Market Research Report
Global Smart Speaker Market - Technologies, Market share and Industry Forecast to 2024
|Published by||Occams Business Research & Consulting Pvt. Ltd.||Product code||714027|
|Published||Content info||240 Pages
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|Global Smart Speaker Market - Technologies, Market share and Industry Forecast to 2024|
|Published: September 11, 2018||Content info: 240 Pages||
Global smart speaker market is expected to rise with a CAGR of 35% during forecast period 2017-2024. The key factors driving the market growth are rising disposable income, growing trend of personalization, increasing number of smart homes and increased adoption of multifunctional devices. However, issues related to connectivity range, compatibility and power is the major factor restricting growth in global smart speaker market. Moreover, the increased focus of market players to enhance customer experience is creating huge growth opportunity in market.
North America is the dominating market region for global smart speaker market in terms of market revenue share. This is due to presence of large number of leading manufacturers of smart speakers such as Amazon, Apple Inc., Harman International, Sonos etc. According to 2017 data of National Public Radio (NPR), in 2017, approximately 40 million adults in the U.S have adopted voice activated smart speakers. Furthermore, RoW is fastest growing region during forecast period 2017-2024. This is due to rising disposable income in Middle East countries such as Israel, Iran, Kuwait, etc. along with increased adoption of connected consumer electronics.
Global smart speaker market is influenced by presence of leading market players such as Amazon (U.S.), Apple Inc. (U.S.), Onkyo Corporation (Japan), Xiaomi Inc. (China) etc. Product launch, joint ventures, merger and acquisition are some of the crucial strategies adopted by key market players of global smart speaker market to gain competitive advantage.
The report on global smart speaker market includes intelligent virtual assistant, component and application. On the basis of intelligent virtual assistant used in smart speaker, market is segmented into Alexa, Cortana, Google Assistant, Siri etc. Alexa is the leading intelligent virtual assistant segment due to several functions offered by it such as podcast streaming, real time information, voice interaction, making to-do lists, playing audiobooks, etc. Furthermore, low cost and high efficiency of Alexa has led to increased consumer preference for Alexa smart speakers. On the basis of components used in smart speakers, market is segregated into hardware and software. Hardware is the largest component segment. Various hardware components such as processor, memory, power IC, connectivity IC, microphone, speaker driver, audio IC etc. are being extensively used in smart speakers. The applications of smart speakers are consumer, smart home smart office, etc. Smart home is the dominating application segment due to rising per capita disposable income, changing lifestyle and rising consumer preference for luxurious entertainment systems.