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Innovation in Smart Speaker Market Driving By Intelligent Virtual Assistant like Top Key Players Amazon, Google, Apple, Harman International Industries, Panasonic Corporation, Sonos, Sony, LG Electronics, Logitech International, Samsung Electronics
Smart Speaker Market
Global Smart Speaker market research analysts have predicted that the Smart Speaker market will register a CAGR close to +34% by 2026.
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Top Companies Profiled in this Report includes:
• Amazon
• Google Inc.
• Apple Inc.
• Harman International Industries
• Panasonic Corporation
• Sonos Inc.
• Sony Corporation
• LG Electronics Inc.
• Logitech International S.A.
• Samsung Electronicsothers.
Increased implementation of IoT, smartphones, and other wireless technology among the potential customers have driven the smart speaker market growth. Increasing number of smart homes due to rise in per capita income is another factor boosting market growth. Similarly, additional structures such as GPS navigation, camera, digital assistance, gaming, etc. are further fueling the market growth. Furthermore, the welfares associated with smart speakers such as better audio technology and low energy consumption is again pushing the market growth demanding.
Innovation in microphones, automated speech recognition technology, and natural language processing (NLP) help the smart speaker to identify and process the voice command of the user with utmost precision. Amazon provides Amazon Echo powered by virtual assistant known as Alexa and Google provides Google Home powered by virtual Google assistant. These products lead the smart speaker market in terms of value and volume. The other players operating in the market include Apple, Alibaba, Sonos, and others.
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Market Driven:
Smart Speaker Market:
• Increasing number of smart homes
• Increasing disposable income
• Speedy proliferation of multifunctional devices
• Growing trend of personalization
Restraints:
• Concerns related to connectivity range, compatibility, and power
Smart Speaker Market, Prospects:
• Growing consumer preference for technologically advanced products
• Swelling focus of companies on enhancing customer experience
Challenges:
• High security risk
• Availability of substitute
Key highlights of the global Smart Speaker market for the forecast years 2019-2026:
• CAGR of the market during the forecast period 2019-2026
• Detailed information on factors that will accelerate the growth of the Smart Speaker market during the next five years
• Precise estimation of the global Smart Speaker market size and its contribution to the parent market
• Accurate forecasts on upcoming trends and changes in consumer behavior
• The growth of the Smart Speaker industry across various geographies such as the Americas, APAC, and EMEA
• A thorough analysis of the market’s competitive landscape and detailed information on several Smart Speaker
• Comprehensive details on factors that will challenge the growth of Smart Speaker
Finally, researchers throw light on manufacturers responsible for increasing the sales in the global Smart Speaker market. These producers have been inspected in terms of the manufacturing base, contact details, and competitors. The report describes the definitions, specification, and classification of the global Smart Speaker market.
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