The speaker market will register a CAGR of over 18% by 2023

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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