Pune, April 20, 2020 (GLOBE NEWSWIRE) -- The global wireless speaker market size is anticipated to reach USD 65.65 billion by 2026 on account of the increasing adoption of the internet of things technology. Speakers have emerged as the fastest-growing product in the department of smart home technology. The growing popularity of smart speakers integrated with wireless technology and artificial intelligence is the current wireless speakers market trends. According to a recently published report by Fortune Business Insights titled, “Wireless Speakers Market Size, Share and Industry Analysis, By Technology (Bluetooth, Wi-Fi, Voice-enabled Speakers, and Others), By Application (In-door, and Out-door), and Regional Forecasts, 2019-2026,” the market value was USD 8.93 billion in 2018 and is expected to rise exponentially at a CAGR of 28.6% within the forecast period of 2019 to 2026.
What are the Objectives of the Report?
The report presents a 360-degree overview of the market and its growth parameters, including drivers, restraints, challenges, and upcoming opportunities. It also offers a detailed analysis of the market segmentation on the basis of factors such as technology, application, and geography with the names of leading segments and the factor attributed to its growth. The report also focuses on the market competition, list of players, and the strategies adopted by them to gain momentum in the market. Furthermore, significant industry developments, current wireless speakers market trends, and other interesting insights into the market are provided in the report.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Market Drivers
Availability of Cost-efficient 5G Cellular Networks for Wireless Connectivity to Add Impetus
The advent of voice-enabled speakers in home entertainment systems is a significant factor in promoting wireless speakers market growth. This, coupled with the increasing adoption of artificial intelligence and the internet of things, will also boost the market. To cite an example, the Home Kit by Apple provides a centralized voice support platform for controlling home kit products. Such initiatives will bode well for the market in the coming years. Furthermore, the advent of 5G cellular networks, coupled with the availability of such devices at affordable rates, will create lucrative growth opportunities for the market in the long run.
Regional Segmentation:
Asia Pacific to Witness Rapid Growth with Introduction of Artificial Intelligence in Latest Products
With a revenue generation of USD 3.46 billion earned in 2018, North America earned the dominant wireless speakers market share. This growth is attributed to the presence of a mature market with strong levels of data usage and increasing rates of subscribers for mobile broadband. Besides this, companies such as Harman International Industries, Amazon.com, Bose Corporation, and Sonos Inc., have their base in this region. The factor mentioned above further fuels the growth of the market in this region. On the other hand, Asia Pacific market will witness rapid growth in the coming years on account of initiatives taken by Chinese players to introduce the latest speakers with AI technology. For instance, the 2017 integrated smart speaker released by Xiaomi and Alibaba, coupled with a smart assistant called Bixby installed in galaxy home speaker by Samsung launched in early 2020, will add impetus to market growth in the future.
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Competitive Landscape:
Advent of Customized Products will Attract More Revenue and Intensify Competition
Wireless speakers market manufacturers are chalking out plans to stay ahead of the competition earn high profits. Players are focusing on new product offerings and enhancements and launching customizable product designs for gaining more traction in the market. Such initiatives will help players give fierce competition to the others and attract high wireless speakers market revenue in the forthcoming years.
List of the Key Companies Operatinig in the Wireless Speakers Market are:
- Altec Lansing
- Amazon.com, Inc.
- Samsung electronics co., LTD
- Sonos, Inc.
- Harman International Industries, Inc.
- Apple, Inc.
- Bose Corporation
- LG Electronics
- Sony Corporation
- DEI Holdings, Inc.
- Other vendors
Major Industry Developments of the Wireless Speakers Market include:
August 2019 – Portable home speaker was launched by Bose Corporation. This speaker is battery powered and possesses technologies such as voice control, Wi-Fi, and Bluetooth technology in its compact ultra-versatile shape and form.
December 2019 – Upgraded soundbars by LG were launched in Las Vegas for suiting high end 55 and 65-inch televisions. It also announced launching its soundbar models, namely SN8YG, SN11RG, SN10YG, and SN9YG, by January 2020.
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porters Five Forces Analysis
- Global Wireless Speakers Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Technology (Value)
- Bluetooth
- Wi-Fi
- Voice-enabled speakers
- Others
- By Application (Value)
- In-door
- Out-door
- By Geography (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
- By Technology (Value)
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