Smart Speaker Market in Siri-enabled is Projected to Grow Rapidly Over the Coming Years | Alibaba Group, Amazon, Apple, Baidu, Inc., Google, Lenovo, LG Electronics, Panasonic, Pioneer Electronics, SK Telecom, Sonos, Inc., Sony, 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.

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.

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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.

The key players covered in this study: -
1. Alibaba Group
2. Altec Lansing
3. Amazon
4. Apple
5. Avnera
6. Baidu, Inc.
7. Fabriq
8. Google
9. HARMAN International
10. invoxia
11. Lenovo
12. LG Electronics
13. Libratone
14. Mobvoi 出门问问
15. Mojo Networks, Inc.
16. Onkyo Corporation
17. Panasonic
18. Pioneer Electronics
19. SK Telecom
20. Sonos, Inc.
21. Sony
22. Ultimate Ears
23. Xiaomi Technology

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. Integration of virtual assistant software has further played a pivotal role in reshaping the business model of prominent contenders. Google Home, for instance, powered by Google is profoundly considered one such technological breakthrough.

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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 commendable CAGR over 2018-2024.

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 33% over 2018-2024, in terms of shipments.

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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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