U.S. Smart Home Speaker Market Estimated to Surge at an Outstanding CAGR of 38.49% during 2017-2021

At present, various frequent technological advancements taking place in the U.S. region. Also, willingness of customers to adapt to newer technologies has encouraged manufacturers in the region to develop newer and advanced products. According to the latest study findings, the smart speaker market is expected to grow at a significant pace over the forecast timeframe owing to the growing proliferation of smart homes and smart connected devices across the globe. Market Research Hub (MRH) has recently broadcasted this forecast study to its massive database, which is titled as “U.S. Smart Home Speaker Market 2017-2021” and covers the present scenario and growth prospects of the market for the coming years.

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Geographically, the report covers some key regions to understand the present state of the markets such as APAC, Europe and EMEA. According to the analysts’ predictions, the smart home speaker market in U.S. will grow at a CAGR of 38.49% during the period 2017-2021. There are some of the key factors that are contributing to the growth in U.S. market, such as increase in buying power of millennials because consumers are spending more on connected products; and innovations in features & user interface.

In the first part, the report introduces the smart home speakers and explores the market landscape covering market size and forecast; and Porter’s five force analysis. In recent years, rapid urbanization has led to major changes in the lifestyle of people in the U.S. While advancement has been made, prices are still too high and consumers still have yet to show strong demand for smart home devices. This, coupled with increasing demand for wireless devices will escalate the industry size. As per the findings, partnerships among vendors to enable users control other devices such as switches and lights using voice control will be one of the key trends that will gain traction in the smart home speaker market in the U.S. in the coming years.

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The study has further segmented the market on the basis of technology, which covers wifi-enabled speaker and Bluetooth enabled speakers. As the demand for wired speakers is declining fast, the demand for wireless speakers is booming. Wireless speakers use Bluetooth technology for data transfer. Wireless portable speakers use radio frequency to transmit the audio signals instead of using audio cables. Some of the devices in the rising wireless speaker market include alternating current (AC)-only Bluetooth speakers, direct current (DC)-only Bluetooth speakers and AC/DC Bluetooth speakers.

Later, the report also includes a discussion of the key vendors operating in this market which are Amazon.com, Lenovo, Alphabet and Invoxia. Other prominent vendors COWIN Technology, Interactive Voice, FABRIQ, LG Electronics, Sony Mobile Communications, Mattel, Pan Ocean Technology and OMAKER. Additionally, the market share analysis of leading players in the global smart home speaker market, in terms of percentage share in 2016 has been discussed.

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