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Microphone Industry Overview
- The Microphones market will register a 4.2% CAGR over the next 5 years.
- The Global market size will reach US$ 3460 million by 2024, from US$ 2820 million in 2019.
- Annual investment by recording companies is expected to be $4.5 billion in worldwide artists that contribute to 26% of the entertainment industry revenues
Microphone Industry Growth Drivers
The entertainment industry is the major contributor to the growth of the microphones market. With the increased investment in the entertainment industry by employing professional recording microphones, there is a noticeable growth in the microphone market.
There has been an increase in the application of microphones in industries such as consumer electronics, healthcare, and corporate houses, the global microphone market is likely to grow significantly.
Increased demand for a better audio experience in devices also has led to the growth of improved signal-to-noise ratio (SNR in microphones. The high-quality voice due to of the SNR technology is expected to increase the sales of microphones.
4 Marvelous Customer Insights From Market Analysis of Microphones
What is market analysis?
“Market analysis is a process of using scientific investigative and problem-solving techniques to gain insights into the market condition,” as defined by Mark A. Munizzo, Lisa Virruso Musial in their book, General Market Analysis and Highest and Best Use.
Market analysis is performed to gather insights into potential customers, customers’ shopping and buying habits, size of the target market, potential customer’s willingness to pay, competition, and competitors’ strengths and weaknesses. This will eventually reduce the risk for the business as you have a better understanding of your customers and market conditions.
A microphone converts sound into an electrical signal that can be amplified, recorded, or transmitted. But, there are a number of different characteristics that make microphones sound different. These characteristics determine a microphone’s suitability for a particular application.
In this microphone report, we convey insights and expert analysis of consumer trends and behavior in the marketplace. Various factors that consumers consider before purchasing a microphone are detailed in this report. The report presents an analysis of the key players in the global microphone market.
With the help of this report, an investor will be able to make sound decisions and plan marketing strategies to stay ahead of the competition curve. Below are the top 4 factors that consumers consider before investing their money in buying a microphone of their choice:
1. Sound Quality
Consumers love to buy microphones that are easy to use and has crystal clear voice. A microphone that works with most of the Internet applications such as voice chat, speech recognition, and voice command are the most desired by consumers. Consumers want to improve the quality of conferences or meetings by choosing microphones that has clarity even in large spaces. The microphone should be able to catch every voice in a large room even when the conference room has some really high ceilings.
Frequency response refers to the range of sound that a microphone can reproduce and how its output varies within that range. The frequency response plays a major role in determining the sound signature of a microphone and hence a consumer prefers to have a microphone that can play in all frequencies. Consumers prefer to buy a microphone that allows the frequency response to be adjusted to suit different applications.
Microphones that come with features such as the flat, wide-range frequency response which can reproduce clean and natural music and speech are a preferred choice among consumers.
2. Pick Up Range
Often consumers wonder if there is a microphone for large area pick up. They prefer to have a microphone for a large gallery where people don’t have to walk up to a microphone. They worry if the microphone is too close to an instrument then it will capture only a part of the sound, while if the mike is too far away, it picks up more reflected room sound than the direct sound.
Microphone consumers prefer to buy microphones that can function well in large rooms. They are looking forward to microphones that create a clutter-free environment with clear and crisp audio that comes with high ceiling pick-up functions. The microphone should be able to capture active speakers without physical intervention.
A dynamic range refers to the amount of headroom, measured in decibels, between the noise floor of a microphone and its accompanying electronics, and its maximum recording level. Consumers are looking for a microphone that can withstand high sound pressure levels and dynamic ranges of sounds.
3. Cost
People who want to buy microphones don’t like to be limited to low-quality low-performance options. They are looking for an affordable option that can offer excellent performance on a budget. Different microphones are used by different users, and not all microphones are created equal. Consumers want to buy microphones that offer value for their money. They prefer to have a broad choice of microphones with a broad range of prices that can suit their varied needs. Consumers always will evaluate the price of the microphone to check if it justifies the price that they are paying.
