Smart Speaker Market Revenue, Trend and Future Opportunity Analysis with Key Players such as Amazon, Apple, Inc., Google, Inc, Sonos, Sony, Onkyo, Fabriq, Harman International, and Lenovo

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.

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Prominent players in the smart speaker market comprise Amazon, Apple, Inc., Google, Inc, Sonos, Sony, Onkyo, Fabriq, Harman International, and Lenovo.

Advertising on these devices will propel the growth of smart speaker market size over the next few years. Businesses are increasingly experimenting with advertising via these devices due to their increasing popularity. Several companies, such as Burger King, VoiceLabs, and Oprah’s Favorite Things, have debuted on the IVA-enabled devices. The companies are implementing several policies to regularize the advertising on these devices. For instance, a policy by Amazon allows music services, such as Pandora and Spotify, to advertise on the platforms.

Smart Speaker Market, By Intelligent Virtual Assistant
• Alexa
• Google Assistant
• Siri
• Cortana
• Others

Smart Speaker Market, By Application
• Personal
• Professional
• Commercial

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.

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Siri-enabled smart speaker market is expected to witness a significant growth of over 35% during the forecast timespan due to the large established market of Apple and iOS for the smart devices. For instance, in 2017, Siri constituted 48.4% share of voice assistants on smartphones. Furthermore, Siri provides a high quality of virtual surround sound and deep integration technology, which will increase the popularity of these devices among the consumers.

The U.S. smart speaker market is expected to grow at a CAGR of over 25% due to the increasing penetration of smart homes in the country. The consumers are increasingly demanding technologies that will improve their lives. With more products and services becoming internet-enabled, the number of smart homes is increasing to a large extent. Consumer focus on smart homes is increasing rapidly owing to the benefits of these systems including convenience, luxury, safety, entertainment, and energy efficiency. After security, smart entertainment and connectivity have grabbed the highest consumer appeal in the smart homes segment, propelling the smart speaker market.

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News: -
1. In January 2018, LG Electronics introduced ThinQ Speakers, a new line of audio products powered by Google Assistant.
2. Amazon announced the launch of the Amazon Echo Show, a smart speaker with an embedded screen. The popularity of these devices is expected to hybridize traditional tablets with intelligent audio devices.

Related Report: - Home Audio Equipment Market Size By Price Range (Low [less than USD 500], Moderate [USD 500 – USD 1000], High [over USD 1000]), By Technology (Wired, Wireless), By Product (Speaker, Soundbar, Home Radio, Home Theater in a Box (HTIB), Receiver), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
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