Increase in the Number of Smart Homes to Create Opportunities for the Global Bluetooth Speaker Market Through … – Business Wire (press release)

LONDON–(BUSINESS WIRE)–Technavio
analysts forecast the global
Bluetooth speaker market
to grow at an impressive CAGR of close
to 33% during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of
the global Bluetooth
speaker
market for 2016-2020. The report lists the
key vendors and the challenges faced by vendors and the market as a
whole. It also discusses the primary market growth drivers, and provides
an overview of the key trends emerging in the market.

Technavio media
and entertainment
analysts highlight the following three factors
that are contributing to the growth of the global Bluetooth speaker
market:

  • Wireless streaming of audio content
  • Increase in number of smart homes
  • High preference for innovation in wireless technology

Additional Technavio Insights: Top
18 Bluetooth Speaker Market Vendors

Wireless streaming of audio content

One of the major factors driving the sale of Bluetooth speakers globally
is its ability to stream audio content wirelessly and easily. Modern
devices like laptops, smartphones, and tablets are equipped with Wi-Fi
and Bluetooth connectivity enabling impressive streaming of content,
which is another driving factor supporting the growth of the Bluetooth
speaker market.

“Bluetooth speakers offer a multitude of benefits making them popular
among consumers. These devices need no wiring, consume less space when
compared to home theaters, and run on batteries, thus making them
suitable for outdoor purposes. They promise durability, hassle-free
maintenance, and faster functionalities. All these factors are
propelling the demand for Bluetooth speakers, which in turn, is likely
to contribute towards market growth,” says Ujjwal Doshi, a lead analyst
at Technavio for consumer
electronics
research.

Increase in number of smart homes

Many homes in developed countries such as the US and the UK are
leveraging the Internet of Things (IoT) technology and remodeling to
smart homes. These smart homes connect all consumer electronic devices,
media and entertainment gadgets, and other smart electronics to a home
network and enable them to interact with each other. The demand for
smart homes is driven by energy saving requirements, convenience, and
connectivity among the devices. It is also fueled by government
initiatives for promoting smart homes for a better living. A popular
example in building smarter homes is the widespread deployment of smart
meters to conserve energy and for assistance on power line communication.

Since the inception of smart homes, North America has become the largest
market for smart home systems. Bluetooth speakers facilitate the
communication between the networked devices using the home network and
provide easy streaming of contents such as music and videos. “Smart
homes market has already established its presence in the developed
markets and is expected to flourish in the developing countries during
the forecast period, leading to the growth of the Bluetooth speaker
market globally,” says Ujjwal.

High preference for innovation in wireless technology

Vendors are constantly equipping their existing products with new
technologies so as to improve the quality as well as user experience.
This enables them to gain a competitive advantage and stay up to date in
the market. Innovation in technology has merged woofers, tweeters, and
separate sound systems into one single body, thus, offering premium
sound quality and audio experience to the users.

Sony launched a Bluetooth speaker that streams music via NFC, AirPlay,
and Wi-Fi. Another unique Sony product is the LED bulb speaker. This LED
bulb when connected with E26 lightbulb socket, plays music without
batteries, chargers, or cables and can be controlled through a
smartphone, using SongPal app. The introduction of wearable Bluetooth
speakers, WristBoom for instance, is likely to attract customers. Price
of such speakers ranges from USD 40 to USD 50, which is quite
affordable. Therefore, innovation in technology plays a vital role in
the adoption of Bluetooth speakers.

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About Technavio

Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
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and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.

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