Home Audio Equipment Market: Outlook, Opportunity and Demand Analysis, Forecast 2027

Home Audio Equipment Market: Outlook, Opportunity and Demand Analysis, Forecast 2027

The home audio equipment market analysis document represents a detailed collection of prioritized market definitions, industry scope and reach, and pivotal industry insights. Information about the many pitfalls of the market as well as the frequent challenges encountered by core industry players have been summarized in the report. That apart, the document also endorses details about the numerous driving parameters impacting the revenue landscape of this vertical.

In October 2020, Apple, Inc., a prominent player in the home audio equipment market, released HomePod mini, the latest addition to the company’s HomePod family which delivers the intelligence of Siri, impressive sound, and a smart home experience that provides convenience and comfort.

The product is 3.3 inches tall and is packed with advanced software and innovative technologies that allow computational audio for providing breakthrough audio quality. Such developments are set to drive the demand for home audio systems installation through the forthcoming years.

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The home audio equipment market is further driven by an increase in the demand for speakers owing to the escalating trend of AI-ready speakers at the global level. Numerous industry players are providing smart speakers that allow users to turn on lights, play music, and make reservations at restaurants. These smart speakers are combined with deep learning technology that recognizes sound patterns and other data, offering a user-friendly interface.

In fact, the United States recorded an upsurge of 32 per cent in the number of smart speaker users in the month of January 2019. The implementation of voice recognition technology in speakers helps users to utilize their voice for the provision of numerous commands to the system. Voice assistant technology focuses on the recognition of voice via natural language processing and performs tasks according to the command of the user.

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The North America home audio equipment market is projected to record appreciable growth through the analysis period, owing to the rising popularity of video-on-demand services in the region. In 2019, nearly 46 per cent of the broadband households in the U.S. subscribed to two or more OTT services. Prominent home audio equipment manufacturers, comprising The Walt Disney Company, Hulu, and Netflix, are dominating the video-on-demand industry in the region.

North America has also recorded an increase in the adoption of high-end home theater systems and home audio receivers for enjoying an improved viewing experience. Additionally, soundbars are enabling high-quality audio delivery, improving the audio-visual experience.

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