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Top 3 Trends Impacting the Global Portable Speaker Market Through 2021: Technavio
[February 15, 2017]

Top 3 Trends Impacting the Global Portable Speaker Market Through 2021: Technavio

Technavio's latest market research report on the global portable speaker market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.

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Technavio has published a new report on the global portable speaker market from 2017-2021. (Graphic: ...

Technavio has published a new report on the global portable speaker market from 2017-2021. (Graphic: Business Wire)

Ujjwal Doshi, a lead analyst from Technavio, specializing in research on consumer electronics sector says, "The global portable speaker market is expected to grow at a CAGR of more than 11% due to the inception of smart homes. Wireless portable speakers facilitate communication between the various devices connected to the home network and provide easy streaming of content like music and videos. The smart home market has already established its presence in developed markets, and it is expected to have significant growth in developing countries during the forecast period."

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The top three emerging market trends driving the global portable speaker market according to Technavio media and entertainment research analysts are:

  • Growing popularity of multi-room streaming
  • High R& investments
  • Advent of cloud-hosted music streaming services

Growing popularity of multi-room streaming

The advent of networked audio means that all audio devices are wirelessly connected with technologies such as Bluetooth, Wi-Fi, or AirPlay (News - Alert). These technologies separate a system's physical and logical connections, which means that a single network carries multiple channels, making it possible to make infrastructure changes relatively quickly and inexpensively.

The growing trend of maintaining speakers in all the rooms is supporting the growth of the portable speaker market. Multi-room speakers need to be connected to one master speaker that can be connected wirelessly with Bluetooth, Wi-Fi, or AirPlay. Bluetooth speakers constitute more than 75% of the portable speaker market. By 2021, all portable speakers will support wireless connectivity.

High R&D investments

Vendors are spending huge amounts on R&D of Bluetooth speakers. They have successfully improved the battery life and efficiency of the devices compared with previous versions. They are also focusing on manufacturing products that are waterproof, suitable for outdoor use, and able to withstand harsh conditions. Some of the noteworthy rugged portable speakers are Bose SoundLink Color, TREX Max A34, UE Megaboom, ECOXGEAR Eco Stone, Braven BRV-X, and Aukey SK-M4.

Advent of cloud-hosted music streaming services

Cloud computing provides individuals with legal access to online music. It allows subscribed users to access digital content stored on remote servers. The rising adoption of cloud-hosted music services will lead to the increase in music streaming. This is expected to increase the applications of portable speakers. Earlier, listening to music was only possible using devices like cassettes, CD players, and iPods.

However, in the current scenario, consumers are switching to an access-based approach, where they subscribe to digital libraries stored in the cloud. With the availability of networked audio devices connected with Wi-Fi, Bluetooth, or AirPlay, listeners can directly access the content stored in the cloud. For instance, SongPal and Spotify (News - Alert) are services that can be accessed via networked audio products.

"In addition, products like Amazon Echo connect to the Alexa Voice Service to play music and provide real-time information on news, sports scores, and weather. This is opening up new opportunities for the global portable speaker market," says Ujjwal.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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