Published: Oct, 2018
In a recent report by Transparency Market Research (TMR), the vendor landscape of the global smart speaker market is presumed to be registering a stable growth owing to the rise in number of companies providing variety of features in their smart speaker products. With time, technology is also taking its advances and hence features of smart speakers are also improving. At Present, highly advanced speakers are present that may attract lot of end users towards it and increase the trend of smart homes all around the world. Apart from that there is also the trend of consumer experience together with the surging voice assistant system, which will further propel the overall market in the years to come.
Some of the leading players of the global smart speaker market are Apple, Inc., Sonos, Inc., Amazon.com, Inc., Harman International, and Xiaomi Inc. Major players are looking for smart business strategies in order to increase the demand for smart speakers in the market by providing different voice commands for the end users to perform multiple tasks with different commands. Players are also looking forward to merger and acquisition ideas in order to increase their productivity and also to bring larger shares of revenues to the market worldwide.
As per the TMR report, the global smart speaker market is estimated to earn a US$10.3 BN by the end of 2026. The market is anticipated to expand with 18% CAGR within the forecast period of 2018 to 2026. On the basis of voice assistant systems, the Amazon Echo is presumed to rise higher than the others in the coming years. Based on geography, the smart speaker market is presumed to outshine in North America, as compared to the other regions of the world.
Artificial Intelligence Featured in New Speakers Stimulating Market Growth
The global smart speaker market is subjugated by the regions of South America, Middle East and Africa, Asia Pacific, North America and Europe. Among these, North America is anticipated to contribute large shares of revenue to the overall market. This is due to the emerging smart speaker market with well-established players taking the lead. Additionally, North America is an important hub of smart technology companies like Google INC., Amazon.com and Apple Inc., therefore the maximum amount of profit is also likely to be gained from its developed nations like the U.S. and Canada.
Artificial Intelligence based systems are also being featured in customizable speaker devices to form new products that may totally be controlled by the user himself. This feature helps hotels to help plan more selective capabilities and input easy commands as compared to other speech-enabled assistants like that of Siri of Apple, Alexa of Amazon and Cortana of Microsoft.
Apart from North America, Europe is also likely to grow significantly in the coming years as the trend of advanced voice technology has also influenced the European crowd positively. Asia Pacific, on the other hand is also presumed to grow at a rapid rate due to the rising disposable income and rising trend of smartphones. The popularity of smart speakers is also catching pace in the developing nations of India, China and Japan and will soon fuel the overall market revenue within the forecast period.
Smartphone-Speaker Connectivity Issues to Hinder Market Growth
The factors estimated to impede the growth and development of the smart speaker market are the compatibility issues that different smartphones may face while connecting to the smart speakers. Apart from this there may be a threat to privacy or an explosion in the system other than the standardization issue in the smart speaker devices. However, options like Bluetooth connectivity and Wi-Fi connectivity are there for the rescue and may help to boost the overall growth of the market in the long run.
The information presented in this review is based on a TMR report titled, “Smart Speaker Market (Components – Hardware (Processor, Microphone, Connectivity IC, Audio System), Software; Mode of Sale – Online, Offline; Application – Commercial and Personal; Voice Assistant Type – Amazon Alexa, Google Assistant, Apple Siri, Microsoft Cortana) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026”.
The global smart speaker market is segmented as follows:
Global Smart Speaker Market by Components
- Connectivity IC
- Audio System
Global Smart Speaker Market by Mode of Sale
Global Smart Speaker Market by Application
Global Smart Speaker Market by Voice Assistant Type
- Amazon Alexa
- Google Assistant
- Apple Siri
- Microsoft Cortana
Global Smart Speaker Market by Geography
- North America
- The U.S.
- Rest of North America
- The U.K
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA
- South America
- Rest of South America
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