Smart Speakers Market 2018 by Global technology Leaders: Beats Electronics, Bose Corporation, Samsung Electronics Limited, Harman, LG Electronics, Altec Lansing

Market Scenario:

Smart Speakers is type of speakers which is equipped with advance communication technologies such as Bluetooth, Wi-Fi and NFC and can be operated from any smart device such as smartphone, laptop and tablets. These speakers are similar in nature with a traditional speaker but provide different benefits which traditional speakers are not able to provide

The key drivers contributing to the growth of the global smart speakers market are rise in number of smart homes, increasing wireless streaming of audio content, speakers run on batteries, high durability, hassle free maintenance and high preference for wireless technology. The restraining factors towards the growth of the market are range, power and compatibility. The increase in number of smart homes driving the global smart speakers market.

There are various features such as compatibility with number of services and platforms, peer-to-peer connection through mesh networking, intelligent personal assistants among others are giving positive contribution in the market growth.

The global smart speakers market is expected to reach at USD ~9 billion with ~36% of compound annual growth rate.

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Segments:

The Global Smart Speakers Market has been segmented on the basis of product type, connectivity, application and region. By product type, the market has been bifurcated into single-speakers, double-speakers and multi-speaker. On the basis of connectivity, the market has been segmented into- Wi-Fi enabled speakers, Bluetooth enabled speakers, NFC enabled speakers among others. On the basis of application, the market includes- personal use and commercial use.

Regional Analysis:

North America is dominating the market of smart speakers in where U.S. accounted for the largest market share due to various factors such as rise in smart homes market, high per capita income, changing lifestyle and high preference for wireless technology in the region. For instance, Amazon Echo smart speakers outpaced other speakers in the U.S. due to changing lifestyle and increasing disposable income.

Asian countries, especially Japan and Korea are growing at a fast pace majorly due to high demand for consumer electronics, high growth rate of the countries and the advancement in the IT industry. According to MRFR analysis, the consumption of smart electronics has increased in these countries over the last few years and companies have been investing billions of dollars into research & development sectors which are driving the growth of the global smart speakers market.

Key Players:

The key players of global smart speakers market report include Beats Electronics (U.S.), Bose Corporation (U.S.), Samsung Electronics Limited (Korea), Harman (U.S.), LG Electronics (South Korea), Altec Lansing (U.S.), Avnera Corporation (U.S.), Panasonic (Japan) , D&M Holdings, Inc (Japan),Sharp Corporation (Japan) and others.

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