Smart Speakers Market Size To Expand at a Notable CAGR Of 34.7% During 2018 - 2023

Pune, India, March, 2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Smart Speakers Market.

Smart Speakers Market Overview

Emergence of smart homes, technological advancements in the consumer electronics space has initiated significant growth in the smart speakers’ market. According to the latest report published by Market Research Future (MRFR), the smart speakers market is projected to showcase lucrative growth with a 34.7% CAGR during the forecast period.

A smart speaker is a wireless speaker, enabled using a Wi-Fi connection, Bluetooth or other wireless protocols. It is powered by an intelligent virtual assistant, enabling activation using a single ‘hot word’ or multiple ‘hot words’. Such hot words trigger automated speech recognition and enable the speaker to follow commands. This allows a user to operate the speaker without any physical contact.

Segmental Analysis

The market for smart speakers has been segmented based on various aspects to aid detailed and precise analysis. Smart speakers market has been segmented on the basis of intelligent virtual assistant, application, and region. Based on intelligent virtual assistant, the market has been segmented into Alexa, Google Assistant, Cortana, and Siri. Alexa by Amazon is estimated to hold a major market share for smart speakers during the forecast period, with Google Assistant in the second place. Based on application, the smart speakers market has been bifurcated into personal use and commercial use.

Detailed

Regional Analysis

The smart speakers market has been regionally segmented into North America, Asia Pacific (APAC), Europe, and Rest of the World (RoW). North America is predicted to hold the largest market share during the assessment period due to a rise in the adoption of smart homes, presence of early adopters of technology in the region, and presence of some of the key players in the smart speakers market.

Asia Pacific, on the other hand, is estimated to garner fastest growth during the forecast period. Such augmentation of growth can be attributed to factors such as increased disposable income, rise in the standard of living, and growing adoption of smart homes and smart offices. China and India are projected to contribute significantly to market growth in Asia Pacific. The smart-city announcement in China and India are further propelling adoption of latest technologies among the end users.Browse Complete Report Details @ https://www.marketresearchfuture.com/reports/smart-speakers-market-2286

Competitive Analysis

The smart speakers market is estimated to register lucrative growth owing to the proliferation of smartphones, development of automated speech recognition technology, and rise in the adoption of smart home devices. However, the smart speakers market is expected to witness hinderance in the growth and demand due to data security concerns. The microphone integrated in the smart speaker’s system has been feared to capture audio outside of strictly after hot word detection. This poses a threat to the privacy and security of users, as such smart speakers can also be used as wiretaps, aiding cybercrime. Furthermore, the use of such recorded data is unknown, paving way for invasive marketing and raising serious doubts about data and privacy protection.

Key Players

Some of the key players in the smart speaker market profiled by the MRFR report include Amazon (US), Harman International (US), Apple Inc. (US), Sonos. Inc. (US), Google (US), Bose Corporation (US), Sony Corporation (Japan), ONKYO CORPORATION (Japan), Panasonic Corporation (Japan), Pioneer Corporation (Japan), Altec Lansing/AL Infinity, LLC (US), Lenovo Group Limited (US), Xioami Corporation (China), and SK Telecom Co Ltd. (South Korea) and Alibaba Group Holding Ltd. (China).

Industry Updates

March 4, 2019: Google Home Max has started supporting Google Duo calls after its latest update, with Google Home Hub supporting both audio and video calls, on smartphone and Duo.

February 26, 2019: Apple Music has integrated with Google’s lineup of smart speakers and is available to stream through Google Home or Google Home Max. Apple Music voice control was also made available on other smart speaker devices that had Amazon Alexa’s voice assistant built in, last December, enabling Amazon’s Echo and other Alexa enabled smart device users to stream Apple Music.