The pro microphone market is expected to reach $3,043 million in 2023 growing at a CAGR of over 2% during the forecast period.
The growing adoption of digital wireless systems across university campuses is driving the demand in the pro microphones market. The advent of smart campus is increasing additional sale opportunities for vendors in the global pro microphone market.
This market research report on the pro microphone market offers analysis on market size and forecast, market share, industry trends, growth drivers, and vendor analysis. It also includes insights on segmentation 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), and geography (APAC, Europe, Latin America, MEA, and North America).
The growing demand for professional microphones upgrades and replacement of legacy systems from various regions across the world is driving the demand in the pro microphones market. The majority of the revenue in the global pro microphone market is expected to come from upgrades and replacement of professional microphones. The advent of technological innovations is creating new investment opportunities for leading vendors in North America, Europe, and APAC. The growing demand for innovative devices from emerging countries such as China, India, and Brazil is propelling the growth of the global pro microphone market. The integration of IoT in the audio visual (AV) industry will promote the development of connected microphones that can be used in remote locations.
The introduction of digital wireless technology is augmenting the growth of the pro microphone market. The implementation of wireless technology offers benefits such as low voice distortion, less noise interference, increased opportunity for encryption, and enhanced reliability of signal transmission. The research analysts state that the adoption of digital wireless technology and the introduction of professional microphones without noise distortions at affordable prices will drive the global pro microphones market. The US and Japan are the largest revenue generators in the pro microphone market.
The economic development of the countries in Latin America and MEA, and the growth of the music industry in these regions will have a positive impact on the global pro microphone market.
The wireless microphone segment dominated the global pro microphone market accounting for close to 54% of the total market share in 2017 and is projected to grow at a CAGR of 3.70% during the forecast period. The wireless microphone segment is further classified into handheld, clip-on, and others. The increasing use of wireless microphones for podcasting, public speaking, TV broadcasting, and in entertainment and sporting events for commentary and announcement purposes is propelling the growth of this segment in the pro microphone market. Leading vendors are focusing on developing wireless microphones that are frequency efficient and high-end models and can connect over 18 microphones and operate simultaneously.
The corporate segment was the largest contributor to the pro microphone market accounting for over 25% of the total market share and is projected to grow at CAGR of more than 2% during the forecast period. The launch of corporate e-learning programs, which are designed for skill development and training employees, is driving the demand for professional microphones in the global market. The implementation of IT-enabled training rooms and a boost in the employment rate in some major US and European countries will contribute to the revenue of the global pro microphone market during the forecast period.
In terms of geography, the pro microphone market is classified into APAC, Europe, Latin America, MEA, and North America. North America dominated the global pro microphone market occupying close to 34% of the total market share in 2017 and is projected to grow at a CAGR of around 2% during the forecast period. The US is the largest revenue contributor in the pro microphone market in North America. The expansion of retail industries and increase in construction activities is propelling the growth of the pro microphone market in North America. The growing demand for smart devices, connected systems, and professional music systems will have a positive impact on the pro microphone market in North America.
The pro microphone market is moderately fragmented, and the leading vendors occupy the majority of the market share. Leading players are primarily focusing on innovation and upgrades with high functionality and design to gain the market share in the global pro microphone market. Companies are competing on the basis of quality, technology, and price.
Key Topics Covered:
1 Research Methodology
2 Research objectives
3 Research process
4 Report Coverage 4.1 Market Definition 4.2 Base Year 4.3 Scope of Study
7 Introduction 7.1 Overview 7.2 MacroEconomic Factors Driving Market 7.2.1 Economic Development 7.2.2 Per Capita GDP in Developing Markets 7.2.3 Dual-income Households in Developed Markets
8 Market Dynamics 8.1 Market Growth Enablers 8.1.1 Increased Demand from Corporate, Governments, and Institutions 8.1.2 Expansion of Live Music Industry 8.1.3 Growth in Music Production and Recording Equipment Market 8.1.4 YOY Impact of Market Growth Enablers 8.1.5 YOY Impact of Market Growth Enablers on Regions 8.2 Market Growth Restraint 8.2.1 Government Regulations - FCC Wireless Spectrum Auction 8.2.2 Technical Difficulties 8.2.3 YOY Impact of Market Growth Restraint 8.2.4 YOY Impact of Market Growth Restraint on Regions 8.3 Market Opportunities & Trends 8.3.1 Increasing Number of Exhibitions, Conferences, and Seminars 8.3.2 Increasing Number of Sporting Events 8.3.3 Growing Adoption in Educational Institutions 8.3.4 YOY Impact of Market Opportunities & Trends 8.3.5 YOY Impact of Market Opportunities & Trends on Regions 8.3.6 Sensitivity Analysis of Key Market Trends and Opportunities
9 Value Chain Analysis 9.1 Overview 9.2 Value Chain Analysis 9.2.1 Technology Suppliers 9.2.2 OEMs 9.2.3 AV Consultants or Integrators 9.2.4 System Dealers and Distributors 9.2.5 System End-users
10 Global Market 10.1 Sound Reinforcement: market Overview 10.2 Global Pro Microphone Market 10.3 Porter's Five Forces Analysis
11 Market By Product 11.1 Market Overview 11.2 Market Size & Forecast - Wired versus Wireless 11.2.1 Wireless Microphone Market by Sub-product Type - Handheld, Clip-on, and Others
12 Market by Format 12.1 Market Overview 12.2 Market Size & Forecast 12.2.1 Digital versus Analog
13 Market by End-users 13.1 Market overview 13.2 Global Pro Microphone Market by Corporate 13.3 Global Pro Microphone Market by Large Venues and Events 13.4 Global Pro Microphone Market by Educational Institutions 13.5 Global Pro Microphone Market by Government and Military 13.6 Global Pro Microphone Market by Studio and Broadcasting 13.7 Global Pro Microphone Market by Hospitality 13.8 Global Pro Microphone Market by Others
14 Market Segmentation by Distribution Channels 14.1 Market Overview 14.1.1 Manufacture, Production, and Distribution 14.1.2 Distribution through Retail Stores 14.1.3 Distribution through Online Websites