As enterprises continue to seek out increasingly sophisticated video conferencing systems, audio quality becomes an important feature. The clearer the audio, the smoother the conversation. Throw in technological advancements such as IoT and AR, and it’s easy to see why the global pro speakers market is growing at such an impressive pace.
According to ReportLinker, the global pro speaker market is expected to reach around $2 billion, growing at a CAGR of close to 3% during 2018-2024.
The corporate sector, the report concludes, 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. As such, the corporate segment occupies nearly one-third of the market, and is expected to grow at a CAGR of nearly 3% during the forecast period.
Also, increasing business opportunities, the growing footprint of companies, and the rising integration of IoT with business workflow processes are the major driving forces for the growth of the segment. With the rise in live performances, music concerts, and festivals, and music tours, the event organizers segment has emerged as the second largest end-users.
The pro speakers market by product types can be divided into line array systems, point source systems, subwoofers, and other speaker types. Point source systems are the most popular variants, and they capture more than one-third of the pro speakers market. Line array speakers are the second most demanding variant that is generally used for the large touring production. Subwoofer speakers are low-frequency devices. They are designed to reproduce low- and sub-low frequency content and amplify bass sound waves. Theaters and multiplexes are the major users of subwoofer speakers.