Sonos, Inc., LG Electronics, Pioneer, SK Telecom Smart Speaker Market Analysis to 2024 with Amazon, Apple, Google, Sony, Onkyo Corporation, Fabriq, Lenovo, Alibaba Group, Altec Lansing, Harman International, Invoxia, Libratone, dominating

The smart speaker market is expected to witness a surging demand due to the increasing demand for personalization. The majority of early adopters of these devices are affluent, educated millennials. However, the devices are gaining traction among other demographic groups such as young gen X and children. These devices allow a high degree of personalization that appeals to consumers, propelling the smart speaker market growth.

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Increasing concerns regarding compatibility are expected to restrain the smart speaker market size. The new devices, such as Sonos One and Samsung Bixby, are facing compatibility issues with devices such as Belkin’s WeMo range of switches, Philips Hue, and LIFX. Several devices and standards only support one system. For instance, Google Home is not compatible with the Amazon Fire TV and Amazon Echo is not compatible with Casting technology by Google. This will restrict the smart speaker market demand over the forecast timespan.

World Smart Speaker Market is set to grow from its current market value of $4.5 billion to more than $30 billion by 2024, to grow at 20% CAGR

Smart Speaker Market, By Intelligent Virtual Assistant
• Alexa
• Google Assistant
• Siri
• Cortana
• Others
Smart Speaker Market, By Application
• Personal
• Professional
• Commercial

Google for instance, recently made it to the headlines for having announced its supposed launch of homegrown smart display later this year. The Google Home family, comprising the standard Home, the premium Home Max, and the affordable Home Mini, would indeed provide stiff competition to Amazon’s Echo Show with this introduction.

The United States being one of the most progressive nations as far as technological penetration is concerned, observes an upper hand in the global smart speaker industry. Increasing regional demand for wireless connection and rising IoT applications is driving the U.S. smart speaker market. But the one factor that has been undeniably impelling the regional industry is the escalating penetration of smart homes in the nation.

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As per reliable estimates, global smart home market is predicted to cross USD 53 billion by 2022, a commendable share of which is expected to be accountable by North America. A recent survey even reveals that more than 55% of the U.S. respondents were confident that smart homes would drastically change their lives in the next few years.

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.

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Despite having associated risks such as security breaches and data threats, the smart speaker industry is certain to witness a phenomenal demand over the coming years. The projected growth curve of this market aptly justifies that this vertical holds a tremendous set of opportunities for application developers, component suppliers, network operators, and several other vendors. Global Market Insights, Inc., projects the overall smart speaker market size to register a massive CAGR of 20% over 2018-2024.

The key players in the smart speaker market include Alibaba, Altec Lansing, Amazon, Apple, Avnera Corporation, Baidu, Fabriq, Googl, Harman International, Invoxia, Lenovo, LG Electronics, Libratone, Mobvoi, Mojo, Onkyo, Panasonic Corporation, Pioneer, SK Telecom, Sonos, Sony, Ultimate Ears, Xiaomi

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About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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