The Digital Signal Processors (DSP) market has experienced significant growth over recent years. Despite difficulties following the COVID-19 outbreak, recovery and future growth is still expected throughout the forecast period.
As with other product areas across professional audio, component shortages and other supply issues have limited recovery thus far. However, the market demonstrates some key innovations and vertical trends which will drive overall performance in the years to come.
This is according to a brand-new study from Futuresource Consulting, which sees the team building on the success of over six years of professional audio industry insights, by tackling the standalone DSP market head on.
The worldwide DSP market experienced significant growth during 2021, largely driven by the recovery of key applications and significant success across conferencing and hybrid learning.
The DSP market continues to be driven forward by positive networked audio and control trends, with connected and simplified audio systems underpinning long-term growth for the industry.
Interestingly, DSP has become much less about top-line revenue, and more about supporting or leading the ecosystem value proposition. Over the years, it has grown to become a vital touchpoint for user experiences, enabling brands to take share across a range of devices within the wider pro-audio market.
In the current climate, an effective DSP strategy can be the difference between growth and decline for professional audio brands.
The Installed Commercial segment is the largest opportunity for DSP by a considerable margin. After experiencing the lowest decline of any vertical in 2020, in 2021, the market demonstrated impressive recovery to reach well over half of the global value opportunity in DSP.
The positivity and size of the Installed Commercial market is largely driven by conferencing and remote collaboration. The corporate, higher education and government segments have all shown significant adoption of remote collaboration technologies. In many cases, DSP represents a vital part of these applications – especially in the case of larger rooms and auditoria.
Retail, hospitality and transport are also important commercial applications for DSP, however these areas experienced notable decline during 2020. This was especially the case for retail and hospitality, where the pandemic had harsh impacts on financial health, renovations, and new investments. Despite this, all major sub-applications have shown significant recovery so far, and are expected to return to long term growth over the coming years. Conferencing and the virtual world will continue to offer opportunity, whilst retail and hospitality businesses will show a renewed focus on AV technology as part of the customer experience.
For further information or to purchase the Professional Digital Signal Processor Market report from Futuresource Consulting, please contact email@example.com