4. Live Performance Quality
Feeling the music during a live performance is nothing short of a great experience, especially if they are your favorite. The microphones used in audio today are geared towards recreating the live experience.
When choosing the right microphone for live performance, consumers consider a number of dynamics features such as low noise, directional pickup and dynamic range. A microphone should be able to give a warmer and thicker sound that tends to wear better over time. Users prefer to have a microphone that can handle the volume of the source material without distortion. Many live stage performers, especially singers, will preference towards a microphone that can be hand-held to capture their vocals.
Brand Equity
Consumer perception, which is a combination of knowledge and experience, towards a brand and its products, builds brand equity. The perception that a consumer segment holds towards a brand directly results in either positive or negative effects.
Brand equity is an indicator of the company’s strength and performance, specifically in the public markets. Brand equity is the additional brand value that a customer attaches to a particular brand due to the perception and experiences with the brand. A positive experience will generate positive brand equity, while dissatisfying expertise will result in negative brand equity.
In simple terms, brand Equity is the loyalty, perception, and awareness of a customer towards a brand. Brand equity can be created over a period of time by offering products that give a memorable experience, excellent quality, and highly reliable products to its customers.
In this report, we have presented the relationship between different perception drivers in the form of a graph that can be used to sense the degree of importance consumers attach to various factors.
Download the detailed report for free to get to know the brand names in the below chart. The detailed report also covers a list of features that delight users and several other interesting insights.
Top 4 Emerging Trends
A piece of audio equipment that has been in use for over 20-50 years for all recording purposes is the humble microphone. There are a lot of new brands emerging which are actually a copy of the aging technology. There is an opportunity for good business simply based on assumption that exotic-looking microphones provide exotic audio.
The emerging trend in microphones is the innovation in the field of modern microphone technology that is making it adapted to the digital age.
Below is the list of the top 4 emerging trends in the microphone industry.
1. Software Integration Capabilities
The latest trend in microphones is to develop microphones that are a result of many years of microphone development and testing. The demand is for microphones that are software controlled and comes with features such as the multi-programmable microphone, different pickup patterns, programmable feather-touch push button, high visibility LED indicators, and so on.
Microphones that have a quick and simple interface and that allows user to change the settings of their microphones are emerging as the latest in the microphone industry.
2. Better Far-Field Performance
An emerging trend in the fields of microphones is the availability of an easily integrated device that will benefit from far-field noise canceling. New microphones are emerging that have superior microphone sound quality for speech recognition accuracy while allowing the users to speak at distance from the microphone. Microphones with a total voice solution including a customization microphone array with voice algorithms to accurately capture voice commands are emerging as the latest trend in microphones.
3. Ruggedness And Extreme Durability
It is very common for a user to drop the microphones, swing the microphones during performances and bear extreme cold or heat temperatures. Hence users expect to have proven and tested tough quality microphones. The industry is evaluating how the microphone is used from a customer’s perspective so that they can produce the toughest of the tough microphone.
The emerging trend in the microphone industry is to produce microphones that are durable and can survive extreme conditions such as be being dropped, pushed, cooked, frozen, and maybe even submerged in water.
4. Piezo Electric MEMS Sensors
Piezoelectric materials produce an electric current when they are placed under mechanical stress. A MEMS magnetic field sensor is a Micro Electro Mechanical System (MEMS) for detecting and measuring magnetic fields. The latest trend in the microphone industry is to have MEMS microphones that can target all audio applications irrespective of small size, high sound quality, reliability, and affordability factors. These microphones consist of a piezoelectric sensor that can amplify the output. It is ideal for low noise, high stability, and durable microphones.
Detailed Report
The market analysis uses research findings to identify the strengths and weaknesses that can be used to take advantage and move ahead of the competition. Are you interested to know what customers believe in and the other interesting insights into the microphones industry?
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