Global Speakers Market 2019-2023 | Increasing Focus on AI-ready Speakers to Boost Growth | Technavio

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 Landscape

• Market ecosystem
• Market characteristics
• Market segmentation analysis

Market Sizing

• Market definition
• Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

• Regional comparison
• Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

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View source version on businesswire.com: https://www.businesswire.com/news/home/20190522005386/en/