Global Professional Audio Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Global Professional Audio Market is expected to register a CAGR of 12.4% during the forecast period (2022-2027). The evolving entertainment ecosystem, which includes live events/concerts, studio productions, and web production, has spurred the market's desire for advanced and noise-proof audio equipment. The professional audio market has benefited from growing digitalization and widespread smartphone adoption, and the availability of high-speed internet. These create noise and error-free audio mixes for commercials, music recordings, and other professional endeavors.

Key Highlights

• Apart from the benefits listed above, these are also utilized to improve the consumer or user experience in places like bars, malls, sports complexes, and stadiums. Restaurant operators, for instance, are enhancing dining experiences with professional audio equipment.
• The professional audio market is growing due to increased demand for HD and Ultra HD sound quality, increased penetration of Wi-Fi and Bluetooth-based devices, and simplicity of network access. Audio equipment can now be accessed remotely due to developments in communication via smart networks or other local area networks.
• As a result, advancements in wireless communication have increased the demand for professional audio equipment. However, the expensive initial setup and maintenance costs limit the market's growth. In addition, the increased investment in developing voice-enabled smart interactive gadgets presents the lucrative potential for the professional audio equipment market.
• The Professional audio loudspeakers will find their merger with the AR/VR devices. Along with the music, AR devices will work in sync with the audio to provide a virtual experience or vise-versa. Sound will accompany listeners like a halo, opening up new virtual environments due to 3D and surround sound technology. Soon, music will be able to be combined with virtual worlds to create an altogether new experience.
• A surge of new audio content from publishers has emerged, propelling the industry. Audio is now being embraced as a significant addition by news companies and other creators of written material to serve their readers in our mobile environment better. This isn't just about podcasts; it's about incorporating spoken word content into everyday communications. Anyone can use audio to reach a broader and more diversified audience. Digital audio will continue to gain popularity across a wide range of users.

Key Market TrendsLoudspeakers Segment is Expected to Hold a Major Market Share

• The upsurge in demand for high-end professional loudspeakers in the corporate sector drives the market's growth. With increased competition, corporate organizations are increasingly embracing sound equipment to ease and manage workplace workflow. Nowadays, the implementation of high-end professional speakers in video conferencing systems in the corporate sector has become necessary. However, the high cost of the high-end speakers, which is due to the design of the speakers, the quality of materials, the durability and weight, and even the branding, is a challenge for the market's growth.
• Further, the advent of advanced technologies like the internet of things (IoT) and augmented reality (AR) presents lucrative opportunities for the evolution of the growth of the market as several companies are adopting augmented reality to manufacture innovative professional loudspeakers intended for use in commercial purposes like music concerts, recording and broadcasting studios, and the cinemas.
• Additionally, within the last decade, music festivals have grown into significant moneymakers in a competitive industry that sees numerous events each year like Coachella, Lollapalooza, Outside Lands, etc. Hundreds of smaller, niche, or genre-specific festivals have flourished alongside the rise in mainstream music festivals' popularity. The soaring popularity of professional speakers in these events is expected to offer tremendous growth to the professional loudspeakers segment.
• For instance, in October 2021, to celebrate the return of live entertainment following the COVID-19 pandemic, the Gladstone Regional Council staged two nights of live music headlined by Queensland musical sensation Sheppard. To provide the Gladstone Regional Council's outdoor music festival with a memorable entertainment experience for audiences, Stage and Audio Event Solutions collaborated with CMI Music and Audio to implement advanced JBL Professional audio solutions. To cover the vast 300-by-300-foot festival area, the installation team deployed twelve JBL VTX A12 line array loudspeakers on each side of the stage.
• Moreover, the rising number of sporting events is also anticipated to contribute to the market's revenues. The growing need for effective sound reinforcement equipment like professional loudspeakers in sporting arenas and stadiums for communication and announcements would contribute to the growth of the global market. The increasing investment in sports sponsorship is another factor that would supplement the development of the studied market.

The Asia Pacific Region is Expected to Witness a High Market Growth

• In the Asia Pacific region, movie theaters have come a long way since the days of the drive-in theater. Due to the innovative video and sound formats, watching a movie in a world-class cinema is an entirely immersive multi-sensory experience. To utilize these formats, theaters in the region employ advanced video technology and surround sound solutions.
• For instance, in January 2021, SighapandiElectronics equipped Royal China, a fine dining restaurant in Kolkata, India, with a class-leading JBL Professional networked audio system to deliver premium audio in the restaurant and nightclub areas. SighapandiElectronics selected four JBL AM7212/95 loudspeakers with two JBL ASB6125 subwoofers for the club area. These lightweight, high-powered speakers provide robust coverage in various patterns and have high-slope passive networks to minimize band overlap.
• Further, In October 2021, Hibino Imagineering Corporation installed a premium cinema audio solution employing JBL Professional VTX line array speakers and Crown I-Tech amplifiers to provide cinema audiences with an engaging and detailed experience similar to AEON Entertainment's vivid theatre screens. The theatre was outfitted with award-winning JBL VTX A8 and A12 line array loudspeakers installed by Hibino.
• Differential DriveTM woofers for enhanced low and mid frequencies, Radiation Boundary Integrators for excellent coverage, and lightweight designs for quick deployment are all features of both loudspeaker models. The system is completed by multiple JBL VTX B28 18-inch subwoofers, which enhance the system's bass output with clear subfrequencies as low as 25 Hz. The B28 for cinema screens was initially implemented in Japan by AEON Entertainment.
• In addition, the region has also become one of the fastest-growing markets for smart education solutions. Rising advancements in education and ancillary services are predicted to enhance demand for the professional audio market.

Competitive Landscape

The Global Professional Audio market is a fragmented market with the presence of several players like Panasonic, Altec Lansing, Samsung Electronics (JBL, Harman), Creative technology Ltd., etc. Since the market is heavily competitive, the market players constantly strive to adopt advanced technologies and innovate comprehensive products.

• June 2021 - HARMAN Professional Solutions, a prominent player in the audio, video, lighting, and control introduced the JBL CMX6000 Series Column Speaker System. Intended to support the needs of presenters looking for a premium, portable PA column speaker system, the CMX6000 Series combines JBL sound and intelligibility and simple to manage configurations.
• May 2021 - WORK PRO Audio has launched in ISE Barcelona a new range of two-way professional loudspeakers aimed at the installation and live sound markets. Known as the ENTAR Series, the name merges the words ENTertainment and ARchitectural, reflecting their ability to deal with the demands of these very different applications. The series includes passive and active speakers in a variety of different sizes.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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