“Aggressive marketing and effective market entry strategies are primarily driving the mass adoption of smart speakers”, says Visiongain
23 October 2019
Visiongain has launched a new report Smart Speakers Market Report. Forecasts by International Virtual Assistant (Alexa, Google Assistant, Siri, and Cortana), Component (Speaker Driver, Connectivity IC, Processor, Audio IC, Memory, and Power IC), Application (Smart Home, Consumer, Smart Office, and others), Software PLUS Profiles of Leading Companies and Regional and Leading National Market Analysis.
The global smart speaker market is expected to register a double-digit growth rate over the forecast period. Although smart speakers are gaining quite a prominence among the consumers its strategic moves were taken by the major players will drive the mass adoption of smart speakers in the global market. For instance, aggressive product marketing and go-to-market campaigns with strong momentum are driving the growth of the second-largest player Baidu in the global smart speaker market.
Major players are facing the challenge of developing more complex devices in the short term with many players seeking to integrate the display into the speakers. Further, vendors are advised to be conscious of the price sensitivity towards product development and different price points and value proposition strategies are expected in the future.
The growth of smart speakers is also seemed to be linked with the growing subscribers of the over the top services such as Netflix, Amazon Prime, and other entertainment platforms. Based on the region, North America is estimated to hold the largest market share by revenue followed by Europe. In the U.S. As per the research, around 30% of the Americans who use smart speakers for over a year have purchased over 3 products. In Europe, the UK is identified as the most prominent country using smart speakers.
Several factors are responsible for changing dynamics across countries in the global smart speaker market. This includes wi-fi penetration, presence, and strength of platforms and ecosystems, cultural prominence of music streaming, home size and purchasing power parity. As voice assistants technology becomes more sophisticated, we are expected to see the wide adoption of smart speakers in the global market place.
Some of the major players operating in the market include Amazon, Harman International, Apple, Sonos, Alphabet, Bose, Sony, Onkyo, Panasonic, Alibaba, Pioneer, Altec Lansing, Lenovo, Xiaomi, and SK Telecom These players are also taking several strategic initiatives such as mergers, acquisitions, and partnerships so as to increase their presence in the global market. These major companies are increasingly focusing on various research and development activities to gain competitive advantage.
Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongainglobal.com or call her on +44 (0) 207 336 6100
About Visiongain
Visiongain is one of the fastest-growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.
Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.
Recent News
Visiongain Publishes Model Based Enterprise (MBE) Market Report 2022-2032
MBE market will see remarkable growth due to rising demand for cloud-based storage systems and installations of advanced military equipment.
25 February 2022
Read
Visiongain Publishes Direction Finder Market Report 2021-2031
The North America region is the largest market and is anticipated to grow with significant growth rates.
06 January 2022
Read
Visiongain Publishes Commercial Lighting Market Report 2021-2031
The ongoing developments in smart cities projects across the world and integration of advanced technologies in the construction sector are some of the major factors that boosting the growth of global commercial lighting market.
06 December 2021
Read
Visiongain Publishes Unmanned Traffic Management (UTM) Market Report 2021-2031
Some of the factors that are expected to positively influence development of UTM systems include the increasing prevalence of drones used in several sectors such as delivery, agriculture, surveillance etc.