Smart Speaker Market 2018 Analysis and Strategic Growth by Leading Key Players: Amazon, Apple, Google, Sony, Harman International, Lenovo, Alibaba, LG Electronics, Libratone, Mobvoi, Mojo, Panasonic Corporation, Xiaomi

Smart speaker market has been the recipient of a plethora of megatrends that are indeed underlining its massive expansion. Pioneered by Amazon, the Echo made its mark as the first product to debut across this business space in 2014, post which the smart speaker industry is witnessing an inflection point with the influx of new players in the business wanting exploiting the future growth prospects. Speaking of which, the last three years have also witnessed the incursion of Chinese competitors in smart speaker market, leading to a massive diversification in the product landscape.

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The smart speaker market is expected to witness a significant growth due to the increasing penetration of smart homes across the globe. Several factors, such as growing need to increase consumer convenience and growing network connectivity, will drive the demand. Companies are integrating these devices with intelligent home appliances such as humidifiers, Ikea lightbulbs, thermostats, and salt shakers. In 2018, Baidu launched Sengled, a smart speaker that also performs the functions of an intelligent light.

The recent trends of IoT and artificial intelligence have had a commendable impact on the development of smart speaker market. The robust proliferation of the internet has further aided smart speaker market growth in the last few years. Apart from the rising penetration of consumer electronics and high demand for wireless connectivity, technological interventions have also allowed manufacturers to introduce products that are not confined only to playing music, but have extended their applications to problem-solving, setting reminders, streaming of news and music with a single voice command.

The smart speaker market in commercial applications is expected to witness a tremendous growth of over 26% by 2024 due to the increasing usage of these devices by several service providers. For instance, Deutsche Telekom has announced the usage of Amazon intelligent devices to provide services such as radio player and EntertainTV.

The increasing usage of IVAs in the healthcare industry is expected to open new growth opportunities to the smart speaker market. These devices will be incorporated in the patient’s room in hospitals that will allow the patients to forward updates and requests to doctors and nurses through voice controls. The integration of these devices with platforms, such as building management systems, will allow the adjustment of window blinds and lighting. Several organizations are partnering with technology giants to develop such devices with advanced security. For instance, the Thomas Jefferson University Hospitals and IBM are jointly developing smart speakers that respond to a set of specific voice commands.

Smart Speaker Market size was estimated to be over USD 4.5 billion in 2017, and surpass USD 30 billion by 2024. The global shipments are forecast to reach over 500 million units by 2024.

Growth drivers

• Growing penetration of IoT technology across globe
• Increasing focus of players in North America to increase customer satisfaction
• Penetration of smart homes in the U.S.
• Technological advancements across Europe
• Increasing implementation of IVA technology in household electronics in Germany
• Growing wireless infrastructure in Asia Pacific
• Increasing customer focus towards connected solutions in India & China
• Rising disposable income in Africa

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U.S. smart speaker industry contender Amazon made it to the headlines for having set up model smart homes across the United States so that shoppers conveniently experience how it is like for Alexa to perform tasks like ordering stuff online, dimming the lights, or turning on the TV. Powered by the robust demand for internet-enabled products and services and the rising proliferation of smart products owing to their advantages such as luxury, safety, convenience, and entertainment, the U.S. smart speaker market share is anticipated to register a CAGR of more than 25% over 2018-2024.

The Germany smart speaker market size will witness a growth to reach over USD 3 billion by 2024 due to an increasing use of home automation in the country. Several players in the country are developing these devices to cater to the exponentially increasing requirements of the consumers. For instance, researchers at the Fraunhofer Institute for Digital Media Technology are playing a vital role in the development of these devices by designing a combination of loudspeakers and microphones for smart voice control.

Prominent players in the smart speaker market comprise Amazon, Apple, Inc., Google, Inc, Sonos, Sony, Onkyo, Fabriq, Harman International, Lenovo, Alibaba, Altec Lansing, Avnera Corporation, Baidu, Invoxia, LG Electronics, Libratone, Mobvoi, Mojo, Onkyo, Panasonic Corporation, Pioneer, SK Telecom, Sonos, Ultimate Ears and Xiaomi.

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Browse Related Report:

Consumer Electronics Market Application, Trends & Forecasts to 2024

Companies in the consumer electronics market include Samsung Electronics, Apple, General Electric, Huawei, LG Electronics, Sony Corporation, Bose, Sonos, Sennheiser, AB Electrolux, Haier, Canon, Nikon, GoPro, etc.

https://www.gminsights.com/industry-analysis/consumer-electronics-market

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