Global Speakers Market 2019-2023 | Increasing Focus on AI-ready Speakers to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--May 22, 2019--
According to the latest market research report by Technavio, the global speakers market is expected to post a CAGR of over 18% during the period 2019-2023. However, the market is expected to decelerate on a year-on-year basis during the forecast period.
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Technavio has published a new market research report on the global speakers market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the popularity of wireless streaming of audio content. Wireless speakers stream audio content by generating radio frequency (RF) signals. Wireless speakers such as smart speakers, portable speakers, and Bluetooth speakers are compact in size and occupy less space compared with home theater speakers. Most portable devices such as laptops, smartphones, and tablets are equipped with Wi-Fi and Bluetooth chips, which enable speakers to stream audio content wirelessly. The vendors are also launching smart speakers and portable speakers, which are increasing the popularity of the wireless streaming of audio content. Therefore, these aspects are expected to be key contributing factors for the increasing growth prospects of global speakers market during the forecast period.
As per Technavio, the increasing focus on AI-ready speakers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global speakers market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global speakers market: Increasing focus on AI-ready speakers
The focus on Al-ready speakers is growing, which is one of the key trends in the global speakers market. The increasing focus of vendors in the market on integrating a large number of functionalities for tracking user behavior through smart bands, connected appliances, and smart security devices has raised the significance of Al integration in smart speakers. Al-ready speakers are integrated with deep learning software solutions, which are an advanced version of Al technology. Such software solutions enable the speakers to recognize patterns of sound and other data. Both deep learning and Al technology are integrated into speakers to make their interfaces easy to use and enable efficient machine learning (ML) functionality to manage their data. Several vendors across the world are equipping their speakers with Al technology. The vendors, as well as chipset providers, are integrating Al technology to enhance user experience, and are also launching Al-ready speakers to gain a competitive advantage.
“The popularity of multi-room streaming speakers is one of the key trends expected to boost market growth during the forecast period. Multi-room streaming speakers improve the convenience of accessing music devices. Such speakers have Wi-Fi connectivity, which enables the streaming of music from one speaker to others. Networked audio devices have reduced efforts, expenses, and time of users, as they are wireless and connected with technologies. Therefore, such advantages are expected to foster market growth during the next few years,” says a senior analyst at Technavio.
Global speakers market: Segmentation analysis
This market research report segments the global speakers market by technology (wireless speakers and wired speakers), by product (smart speakers, home audio speakers and portable speakers) and geographical regions (North America, Europe, APAC, South America, and MEA).
The North American region led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the introduction of multi-room speakers which support smart home applications.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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INDUSTRY KEYWORD: TECHNOLOGY CONSUMER ELECTRONICS HARDWARE AUDIO/VIDEO MOBILE/WIRELESS
SOURCE: Technavio Research
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