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