Companies face a bigger set of competitors when their product has got something to offer
According to the research, the number of hearables in-use (ear‑based wearable devices) will exceed to over 970 million by 2024, compared to 260 million estimated for 2020.
The study unveiled that companies such as Bose and Sennheiser are integrating hearable technology into headphones, whereas Apple, Google, and Samsung, are producing earbuds that incorporate sensor platforms and AI capabilities.
Apple’s AirPods have so far dominated the space and made hearable technology desirable, according to the data.
The ability of hearables to use AI to filter out some sounds and enhance others is the main driver for established hearing aid manufacturers. Such companies as Nuheara can sell directly to consumers, gaining a strong opportunity.
Another factor to consider is the short-term impact of COVID-19 on the hearing aid market. According to the research, it will slow growth by up to 20% in some markets.
Juniper Research found that hearing-enhancing hearables will be the second-most lucrative hearables segment, worth over $63 billion by 2024.
We’ve reported that COVID-19 can cause nearly a $42 billion revenue gap over the next 9 months for smart device vendors. Components’ delivery delays, including batteries, processors, and displays, might disrupt production rates from device vendors. This way, Apple, Samsung, Amazon, Xiaomi, and Huawei must all ensure that any gaps in their supply chains are closed.