Increase in the Number of Smart Homes to Create Opportunities for the Global Bluetooth Speaker Market Through … – Yahoo Finance

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 markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools 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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