A wireless audio device refers to an instrument or a mechanism that uses wireless technology to play different types of audio files. Advancements in wireless audio technologies have changed the way people communicate and listen to music. There is an increase in the demand for wireless audio devices such as wireless speakers, soundbars, headphones, microphones, and headsets in the consumer electronics sector. The rising demand for mobility devices, increasing proliferation of connected devices, and more penetration of Wi-Fi networks are making wireless audio devices popular among the customers. In addition, media consumption patterns have changed; customers now prefer online streaming music services. Considering this, manufacturers are also offering portable audio devices that can be directly connected to the Internet to listen to music or watch videos.
Visionary leaders are the leading market players in terms of new developments such as product launches, innovative technologies, and the adoption of growth strategies. These players have a broad product offering that caters to most of the regions globally. Visionary leaders primarily focus on acquiring the leading market position through their strong financial capabilities and their well-established brand equity.
Dynamic Differentiators are established players with very strong business strategies. However, they have a weaker product portfolio compared to the visionary leaders. They generally focus only on a specific type of technology related to the product.
Innovators in the competitive leadership mapping are vendors that have demonstrated substantial product innovations as compared to their competitors. The companies have focused on product portfolios. However, they do not have very strong growth strategies for their overall business, when compared with the visionary leaders.
Emerging companies have niche product and service offerings. Their business strategies are not as strong as that of the established vendors. The emerging vendors include the new entrants in the market, emerging in terms of product portfolio and geographic reach, and require time to gain significant traction in the market.