The era of virtual assistants, wireless controllers, and innovative Bluetooth technology is revolutionizing the sound reinforcement market. With a focus on creating products that suit all consumer needs, vendors are launching advanced systems in the global speakers market. The growing adoption of music subscription services and streaming services such as Apple Music, Pandora, and Spotify; the demand for smart, wireless, and Bluetooth devices are increasing exponentially in the global market. The manufacturers are leveraging advanced technology to offer innovative products and services in the global market. Furthermore, virtual voice-assistance technology is expected to diversify and transform the global market during the forecast period. The research analysts at Arizton have gathered detailed information on each of these speakers segments and have estimated that these innovations will generate high revenues in the global market over the next few years.

The detailed overview of the various global speaker market is discussed in detail below:

Smart Speaker Market

The global smart speaker market is witnessing a tremendous growth due to the presence of several top vendors such as Google, Microsoft, and Amazon, offering the best devices. The development of virtual assistants such as Siri (Apple), Alexa (Amazon), Google Assistant (Google), and Cortana (Microsoft) is helping players attract a maximum number of consumers in the global market. The enhanced connectedness and the ability to converge voice-assistance technology with the smart home concept have witnessed an acceptance among modern-day tech-savvy end-users in the market. The increasing adoption of smart homes will lead to the development of the smart speaker market. The growing prominence of voice searches is one of the primary factors attributing to the growth of this global market. Voice searches help in advertising, payment, and processing activities in the market. With the advancement in technology and growing demand for innovative products, the market is expected to grow at a fast pace over the next few years.

The global smart speaker market is estimated to reach revenues of approximately $19 billion by 2023, growing at an impressive CAGR of around 31% during 2018-2023.

Device types available in the market:

  • First-party smart speakers
  • Third-party smart speakers
Read: Smart Speaker Market - Global Outlook and Forecast 2018-2023

Wireless Speaker Market

The launch of various devices that offer ease-of-use along with a taste of innovation is augmenting the demand in the global wireless speaker market. The rising awareness about wireless audio devices in developing countries is driving the growth of this market. The integration of smart technology in household appliances and enhanced marketing and visibility of these products online are some of the major growth drivers of this global market.

The US and China are the largest revenue generators of these devices in the global market. The vendors are focusing on ease of usage, connectivity, and skillsets, design, sensor technology, voice-recognition, signal transmission, and battery capacity to gain a larger global market share. The rising penetration of IoT (Internet of Things) in the consumer durable industry is encouraging the companies to implement these technologies to offer personalized customer experiences in the market. This technology will increase the performance and improve product designs in the global market.

The global wireless speakers market is projected to reach revenues of more than $27 billion by 2023, growing at a CAGR of approximately 17% during the forecast period.

Connectivity type available in the market:

  • Bluetooth Speakers
    • Traditional Bluetooth Speaker
    • Waterproof Bluetooth Speaker
    • Rugged Bluetooth Speaker
  • Wi-Fi Speaker
    • Based on Connectivity Technology
      • Wi-Fi only Speaker
      • Hybrid Speaker
    • Based on Voice Assistance
      • Smart Speakers
      • Non-Smart Speakers
    • Based on Room Placement
      • Singleroom Speaker
      • Multiroom Speaker
Read: Wireless Speaker Market - Global Outlook and Forecast 2018-2023

Bluetooth Speaker Market

The continuous development in mesh networking technology and rapid technological advancements is fueling the evolution of the global Bluetooth speaker market. The increase in purchasing power and rising number of dual-income households across Europe, North America, and developed APAC countries are driving the growth of the global market. The introduction of waterproof models and rugged devices is revolutionizing the global market and creating lucrative opportunities for manufacturers. The increasing penetration of wireless home audio devices will lead to higher revenues in the global market. The top vendors are focusing on leveraging unique design and latest technology to attract maximum user attention and gain a larger market share. The inclusion of long battery life, 360-degree surround sound, customizable led lights, app sync feature, and smart assistant is making these products attractive to a large group of end-users. The drastic shift in the music industry and the growing popularity of streaming and digital media services will also contribute to the overall development of the global market.

The global Bluetooth speaker market is projected to generate revenues of more than $8 billion by 2023, growing at a CAGR of over 10% during 2018-2023.

Product type available in the market:

  • Traditional Bluetooth Speaker
  • Waterproof Bluetooth Speaker
  • Rugged Bluetooth Speaker

Top players operating in all these three types of speaker are Alibaba Group, Alphabet (Google), Amazon.com, BEATS Electronics (Apple), Bose, HARMAN International (Samsung), Sonos, and Sony.

Read: Bluetooth Speaker Market - Global Outlook and Forecast 2018-2023

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