Smart Speaker Market - Security Concerns Over Smart Speakers To Restrain Global Market Expansion

The global smart speaker market was valued at US$ 2,384.5 Mn in 2016 and is projected to register compound annual growth rate (CAGR) of 18.00% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled “Smart Speaker Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018-2026.” The report suggests that rising trend of building smart homes globally, increasing efforts to improve consumer experience, along with the growing voice assistant system trend is likely to spur the demand for smart speakers in the coming years (2018 to 2026).

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As key players introduce their new smart speakers in developed markets such as North America and Europe, these regions are likely to account for a dominating share of the global smart speaker market. Growing demand for smart speakers from emerging markets such as China and India is likely to boost growth of the Asia Pacific smart speaker market at a growth rate of around 18.01% from 2018 to 2026.

Smart speakers come in a range of different sizes and shapes and are growing in terms of popularity in the last few years. Smart speakers are music speakers that can interact with users with the help of an integrated voice recognition system. There are different brands of smart speakers in the market such as Amazon Echo, Apple HomePod, Google Home, and many more. However, these smart speakers can lead to security concerns over the user’s privacy.

For instance, Google Home smart speaker’s recording is being sent to the servers after hearing the command word over a connection that is encoded. It has been noticed that when Google Home was launched, the device was recording without any command word. Google, Inc. resolved this by stating that it was a hardware problem and the bug has been removed. However, it shows how easy it is for these devices to do more than they should. Security concerns regarding smart speakers is expected to have a medium impact on the smart speaker market, as bigger players are trying to make these devices more secure and maintain the privacy of the users.

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On the basis of voice assistant type, the smart speaker market is segmented into Amazon Alexa, Google Assistant, Apple Siri, Microsoft Cortana, and others. The others segment includes voice assistant systems provided by the Alibaba Group and Xiaomi, Inc. Google Assistant segment is expected to expand at a CAGR of over 19% during the forecast period. Amazon.com, Inc. was the first to enter the smart speaker market by launching Amazon Echo device in the year 2015. Google, Inc. launched a smart speaker named “Google Home” in 2016 and later “Google Home Mini” in October, 2017 at a much lower price

Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations

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This release was published on openPR.