Global smart speaker market share is slated to proliferate at a considerable pace over 2018-2024, owing to myriad product benefits such as the ability to connect to the Internet and communicate with other devices.
Various smart speaker advantages include its capability to perform a wide range of tasks like sharing audio files, giving information, and providing on-command to other connected devices. Escalating adoption of connected devices to perform domestic tasks such as controlling lights & security doors is favorably pushing the demand for smart speakers across the globe.
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The retail magnate Amazon was the first company to pioneer the numero uno smart speaker, called the Amazon Echo, in 2014. The product was officially launched in mid-2015, and from then on began the commercialization of smart speaker market. Amazon’s Echo has since then, has been upgraded numerous times, and with every advancement, the sales and commercialization of the product have soared beyond predicted expectations. For instance, in May 2017, the retail giant launched the Echo Show, designed to provide exclusive features such as flash briefings, online video browsing, video calling, etc., apart from the basic functionalities of Amazon Echo. In addition, a leading tech daily has forecast that Amazon, in all probability will capture tentatively more than two-thirds of the voice-controlled speaker market in U.S. in 2017, which will eventually lead to the growth of U.S. industry share.
Not to be left behind in the race, Google, post Amazon’s successful launch, released its smart speaker, Google Home by the end of 2016. And now, another contender has joined the marathon – Apple in 2017, launched its own smart speaker, called HomePod, powered by Siri. Considering that these conglomerates are essentially headquartered in the U.S., it comes as no surprise, that U.S. smart speaker market has been forecast to emerge as one of the most lucrative regional markets over 2018-2024.
A Nielsen study conducted in May 2018 estimated that more than 20% of U.S. households own a smart speaker, while over 35% of that proportion own multiple speakers. These estimates prove that the readiness of consumers to adapt to advanced technologies like a fish takes to water will encourage U.S. manufacturers to develop advanced, user-friendly, and multi-functional products, thereby augmenting U.S. smart speaker market. Indeed, judging by the pace at which market players have been progressing, it is evident that smart speakers are likely to become all-pervasive in a few years.
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On the regional front, the Asia Pacific smart speaker market is likely to gain significant traction over the forthcoming years, which can be credited to the mounting penetration of IoT & connected technology. The region has also observed rapid wireless infrastructure developments. Rising penetration of 5G networks and subsequent development of intelligent devices in the region will further amplify regional market share in the coming years.
The competitive landscape of the smart speaker market comprises of companies such as Panasonic Corporation, Onkyo, Lenovo, Google, Baidu, and Apple. These key market players are focusing on gaining lucrative growth opportunities via strategic initiatives such as innovative product launches, M&A, and business expansions.
Major Key Points from Table of Content:
Chapter 4. Smart Speaker Market, By IVA (Revenue, Shipments)
4.1. Key trends in market by IVA
4.2.1. Market estimates and forecast, 2014 – 2024
4.2.2. Market estimates and forecast by region, 2014 – 2024
4.3. Google assistant
4.3.1. Market estimates and forecast, 2014 – 2024
4.3.2. Market estimates and forecast by region, 2014 – 2024
4.4.1. Market estimates and forecast, 2014 – 2024
4.4.2. Market estimates and forecast by region, 2014 – 2024
4.5.1. Market estimates and forecast, 2014 – 2024
4.5.2. Market estimates and forecast by region, 2014 – 2024
4.6.1. Market estimates and forecast, 2014 – 2024
4.6.2. Market estimates and forecast by region, 2014 – 2024
Chapter 5. Smart Speaker Market, By Application (Revenue, Shipments)
5.1. Key trends in market by application
5.2.1. Market estimates and forecast, 2014 – 2024
5.2.2. Market estimates and forecast by region, 2014 – 2024
5.3.1. Market estimates and forecast, 2014 – 2024
5.3.2. Market estimates and forecast by region, 2014 – 2024
5.4.1. Market estimates and forecast, 2014 – 2024
5.4.2. Market estimates and forecast by region, 2014 – 2024
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