What’s driving the Smart Speaker Market Trends? | Key Players are Apple, LG Electronics, Sonos, Ultimate Ears, Panasonic Corporation, Invoxia, and Baidu

Smart Speaker Market is set to exceed USD 30 billion by 2024 owing to the several benefits of these devices such as the ability to communicate with other devices and keeping users connected to the internet. For instance, these devices can perform a range of tasks such as giving information, sharing audio files, and provide on-command to other connected devices.

The increasing penetration of IoT technology and the adoption of connected devices will boost the smart speaker market growth in the next six years. The increasing popularity of connected devices to perform domestic tasks, such as controlling lights and security doors, through single devices is fueling the industry demand. The integration of these devices with connected households will propel the industry 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.

Rapidly-advancing technology is challenging the older devices and making the old devices obsolete. On the manufacturer?s side, the voice assistants offer a limited range of languages such as English, Japanese, and German. This will hamper the demand for these devices in Europe, Asia Pacific, Latin America, and the MEA, thereby challenging the smart speaker market.

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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.

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.

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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. With this launch, the company entered the home theater segment of the audio industry.

3. Smart Speaker Industry Insights

3.1. Industry segmentation
3.2. Industry landscape, 2018 – 2024
3.2.1. Evolution of smart speakers
3.2.2. IVA industry landscape, 2013 – 2024
3.2.2.1. North America
3.2.2.2. Europe
3.2.2.3. Asia Pacific
3.2.2.4. Latin America
3.2.2.5. MEA
3.2.3. Home audio equipment industry landscape, 2013 – 2024
3.2.3.1. North America
3.2.3.2. Europe
3.2.3.3. Asia Pacific
3.2.3.4. Latin America
3.2.3.5. MEA
3.3. Industry ecosystem analysis
3.3.1. Raw material trends
3.3.1.1. Acoustic lens
3.3.1.2. Speaker drivers
3.3.1.3. Speaker grille & fabric
3.3.2. Component suppliers
3.3.3. Software providers
3.3.4. Manufacturers
3.3.5. Distributors
3.3.5.1. Online channels
3.3.5.2. Direct selling
3.3.5.3. Independent authorized distributors & retailers
3.3.6. Vendor matrix
3.4. Price trend analysis
3.5. Technology and innovation landscape
3.5.1. Connection technologies
3.5.1.1. Bluetooth
3.5.1.2. Wi-Fi
3.5.1.3. Near Field Communication (NFC)
3.5.1.4. Digital Living Network Alliance (DLNA)
3.5.1.5. AirPlay
3.6. Regulatory landscape
3.6.1. North America
3.6.2. Europe
3.6.3. Asia Pacific
3.6.4. Latin America
3.6.5. MEA

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