The speaker market will register a CAGR of over 18% by 2023
May 20 2019 - 6:16PM
PR Newswire (US)
NEW YORK, May 20, 2019 /PRNewswire/ --
About this market
The popularity of wireless streaming of audio content is one of the
key factors expected to trigger the market growth during the
forecast period. Wireless speakers stream audio content by
generating RF signals. Various portable devices including laptops,
smartphones, and tablets are increasingly being equipped with Wi-Fi
and Bluetooth chips, in turn, enabling speakers for streaming audio
content wirelessly. This will further boost the speakers market in
the long run. Analysts have predicted that the speaker market will
register a CAGR of over 18% by 2023.
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Market Overview
Growing penetration of smart homes
The rising adoption of smart home automation systems is expected to
increase the adoption of smart speakers to control the connected
devices using voice assistants. Hence, the demand for smart
speakers is expected to increase.
Privacy concerns associated with smart speakers
The misinterpretation of background conversations as voice commands
by smart speakers can hamper the privacy of users and their
vulnerability to hacking. Such incidents affect the growth of the
global speaker market during the forecast period.
For the detailed list of factors that will drive and challenge the
growth of the speaker market during 2019-2023, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of
several market players. Vendors across the world are focusing on
equipping their speakers with AI technology to enhance user
experience. This market research report will help clients identify
new growth opportunities and design unique growth strategies by
providing a comprehensive analysis of the market's competitive
landscape and offering information on the products offered by
companies.
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https://www.reportbuyer.com/product/5777296/?utm_source=PRN
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Email: sarah@reportbuyer.com
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