Research Report With COVID-19 Forecasts- Global Speakers Market 2020-2024| Rising Popularity of Wireless Streaming of Audio Content to Boost Market Growth | Technavio
The global speaker market is expected to grow by USD 29.28 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters - with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Speakers Market 2020-2024 (Graphic: Business Wire)
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The growing popularity of wireless streaming of audio content is expected to be one of the major driving factors for the speakers market growth. 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 to 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. In addition, the increasing demand for streaming HD content has led to the emergence of new technologies such as wireless HD and ITU-T H.hn that enhances the streaming of audio content.
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As per Technavio, the focus on AI-ready speakers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Speakers Market: Focus on AI-ready Speakers
Many market vendors, as well as chipset providers, are incorporating AI technology in their offerings to improve user experience. Some vendors are integrating their AI-ready speakers with deep learning software solutions that recognize different patterns of sound and other data and make the interface easy to use. The growing adoption of smart bands, connected appliances, and smart security devices is expected to have a positive impact on the demand for AI-ready speakers during the forecast period.
"Other factors such as the growing popularity of multi-room streaming speakers and the advent of cloud-hosted music streaming services will have a significant impact on the growth of the speakers market value during the forecast period," says a senior analyst at Technavio.
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Speakers Market: Segmentation Analysis
This market research report segments the speakers market by technology (wireless speakers and wired speakers), product (stereo speakers and smart speakers), and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the global speakers market share in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the increasing adoption of music streaming services in the region.
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Some of the key topics covered in the report include:
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