LONDON--(BUSINESS WIRE)--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.
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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- Growing popularity of multi-room streaming
- High R&D 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. 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 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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- Global Speaker Market 2016-2020
- Global Bluetooth Speaker Market 2016-2020
- Global Headphone Market 2017-2021
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