Growth of Smart Homes to Boost the Networked Audio Products Market: Technavio – Business Wire (press release)

market research analysts forecast the global
networked audio products market
to grow at a CAGR of close to 17%
during the forecast period, according to their latest report.

The market study covers the present scenario and growth prospects of the
global networked audio products market for 2017-2021. The report
also lists Bluetooth, Digital Living Network Alliance (DLNA), AirPlay,
Play-Fi, Sonos as the five major technology segments, of which the
Bluetooth segment accounted for close to 63% of the market share in 2016.

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Technavio analysts highlight the following three market drivers that are
contributing to the growth of the global networked audio products market:

  • Increase in number of smart homes
  • Demand for wireless streaming of audio content
  • Increase in number of fixed-line broadband customers

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Increase in number of smart homes

Many homes in developed countries, such as the US and the UK, are being
renovated into smart homes. In a smart home, smart electronics, consumer
electronic devices, and media and entertainment gadgets are connected to
the home network and can interact with each other. The demand for smart
homes is highly driven by the need for energy conservation, convenience,
and connectivity among home devices. Also, government initiatives are
promoting smart homes for a better living, which is supporting the
growth of smart homes. For instance, the introduction of smart meters to
conserve energy and assistance of power line communication.

“Networked audio devices facilitate communication between networked
devices using the home network and provide easy streaming of content,
such as videos and music. The smart homes market spans across several
developed countries and is expected to flourish in developing countries
in the coming years, which will lead to the growth of the market,”
Ujjwal Doshi, a lead analyst at Technavio for consumer

Demand for wireless streaming of audio content

One of the major factors driving the sales of smart speakers globally is
their ability to stream audio content wirelessly. With the use of
networked audio devices, speakers consume less space compared with home
theaters and use no wiring. Networked audio devices have compact sizes
and designs to suit customers’ requirements. Most of the portable
devices, such as laptops, smartphones, and tablets, are equipped with
Wi-Fi and Bluetooth connectivity, which help in the wireless streaming
of content.

The demand for wireless technology is also driven by the need for the
hassle-free maintenance and fast functionalities of speakers. As
networked audio devices use wireless technologies, such as AirPlay,
Play-Fi, Bluetooth, and DLNA, and most of the standard models run on AA
batteries, they eliminate the cumbersome need for users to carry cables
and adapters everywhere. Also, networked audio devices are very durable
and can be used for outdoor purposes within the network range. These
factors are driving the demand for networked audio products among
end-users, which is supporting revenue generation in the market.

Increase in number of fixed-line broadband customers

The adoption of broadband and its use to browse the Internet have
increased over the past few years because of the growing need to stay
up-to-date with the latest updates on current affairs and technology.
For seamless streaming on news channels, audio devices need to be
connected to a home network, such as Wi-Fi. This helps users avail the
benefits of networked audio technology. It offers smooth streaming of
music and file sharing from one device to another. For instance, AirPlay
technology helps in the easy streaming of digital content from one
networked audio device to another. This eliminates the need to use
smartphones as the content streams directly from app libraries.

“Good Internet speed enhances the quality of sound in audio devices,
and any fluctuation in connectivity would disrupt data streaming.
Customers are more inclined toward fixed-line broadband, and this is
likely to support the growth of the
audio products market
,” says Ujjwal.

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