Speakers are electroacoustic transducers that convert audio signals into sound. Speakers receive music through electric audio impulses and turn it into sound waves while improving the loudness and quality of the sound. The paper includes smart speakers, portable speakers, home audio speakers, and true wireless stereo (TWS) hearables, which combine the newest technology, such as virtual assistants. Currently, leading companies in the speaker market are inclined toward developing new products complying to change in consumer wants and offering high-quality audio output.
Virtual assistants have gained popularity since their launch on smartphones in 2011. This has generated a new genre of speech technology, which has led to countless prospects for new products and services, including smart speakers, headphones, and home audio devices. Thus, advancement in artificial intelligence (AI) virtual assistants raises the demand for smart speakers, which, in turn, boosts the growth of the speaker market.
Development in AI Virtual Assistant Technologies to Drive the Global Speaker Market
Smart speakers, true wireless stereo (TWS), smart soundbars, and a few portable speakers are compatible with virtual assistants powered by artificial intelligence. Virtual assistants such as Alexa by Amazon, Siri by Apple, Cortana by Microsoft, and Google Assistant by Alphabet, Inc. provide a user-friendly platform. They can perform hundreds of jobs, such as radio playing and connect with home automation devices. In addition, virtual assistant technology developers are continuously enhancing the capabilities of their virtual assistant devices, allowing smart speakers to do a greater variety of tasks. Globally, the number of talents possessed by the Amazon Alexa AI assistant has topped one hundred thousand. The Alexa product had 5,000 skills in 2016, 10,000 skills in 2017, 50,000 skills in September 2018, and 100,000 skills in July 2019. In 2019, Amazon Alexa users in the United States utilized 65,901 talents, while Amazon Alexa users in the United Kingdom utilized 34,771 skills. These rapid developments increase the demand for speakers with artificial intelligence virtual assistant technologies, consequently fostering the expansion of the speaker market.
The Emergence of Smart Speakers in Commercial Applications to Provide Opportunities for the Global Speaker Market.
Commercial applications such as healthcare facilities, hotels, and offices offer a variety of opportunities for implementing smart speakers for daily operations. By arranging a patient's meds on an AI platform, numerous capabilities of smart speakers can aid healthcare professionals in providing optimal patient care. Additionally, intensive care patients can call for help at any moment via voice commands, which saves time during treatment and may minimize unintentional deaths. In March 2020, Apollo Hospitals, an Indian medical network, unveiled the Ask Apollo Alexa skill to improve its appointment scheduling system. In 2019, Boston Children's Hospital, Cedars-Sinai Medical Center, and other U.S. hospitals began implementing voice-enabled smart speakers in patient wards to boost patients' comfort levels. The Cedars-Sinai Medical Center is expected to install more than one hundred Amazon Echo devices in private patient rooms. These devices can perform everyday tasks such as changing television channels, playing music and notifying nurses. These features encourage the usage of smart speakers in business applications, consequently fostering the expansion of the speaker market.
By region, the global speaker market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue contributor and is estimated to grow at a CAGR of 33.2%. China, India, Japan, South Korea, and the rest of Asia-Pacific are analyzed. China dominated this market in 2021, while India is anticipated to experience rapid growth over the forecast period. In the region, manufacturing activities have expanded rapidly in countries such as China and India. This region has the most inhabitants and, consequently, the most speaker users. Moreover, an increase in the region's population's purchasing power has led to a rise in the use of speakers, which in turn stimulates market expansion.
North America is the second largest region. It is expected to reach an estimated value of USD 106 billion in 2030, growing at a CAGR of 29%. People in industrialized nations such as the United States and Canada typically accept cutting-edge technologies as soon as they are introduced to the market. The headquarters of international speaker manufacturers like Google, Amazon, Sonos, Harman (JBL), and Bose are located in the United States. In North America, these companies offer goods in various pricing ranges and with a variety of advanced features. In addition, due to the high per capita wealth in the United States and Canada, consumers like to purchase sophisticated, high-quality speakers. Therefore, these factors are anticipated to stimulate market expansion in the region.
Europe is the third largest region. The speaker market in Europe has grown steadily, notably for smart speakers. Initially, only English was supported for communication via smart speakers. However, as user demand for local languages increased, top businesses began delivering their devices with the ability to communicate in languages such as German, Spanish, and French for the convenience of their customers. For European customers, all prominent smart speakers, including Amazon, Apple, JBL, and Sonos, have voice assistance technology in French, German, and Italian. These product launches by market leaders are anticipated to stimulate market expansion.
The key players in the global speaker market are 3nod Group, AAC Technologies Holdings Inc., Alphabet Inc., Amazon.com, Inc., Bose Corporation, Fortune Grand Technology Inc., Foster Electric Company, Limited, Guoguang Electric Company Limited, Koninklijke Philips N.V., Guangzhou Merry Audio Equipment Co. Ltd., Premium Sound Solutions, Samsung Electronics Co., Ltd., Sony Corporation, Tonly Electronics Holdings Limited, Tymphany HK Limited.