Smart Speaker Market in Asia Pacific Region Will Gain Momentum Via Increasing Penetration of IoT and Connected Technology Over the Coming Years | Leading Players Alibaba, Amazon, Baidu, Google, Lenovo, Panasonic, SK Telecom, Sonos, Sony

The Asia Pacific smart speaker market is expected to gain momentum over the forecast time span owing to the increasing penetration of IoT and connected technology. The region has witnessed an upsurge in the wireless infrastructure developments. By the end of 2016, there were 2.7 billion unique mobile subscribers in the region, accounting for more than half of mobile subscribers, particularly in India and China. With the penetration of 5G networks in the region, the penetration of intelligent devices is expected to increase, thus propelling the smart speaker market growth.

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Increasing security threats related to these devices are expected to threaten the smart speaker market growth as these devices are equipped with intelligent virtual assistants, who listen to the users when activated using certain commands. These continuously-activated devices listen to the personal and confidential data of the users. Several security threats and incidents have occurred that have encouraged the players to improve the security of these systems.

The key players covered in this study: -
1. Alibaba Group
2. Altec Lansing
3. Amazon
4. Apple
5. Baidu, Inc.
6. Google
7. HARMAN International
8. Lenovo
9. LG Electronics
10. Panasonic
11. Pioneer Electronics
12. SK Telecom
13. Sonos, Inc.
14. Sony
15. Xiaomi Technology

The Siri-enabled smart speaker market is anticipated to grow rapidly due to the large popularity of Apple devices among the consumers. Superior sound quality as compared to the other speakers is adding to the increased shipments of these devices. Furthermore, the compatibility of these devices with the iOS is expected to propel the industry growth due to the large-scale adoption of iOS-enabled smartphones.

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The smart speaker market in commercial applications will grow rapidly due to the increasing adoption of these devices in businesses. These devices enable conference calls, allow the performance of hands-free tasks while receiving the industry information, and generate ambient sounds. These devices will also find applications in the healthcare sector by integrating them with the building management systems and gathering patient information.

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 to register a massive CAGR of 33% over 2018-2024, in terms of shipments.

The key vendors in the smart speaker market include Apple, Inc., Baidu, Google, Inc., Lenovo, Onkyo, and Panasonic Corporation. The players in the industry are continuously innovating to differentiate the nature of their offerings. For instance, in 2018, Sonos introduced Sonos Beam, a soundbar with five far-field microphone array.

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