With a plethora of technological advancements in the electronics space, numerous giants in home audio systems market have been dedicatedly launching myriad products such as AI assisted audio systems, IoT based speakers, smart home speakers, and wireless audio devices. Ever since the advent of artificial intelligence and the Internet of Things, home audio systems industry trends have indeed observed a massive transformation. Tech companies such as Google, Amazon, Apple, and Sony have implemented these innovative technologies in their recently launched audio devices, that have experienced extensive consumer demand. Indeed, the growing revolution in cloud computing, information technology, and the communication sectors have had a commendable impact on home audio systems market outlook.
U.S. home audio equipment market size, by technology, 2016 & 2024 (USD Million)
Since the last decade, the consumer electronics domain has witnessed an influx of digitalization, leading to a major change in the perception of biggies in home audio systems market toward audio devices. Say for instance, the smart speaker is one of the most remarkable inventions in home audio system industry till date. Additionally, companies have been investing heavily to innovate further advancements that would render these devices user-friendly, portable, and highly advanced. The continuous involvement of tech behemoths in the enhancement of such devices is thus slated to stimulate home audio system market size. A brief outline of the contribution of major biggies toward impelling home audio systems industry size is mentioned below:
In 2014, this globally renowned U.S. e-commerce giant launched its smart speaker product, Echo. Since then, the company has been expanding its stance in U.S. home audio systems market and expanding its business space across the globe, including the regions of UK, Germany, India, and Japan. Post obtaining tremendous response from the masses, Amazon increased the scope of its Echo speaker – currently, the firm has unveiled advanced versions of Echo speakers namely, Dots, Spots, Pluses, and Show. In the newer versions, researchers have introduced attractive features as compared to their predecessors in terms of device control, aesthetic properties, and innovative gadgets. With the successful acceptance of Echo smart speakers, Amazon has covered a major share of home audio system market share, mainly across North America and Asia.
The internet behemoth, Google, Inc., penetrated home audio systems market with the launch of Home smart speaker with an attractive design and effective sensor orientation. The product is equipped with Wi-Fi and Bluetooth to improve product functionality as well, owing to which it has been garnering widespread public attention. Taking into account the fierce competition, numerous other emerging companies in home audio system industry have been signing agreements with pioneering giants such as Amazon, Google, and Apple. For instance, merely a week before, Anker revealed the Google assisted speaker, Model Zero under the Zolo brand. In addition, Google has already collaborated with another 15 players in home audio system market to provide software for its smart speakers.
In order to compete with major smart speaker makers, mainly Amazon, the American multinational technology company, Apple, plans to launch its hi-fi speaker, HomePod. This AI assisted product will stream music and also control smart homes. In the United States, most of the people give preference to smart speakers instead of smartphones – around 30% of the populace uses smart speakers instead of watching TV. For the record, as per the Smart Audio Report, about 39 million people in the U.S. have smart speakers. Undeniably, the increasing involvement of new technology advancements such as IoT and cloud computing will boost U.S. home audio systems industry share.
Considering the shifting trends toward growing adoption of smart technologies, leading electronic giants are focusing on the development of new interfaces for audio equipment. For instance, to meet consumer requirement in wireless headphones and smart speakers, the Voice and Music division of Qualcomm has launched new audio products for smart homes and IoT. It is also looking forward to delivering cost-effective, customizable, and highly integrated smart audio platform, which would most certainly push home audio systems industry trends over the years ahead.
Meanwhile, it is imperative to mention that many small and medium scale electronics giants such as Baidu and BPL have been intent on securing a foothold in home audio system industry to collect commendable revenue over the years ahead. In fact, they are heavily investing in research and development activities to account for a considerable percentage of the business share. With the launch of novel technologies such as noise cancellation and bone conduction, home audio systems market is certain to traverse a rather profitable path in the years ahead.