The pro microphone market is expected to reach $3,043 million in 2023 growing at a CAGR of over 2%
LONDON, Jan. 22, 2018 /PRNewswire/ -- 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.
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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).
Pro Microphone Market - Overview
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 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. The pro microphone market is expected to reach $3,043 million in 2023 growing at a CAGR of over 2% during the forecast period.
Pro Microphone Market - Dynamics
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 at Arizton 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.
Pro Microphone Market - Segmentation
The market research report includes a detailed segmentation of the market by product type, format, end-user, and geography.
Pro Microphone Market – By Product Type
Wireless microphones segment to occupy the largest market share in the pro microphone market during forecast period
The pro microphones market by product type is divided into wireless and wired. 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.
Pro Microphone Market – By End-user
The corporate segment to dominate the pro microphone market share during forecast period
The pro microphone market by end-user is divided into corporate, large venues and events, educational institutions, government and military, studio and broadcasting, hospitality, and others. 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.
Pro Microphone Market – By Geography
North America to occupy the largest market share in the 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.
Key Countries Profiled
The key countries profiled in the report are:
• Australia
• Brazil
• Canada
• China
• France
• Germany
• Japan
• South Korea
• UK
• US
Key Vendor Analysis
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. The extensive R&D for the development and launch of innovative products will help leading players expand into more regional markets across the globe. The economic development and the growing demand from APAC and Latin American countries will develop new business opportunities for vendors in the pro microphone market during the forecast period.
The major vendors in the global market are:
• Audio-Technica
• HARMAN International (Samsung)
• Sennheiser
• Shure
• Yamaha
Other prominent vendors include Audix Microphones, Beyerdynamic, Blue Microphones, Electro-Voice, GTD Audio, Heil Sound, inMusic Brands, Lectrosonics, LEWITT, MIPRO Electronics, Music Group (Tribe) IP, MXL by Marshall Electronics, Nady Systems, PROEL, RCF, Samson Technologies, Sony, and ZAXCOM.
Key market insights include
1. The analysis of the pro microphone market provides market size and growth for the forecast period 2018–2023.
2. It offers comprehensive insights on current industry trends, trend forecast, and growth drivers about the pro microphone market.
3. The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
4. It offers a complete overview of market segments and the regional outlook for the pro microphone market.
5. The report offers a detailed overview of the vendor landscape, competitive analysis, and key market strategies to gain competitive advantage.
Report Snapshot
According to the latest industry analysis by Arizton, the globalpro microphone market size is expected to reach at $3,043 million in 2023, growing at a CAGR of over 2% during the period 2017–2023. The market research report provides in-depth market and segmental analysis of the global pro microphone market by product type, format type, end-user, and geography.
Base Year: 2017
Forecast Year: 2018–2023
The study considers the present scenario of the global pro microphone market and its market dynamics for the period 2018?2023. 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 profiles and analyzes the leading five companies and various other prominent companies operating in the market.
Major Vendors in the Global Pro Microphone Market
• Audio-Technica
o Business Overview
o Audio-Technica in Global Pro Microphone Market
o Major Product Offerings
o Key Strengths
o Key Strategies
o Key Opportunities
• HARMAN International (Samsung)
• Sennheiser
• Shure
• Yamaha
Prominent Players in the Global Pro Microphone Market
• Audix Microphones
o Company Overview
• Beyerdynamic
• Blue Microphones
• Electro-Voice
• GTD Audio
• Heil Sound
• inMusic Brands
• Lectrosonics
• LEWITT
• MIPRO Electronics
• Music Group (Tribe) IP
• MXL by Marshall Electronics
• Nady Systems
• PROEL
• RCF
• Samson Technologies
• Sony
• ZAXCOM
Market Segmentation by Product Type
• Wireless
o Hand-held
o Clip-on
o Others
• Wired
Market Segmentation by End-users
• Corporate
• Large Venues and Events
• Educational Institutions
• Government and Military
• Studio and Broadcasting
• Hospitality
• Others
Market Segmentation by Geography
• North America
o Canada
o US
• APAC
o Australia
o China
o Japan
o South Korea
• EMEA
o France
o Germany
o UK
• Latin America
o Brazil
• MEA
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