Tuesday, 21 February 2023 09:42 AM
Company Update
WILMINGTON, DE / ACCESSWIRE / February 21, 2023 / Transparency Market Research Inc. - The global speakerphones market is likely to grow at a CAGR of 6.2% between 2023 and 2031. Speakerphones consist of a microphone and a speaker with the ability to operate during a call. A speakerphone could also act as multi-functional device for weather forecasting, playing audio files, notification altering, time telling, and other applications. Rise in popularity of multiple electronic devices with better audio play and save options are projected to augment the market in the next few years.
Conference speakerphone enables multi-user discussion and is quite beneficial in video conferencing, as it captures high-quality audio. Such advancements in latest speakerphones are likely to bolster the global market during the forecast period.
According to TMR report, the global speakerphones market was valued at US$ 6.4 Bn in 2022 and is projected to reach US$ 11.0 Bn by the end of 2031. Rise in number of digital meetings for commercial and business purposes are likely to propel market expansion in the next few years.
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Key Findings of Study
- Increase in Expenditure on Electronic Devices: Rise in investment in electronic products is a major factor augmenting demand for speakerphones in the market. Attractive marketing campaigns and advertising techniques by various competitors is expected to drive market size during the forecast period. Furthermore, rise in popularity of podcasts that offer convenience for users is expected to propel the global speakerphones market in the near future.
- Rise in Popularity of Multi-person Chat: Rise in dependence on digital media for communication and socialization is propelling demand for better electronic products such as smartphones, speakerphones, and others. Increase in demand for full duplex speakerphones is anticipated to bolster industry growth. Moreover, increase in number of multiple-person chatting on speakerphones is likely to boost demand for speakerphones in the near future. These factors are projected to create attractive business opportunities in the speakerphones market during the forecast period.
Key Drivers
- Rise in demand for better audio communication over mobile networks
- Increase in popularity of podcasts is anticipated to propel market development
- Rapid growth of the music industry is projected to help increase market size
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Regional Growth Dynamics
- North America is likely to account for the largest share during the forecast period. This is ascribed to rise in adoption of technologically advanced consumer electronic products. Increase in marketing campaigns in developed countries, such as Canada and the U.S., is projected to augment market expansion in the region in the near future.
- Asia Pacific and Europe are projected to account for significant market share during the forecast period. This is ascribed to presence of large number of players in the electronic products sector. Moreover, introduction of innovative products, such as duplex speakerphones, is likely to offer significant opportunities in the market in the region.
Key Players
Prominent players of the global speakerphones market are Konftel Ego, Sennheiser Electronic GmbH & Co. KG., Hikvision, Plantronics, Inc., AnkerWork, Yealink, Emeet, Jabra, and Beyerdynamic.
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Speakerphones Market Segmentation
Product Type
- Half Duplex
- Full Duplex
Category
- Portable
- Wired
Priced
- Up to US$ 40
- US$ 41 to US$ 100
- US$ 101 to US$ 150
- Above US$ 150
End-use
- Residential
- Commercial
- Offices
- Schools
- Hotels
- Others (Hospitals, etc.)
Distribution Channel
- Online
- E-commerce websites
- Company-owned websites
- Offline
- Hypermarkets/Supermarkets
- Specialty Stores
- Independent Retail Stores
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Countries
- U.S.
- Canada
- Germany
- U.K.
- France
- Japan
- China
- India
- GCC
- South Africa
- Brazil
- Mexico
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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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