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Incessant Penetration of Technology and Changing Purchasing Behavior Drives Smart Speaker Market
MarketResearchReport.biz has added a new market study, titled “Global Smart Speaker Market 2017-2021,” to its expanding repository of research reports. The report studies growth trends and technological developments that are expected to have an impact on the global smart speaker market for the forecast period between 2017 and 2021. It also looks into the changing economic index and shift in consumer purchasing practices that are expected to impact the global smart speaker market. These parameters are used to present market size forecasts and revenue projections for the key regions of the Americas, EMEA, and APAC in the global smart speaker market. Further, the report studies the key application segments and distribution channels and provides estimates for the respective leading segments in the global smart speaker market over the forecast period between 2017 and 2021.
A smart speaker refers to a wireless and smart audio playback device that makes use of technology such as Bluetooth technology for transmitting audio signal. Efficient streaming of audio content wirelessly within 30-32 feet and increasing popularity of multi-room streaming are majorly fuelling growth of the Bluetooth speaker market. Some of the key devices that function on Bluetooth technology are AC-only Bluetooth speakers, AC/DC Bluetooth speakers, and DC-only Bluetooth speakers.
In recent times, the rising popularity of music streaming services such as Pandora, Deezer, Spotify, and iTunes have boosted the adoption of smart speakers.
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According to the report, the global smart speaker market is likely to expand at a jaw-dropping 24.02% CAGR for the forecast period between 2017 and 2021.
The report points out factors that are stoking growth of the global smart speaker market. Firstly, the increasing number of smart homes is positively impacting the growth of the smart speaker market. The incessant penetration of technology coupled with vast spending on electronic devices is driving sales of smart speakers. Consumers are increasingly equipping their homes and work spaces with smart devices to enable audio and video streaming at their convenience.
Despite a number of growth drivers, the growth of the smart speaker market is hindered due to a few factors. This includes availability of substitutes and relatively high cost of smart speakers over substitutes.
Nevertheless, development of deep-learning technology is expected to present lucrative growth opportunities to the growth of smart speaker market.
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The report studies the global smart speaker market from a competitive standpoint as well. The leading players in this market are profiled for their distinguishing attributes of business position, financials, product development, and SWOTs. The key players that operate in the global smart speaker market are Amazon.com, Google, Sony, Apple, and Harman International. Some other prominent vendors in the global smart speaker market are FABRIQ, Lenovo, Onkyo, Invoxia, LG Electronics, and Sonos.
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