In-ear monitors (IEMs) have only been around for a short while, but they’ve already made a great impact on the touring industry. Will these devices continue to grow in popularity in the coming years? In this article, let’s take a look at the global outlook and forecast on the in-ear monitoring system market.
The Importance of Market Research
Whether you’re an owner of a small business or a Fortune 500 business, you’ll benefit from a market research report. It offers vital information that could help you evaluate the latest trends in your industry (in this case, in-ear monitors) and determine how it may change in the coming months or years.
Below are a couple of ways market research reports help businesses:
- They can help you get to know your customers better—who your customers are, what are their needs or wants, where you should look for them, and which of them would most likely do business with you.
- They can give you a good picture of how your target customers view your business in comparison to your competitors.
- They’re good tools for developing strategies for a product or business.
- They can help you decide whether a new idea or product will appeal to your customers—by studying the performance of similar products.
- They also help you come up with the right packaging and make the right promotional decisions.
- They can show you whether you’re fulfilling your customers’ needs or not.
The Global Demand for In-Ear Monitors
In the case of in-ear monitoring system market, global and local companies can use market research reports to gain the upper hand. The IEM market currently has six key players for the best in-ear monitor system for drummers, singers, other musicians, and audiophiles. They are:
- Nady Systems
- Pyle Pro
- Hear Technologies
- Peavey Electronics
- JTS Professional
According to Arizton’s research report, the global in-ear monitoring systems market size is expected to hit around $981 million by 2024. Furthermore, it’ll have a compound annual growth rate (CAGR) of 4.5 percent during 2018 to 2024. In other words, they expect for the global in-ear monitor market to continuously grow during the forecast period (2018-2024).
Note: Compound growth rate measures the growth rate in sales or the rate of return over a certain period./Key highlights of the Arizton research report:
- Taking advantage of industry shows and trade events helps increase brand awareness. This is a great way to boost sales for vendors in the market.
- The amazing innovations in earphones and headphones are expected to boost business profitability of around $229 million during the forecast period.
- Since the IEM industry is still cost-centric, manufacturers that create their products based on their customers’ preferences or choosing rental facilities will greatly help them in the longer-run.
- By forming strategic partnerships with audiologists and artists, manufacturers can uplift their brand image while increasing their popularity all over the world.
- The United States, Brazil, France, Germany, Japan, South Korea, and the United Kingdom remain to be the best countries for manufacturers to grow their business in the near future.
- As the number of Millennials going to live music events increase by 12 percent in 3 years, the live music industry is expected to experience significant growth. This clears the way for the adoption and demand for IEM systems.
Due to the COVID-19 pandemic, the global music industry has suffered a dip in revenue (for the year 2020) by more than 34 percent since 2019. That figure includes everything, including live performance revenues. Most music creators who depend on live performance and recording studio work have seen their income reduce to zero. This may or may not affect the sales of in-ear monitor systems.
However, market analysts and manufacturers believe the pandemic won’t totally affect the sales of different types of in-ear monitoring systems [In-Ear Monitor Types]. And as public gatherings and live music return, these devices may still meet its projected growth target.
Created in the ‘80s [History Of In-Ear Monitor], in-ear monitoring systems only became inexpensive in the past 15 years. Since then, they’ve become a staple in live performances, studio recording sessions, and other applications. Despite recent events (i.e. the pandemic has disrupted many regular aspects of life, including public gatherings), the sales of these devices are still expected to grow in the coming years.