Future Market Insights
Smart speakers are a type of wireless Bluetooth enabled speaker with Wi-Fi or other wireless protocols. Theses speakers are generally powered by virtual voice assistant that is controlled by artificial intelligence. It is the latest innovation that is dominating the market for consumer technology. The speakers are activated by speech commands and can perform multiple tasks such as gathering latest news, weather report, integrating smart home appliances, and listing daily activities among others. There are several features that offer a competitive edge to the smart speakers over their traditional rivals.
Constant advancements in the natural language processing (NLP), quality of microphones, and technology for automated voice recognition has considerably helped the smart speakers to process and identify the speech commands with highest precision. Amazon Inc. offers its highly popular product Amazon Eco. Eco is powered by its flagship virtual assistant Alexa. On the other hand, Google Homes are driven by Google’s virtual assistant. These products have helped the global smart speaker market grow at a rapid pace in the recent years. There are several other key players operating in the market such as Alibaba, Somos, and Apple among others.
There are several factors that are positively influencing the growth of the global smart speakers market. Some of the key factors are mentioned below:
Smart Speakers are a wireless device that provides a different kind of connectivity’s to add more function than existing speakers. These additional features are provided for ease of use for customers and to connect. The smart speakers offer features like voice assistant, make the to-do list, set alarms, and provide real time information and much more. A wide range of products are included in smart speakers like boom boxes, LED smart speakers etcetera.
The most trending smart speakers are the ones integrated with Google Home and Amazon Echo which can automate digital tasks along with playing high-quality sound. The smart speakers can work equivalently to the smartphones. Siri and Cortana are also now included in smart speakers.
Smart Speaker: Drivers and Restraints
The factors driving the market of smart speakers are the advancement in audio technology, growing number of smart homes, Growth in wireless technology and rising penetration of smartphones and smart devices and product innovation with the integration of new technologies and services.
The factors impeding the growth of smart speakers are the threat to privacy, an explosion in the system, compatibility issues with all smartphones and other devices and lack of standardization.
Smart Speaker: Segmentation
Segmentation based on connectivity with the speaker in Smart Speaker Market:
Segmentation based on the price range in Smart Speaker Market:
Smart Speaker: Competitive Landscape
The key players of the smart speaker market are Amazon.com, Inc., Google Inc., Apple Inc., Harman International Industries, Panasonic Corporation, Sonos Inc., Sony Corporation, LG Electronics Inc., Logitech International S.A. and Samsung Electronics.
North America is expected to the largest market of smart speakers. The majority of smart speaker vendors such as Google Inc., Apple Inc. are based in North America region itself, and they are also investing in the field of smart speakers in the local market. Several other companies like Panasonic Corporation and Samsung Electronics are also expanding their offering in Asia Pacific region thus the smart speaker market in this region is also elevating.
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