Wireless Speakers Global Market To Reach Value Of About $29.5 Billion In 2023
The global wireless speakers market is expected to grow from $14.6 billion in 2019 to $18 billion in 2020 at a compound annual growth rate (CAGR) of 23.8%. The growth of this market is mainly due to rising preference of in home entertainment systems. The market is then expected to recover and grow at a CAGR of 17.9% from 2021 and reach $29.5 billion in 2023.
The wireless speakers market consists of sales of wireless speakers such as Bluetooth speakers and Wi-Fi speakers and related services. Wireless speakers receive sound signals in the form of radio frequency waves and amplify the sound.
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The global wireless speakers market is further segmented based on type and geography.
By Product: Bluetooth speakers, Wifi-speakers.
By End User: Residential, Commercial.
By Type: Fixed, Portable.
By Geography: The global wireless speakers market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North America wireless speakers market accounts for the largest share in the global wireless speakers market.
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Trends In The Wireless Speakers Market
Advanced technologies such as AI-assisted devices are an emerging trend in the wireless speakers market. This is mainly due to ease of use of AI-enabled wireless speakers that provide features such as voice recognition, allowing users to control the functioning of the speakers using voice commands. The wireless speakers based on AI software use cloud which offers a steady base for storage of data and enables quick access to the data.
Wireless Speakers Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides wireless speakers market overviews, analyzes and forecasts market size and growth for the global wireless speakers market, wireless speakers market share, wireless speakers market players, wireless speakers market segments and geographies, wireless speakers market’s leading competitors’ revenues, profiles and market shares. The wireless speakers market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.