Pro Speaker Market Growth at a CAGR of 4.06% by Value to Reach $2.70 Billion by 2028 -Report by Introspective Market Research

Market Overview:
The Global Pro Speaker Market was valued at USD 1.98 Billion in 2021 and is expected to reach USD 2.70 Billion by the year 2028, at a CAGR of 4.06%.

A Pro speaker is also called a professional speaker and is used for studio-grade audio equipment by high-end customers. It involves sound reinforcement system setup and audio mixing, audio recording, and studio music production by audio engineers, trained sound engineers, audio technicians, and record producers. Pro audio is highly demanded by the sports industry, corporate sectors, live concerts, and social functions that propel the growth of the market.

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Market Dynamics:
Driver:
The growing demand for the music industry in the world is the key factor that provides growth for the pro-speaker market. Musical equipment, professional sound devices, and pro speaker are mainly used in the music industries such as music houses, music boards, and recording studios. In recent years, peoples are more addicted to listening to songs and they are more aware of the quality of sounds. Moreover, the rising number of live concerts by various signers and artists, and people are willing to for listening albums for the artists, and musicians. These factors supported the growth of the pro-audio market.

Opportunities:
The growing use of the advent technologies such as IoT and AR is the crucial factor that provides the remunerative opportunity for the pro audio market in the forecast period. Several companies are adopted Augmented Reality and manufactured high-end professional loudspeakers which are used for commercial purposes such as recording and broadcasting studios, music concerts, and cinemas. Additionally, the growing launching of novel pro-speakers in the recent year. For instance, In January 2022, there is the new addition of the JBL PartyBox Encore in the JBL's PartyBox speaker line. Thus, the advanced technology and introduction of new products offer the opportunity for the market.

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Market Segmentation
By product, the most prevalent product category is point source systems, which account for more than a third of the pro speaker market. Subwoofers and low-frequency devices are the next most demanding devices, followed by line array speakers.

By format, the digital segment is anticipated to hold the maximum pro speaker market share over the forecast period. Not only is there a quality loss when the master tape is printed to vinyl, but the quality also diminishes with each play to the vinyl record.

By end-use, the corporate segment is expected to register a significant pro speaker market share due to the growing demand for sound reinforcement and video conferencing solutions.

By distribution channel, the retail segment is anticipated to capture the maximum pro speaker market share during the forecast period. Retail channels provide the majority of income since they are the most trusted destinations for end-users.

By Type
• Point Source
• Line Array
• Sub Woofers
• Others

By Format
• Digital
• Analog

By Distribution Channels
• Retail
• Online

By End-Users
• Educational Institutes
• Corporates
• Large Venues & Events
• Government & Military
• Others

Regional Analysis for the Pro Speaker Market:
The most populated area, Asia-Pacific, is a significant emerging market that is predicted to have the highest growth rate in terms of professional speaker sales over the projection period. Countries in Asia-Pacific are stepping up their efforts to improve their IT infrastructures, allowing commercial users to embrace cutting-edge technologies such as professional speakers. In addition, the region has become the fastest-growing market for smart education solutions. Increasing advancements in the fields of education and business are predicted to enhance demand for sound reinforcement equipment, contributing to the region's growing number of professional speakers.

By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Southeast Asia, Rest of APAC)
• Middle East & Africa (GCC Countries, South Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of South America)

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Players Covered in Pro Speaker market are :
• Bosch
• Bose
• D&B Audiotechnik
• JBL
• HARMAN International
• MUSIC Group (Music Tribe)
• Loud Audio
• L-Acoustics
• Yamaha
• Aeb Industriale (Db Technologies)
• Pan Acoustics
• Alcons Audio
• Audioprof Group International
• Hz Sound Systems

Key Industry Developments in the Pro Speaker Market:
In January 2022, the new JBL PartyBox Encore is the latest addition to JBL's PartyBox speaker line. The portable party speaker is supposed to produce 100W of music and is splash-proof to IPX4 standards.

In October 2021, In India, Soundcore Select Pro made its debut. The portable's 6,700mAh battery allows for a total playback length of up to 16 hours. It boasts a total output of up to 30W, two bespoke drivers, four passive radiators, as well as the company's BassUp Technology. Anker's Soundcore Select Pro boasts an IPX7 water-resistant rating and is supposed to be submersible. The portable speaker's LED lights "blink and dance" in response to the music being played. The Soundcore portable speaker uses Bluetooth v5 to connect to any device.

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Reasons to Purchase this Report:
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players

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https://introspectivemarketresearch.com/reports/conference-speaker-market/

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