Earphones and Headphones Market to Surpass USD $25bn by 2024

According to a new research report by Global Market Insights, Inc., the earphone and headphone market share is set to exceed USD 18.2 billion by 2023 and to exceed $25bn by 2024. Advancements in wireless technologies and the rising adoption of portable devices such as smartphones, mobiles, laptops, and tablets will prominently drive earphones and headphones market size over the coming six years. Global shipments will grow at nearly 4% CAGR estimation, the market research firm predicts.

In previous editorials, I have highlighted the important role of smart speakers in promoting the user case for voice personal assistants (VPAs) and voice recognition applications - given the ideal combination of far-field microphone arrays with a complete audio ecosystem that encompasses digital signal processing, acoustic echo cancelation, noise cancellation, and many other technologies. This opens significant opportunities for the audio industry, given we understand the challenges.

According to Global Market Insights, the global market for Smart Speakers represented over USD 400 million in 2016 and is predicted to grow at an estimated CAGR of over 50% from 2017 to 2024. The market research company says Internet of things (IoT) is expected to be a major factor driving growth. "The rising penetration of the Internet has extended to everyday applications and has increased the consumer demand for smart devices that offer a wide range of functions," they state.