The global soundbar market was valued at USD 2 billion in 2016 and is expected to surpass USD 5 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the global soundbar market, under its media and entertainment services portfolio. This market analysis discusses the major drivers and key emerging trends and offers a competitive analysis of key vendors like Bose, LG Electronics, Samsung Electronics, Sony, and Yamaha.
According to Ujjwal Doshi, an industry expert for media and entertainment services research at Technavio, “Increasing innovations in technology to drive growth in the global soundbar market. Vendors are upgrading existing products with new technologies to boost sound quality and user experience. Technologies such as sound retrieval system, extra bass, noise cancelation, and Dolby Digital sound offer an enhanced listening experience to consumers.”
Earlier, buyers had to invest in sound systems, woofers, and tweeters separately for better sound quality. However, with advances in technology the scenario has changed due to which vendors have been able to merge these sound systems into one single audio device to offer premium sound quality.
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Increase in multi-room streaming
The growing trend of maintaining speakers in all rooms is supporting the growth of the speaker market. Multi-room audio needs to be connected to a master speaker that is connected wirelessly with Bluetooth, Wi-Fi, or AirPlay. Key vendors such as Samsung Electronics, Sonos, and Sony offer soundbars with Wi-Fi and AirPlay technologies and multi-room streaming features. The soundbars allow users to enjoy the music around the house with the multi-room audio system using SongPal Link and can be controlled using the SongPal app.
Advent of cloud services
Cloud services give individual consumers the legal access to online music. It is increasingly being adopted by firms as it augments the portability of music albums, enabling subscribed users to access digital content stored on remote servers. Unlike earlier when music could be heard using devices such as iPods and media players, consumers are now switching to an access-based approach. Through this approach, they can subscribe to digital libraries stored on the cloud. With the availability of networked audio devices connected with Wi-Fi, Bluetooth, or AirPlay, listeners have direct access to the content stored on the cloud.
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This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio market research report titled, ‘Global Soundbar Market 2017-2021‘. Technavio also customizes reports by other geographical segmentations and specific segments upon request.
Other related reports:
- Global Headphone Market 2017-2021
- Global Music Production Equipment Market 2017-2021
- Global Mobile Device Accessories Market 2016-2020
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