Intelligent Voice Assistant of Smart Speaker Market by Alexa, Google Assistant, Siri, CortanaNorth America to account for the largest market size during the forecast period.
North American countries such as the US, Canada, and Mexico are receptive to products enabled with advanced technologies. The penetration of smart speakers in the North American countries especially in the US is high owing to the presence of early adopters and key smart speaker providers. The willingness of customers to accept and use new technologies has also encouraged manufacturers in the region to develop new and advanced products. Key players such as Amazon, Google, Apple, and Bose offering smart speakers are based in the US, so most of the products are launched and shipped first in the region.
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Driver: Rising disposable income
Household spending is a major driver of economic performance in any country. In recent years, rapid urbanization has led to major changes in the lifestyle of people worldwide. Growth in disposable income has increased consumer purchasing power and improved their standard of living. As per the US Bureau of Labor Statistics, the disposable personal income in 2006 and 2016 was USD 10,036.90 billion and USD 13,968.6 billion, respectively, and it is expected to increase to USD 21,178.20 billion by 2026. Vendors portray the price and feature the benefits of connected devices and solutions to influence consumer purchase decisions. Thus, increasing urbanization and per capita expenditure in technologically advancing countries, coupled with an increasing number of internet users, are driving the growth of the smart speaker market.
Consumers in developed countries have high disposable income, enabling them to purchase connected solutions. Further, the availability of high-speed internet, enhanced telecommunications services, and the regional presence of artificial intelligence companies are also boosting the demand for smart devices in technologically advanced countries, such as the US, Japan, and Germany.
Consumers in technologically advancing countries, such as India and China, have recently started investing in connected devices and solutions, facilitating the growth of smart speakers. Moreover, high consumer spending to improve the quality of life in technologically advancing economies is expected to create an opportunity for connected devices and solutions. Additionally, increased consumer per capita income and high spending on advanced technologies are anticipated to drive the growth of smart speakers during the forecast period.
Restraint: Issues related to connectivity range, compatibility, and power
Smart speaker usage is limited to the availability of internet connectivity. Users need to be always connected to the Internet to connect with smart speakers for controlling apps. Additionally, smart speakers are connected to sensors and other devices. Therefore, issues with sensor connectivity cause a disconnection between the app and the smart speaker. The major factor hindering the growth of this market is connectivity and app-related issues. Users are supposed to locate the smart speaker in such that it receives signals from the router and can access/connect other smart devices at the same time.
Opportunity: Increasing consumer preference for technologically advanced products
With increasing consumer expenditure on smart devices that are portable, easy to use, and inbuilt with advanced technology, there has been a significant shift in consumer preference with respect to the use of technology in day-to-day lives. Moreover, consumer demand for multifunctional, fast, varied, and reliable solutions has pushed many speaker manufacturers to integrate voice assistance into speakers. Connected devices and solutions have increasingly become prevalent among consumers owing to their user-friendliness. The emergence of smart speakers has enabled users to connect with online platforms and facilitated real-time communication on the go with increased comfort, convenience, safety, and security.
Mr. Sanjya Gupta
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USA : 1-888-600-6441
MarketsandMarkets(TM) provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets(TM) for their painpoints around revenues decisions.
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