Market Trends of Professional Speaker Industry
This section covers the major market trends shaping the Professional Speaker Market according to our research experts:
Music Production and Recording Equipment to Boost the Growth of the Market
- Along with the rapidly growing internet penetration across the globe, the digital trend has also gracefully adopted by the music industry. The physical music revenue is continuously declining, and online streaming platforms like Spotify, Apple Music, Youtube Premium, and Tindle have taken traction over the years. According to the press release by Spotify, their paid subscribers worldwide have reached 108 million by the second quarter of 2019, with a growth of over 8% from the previous one.
- This surge in the adoption of music will give rise to an increased number of music concerts and at the same time will increase the growth rate of music production and recording equipment. This will, in turn, provide growth opportunities for the professional speakers market.
- The companies in the music businesses are extensively making strategic partnerships with the music recording player advanced music streaming services. For instance, music-focused online service provider Napster has announced to enter into collaboration with Sony Music to launch its new 360 Reality Audio streaming format to consumer companies globally by 2020.
- The sound mixers, audio signal processors, and audio power amplifiers are gaining momentum due to the growth in the music industry. With the increased music production and the growing market for nightclubs and DJ equipment, the demand for audio mixers is expected to grow in the United States and thus the region is witnessing increased adoption of professional speakers.
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Asia-Pacific is Expected to Register Fastest Growth
- Asia-Pacific, being the most populated region, is the major developing region and is expected to record the maximum growth rate, in terms of the sales of professional speakers, over the forecast period, 2020-2025. The Asia Pacific countries are taking strong initiatives to upsurge their IT infrastructures, thereby enabling commercial users to adopt cutting-edge technologies including professional speakers.
- The region has emerged as the fastest-growing market for smart education solutions as well. Increasing developments in the field of education and corporates are also expected to create an increased demand for sound reinforcement equipment which further contributes to the growth of professional speakers in this region.
- The increasing disposable incomes and technological developments in countries, such as China, India, Japan, and South Korea, along with the region being home to major players, such as Sony and Samsung, are expected to help in the growth of the wireless speakers market in Asia-Pacific.
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