channels (retail and online), and geography (North America, APAC, Europe, Latin America, and MEA). As the Arizton's research confirms, North America captured around one-third of the professional speakers market. "The region is the highest contributor to the market in terms of revenue as well as unit shipment."
The report considers the present scenario of the global pro speakers market and its market dynamics for the period 2019-2024. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes the leading companies and various other prominent companies operating in the market.
According to another recent report from Arizton, focusing on the wider sound reinforcement market - encompassing also microphones, speakers, amplifiers, mixers, and processors - the company forecasts revenue to reach $9 billion by 2024, and growth at a CAGR of 3.33% during the period 2018-2024.