Smart Speaker Market Segmentation, Growth Potential, Comprehensive Analysis, Technological Advancement, Development Status and Strategic Assessment
(firmenpresse) - Market Highlights
Emergence of smart homes, technological advancements in the consumer electronics space has initiated significant growth in the smart speakers’ market. According to the latest report published by Market Research Future (MRFR), the smart speaker’s market is projected to showcase lucrative growth with a 34.7% CAGR during the forecast period.
A smart speaker is a wireless speaker, enabled using a Wi-Fi connection, Bluetooth or other wireless protocols. It is powered by an intelligent virtual assistant, enabling activation using a single ‘hot word’ or multiple ‘hot words’. Such hot words trigger automated speech recognition and enable the speaker to follow commands. This allows a user to operate the speaker without any physical contact.
Drivers and Restraints
An increase in demand for smart home devices is the significant factor that drives the growth of the smart speaker market share. Other factors that have a positive impact on the market growth are the increase in consumer readiness to invest in trending technologies and the rise in usage of smart devices among the younger generation. The number of smart products released in the market has gradually increased over the past decade. The capability to control home products with an internet connection and a mobile device is shifting the focus of consumers toward smart products.
On the other hand, with the use of the smart speaker, the privacy of users’ data becomes a significant issue for consumer demand. Additionally, the potential of exploitation of user’s private data by the manufacturers and the threat of unlawful cyber-attacks to invade privacy restrict the market growth for smart speakers from the consumers. Furthermore, complexity in training the virtual assistants with various languages spoken around the world limits the global reach of smart speakers.
Segmentation:
For the scope of the report, the smart speaker market share is segmented on the basis of the intelligent virtual assistant, and application.
Based on the intelligent virtual assistant, the market is segmented into Alexa, Cortana, Google Assistant, Siri, and others. Alexa, Siri, and Google Assistant are expected to witness substantial growth over the review period, driven by the demand from consumers for advanced smart speakers
Based on the Applications, the market is bifurcated into personal use and commercial use. The personal use segment is poised to observe significant growth over the assessment period.
Regional Analysis
The smart speaker’s market has been regionally segmented into North America, Asia Pacific (APAC), Europe, and Rest of the World (RoW). North America is predicted to hold the largest market share during the assessment period due to a rise in the adoption of smart homes, presence of early adopters of technology in the region, and presence of some of the key players in the smart speakers market.
Asia Pacific, on the other hand, is estimated to garner fastest growth during the forecast period. Such augmentation of growth can be attributed to factors such as increased disposable income, rise in the standard of living, and growing adoption of smart homes and smart offices. China and India are projected to contribute significantly to market growth in Asia Pacific. The smart-city announcement in China and India are further propelling adoption of latest technologies among the end users.
Competitive Analysis
The leading market players acknowledged by MRFR in the global market are Harman International (US), Amazon.com (US), Apple Inc. (US) Google (US), Sonos. Inc. (US), Bose Corporation (US), Sony Corporation (Japan), Panasonic Corporation (Japan), ONKYO CORPORATION (Japan), Alibaba Group Holding Ltd (China), among others.
Other prominent players in the market are Pioneer Corporation (Japan), Lenovo Group Limited (US), Altec Lansing/AL Infinity, LLC (US), SK Telecom Co Ltd (South Korea), Xioami Corporation (China), and among others.
Industry News
January 2020: Samsung Group, a leading global provider of advanced gadgets, and home electronics announced their plans to launch their new Galaxy Home Mini smart speaker, powered by its virtual assistant Bixby.
October 2019: Google unveiled its new Nest mini, with improved speakers and latest Nest WiFi routers, along with the latest upgradations for its Nest smart-home unit.
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Datum: 24.04.2020 - 08:21 Uhr
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