“Aggressive marketing and effective market entry strategies are primarily driving the mass adoption of smart speakers”, says Visiongain

23 October 2019
Electronics

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 Air Compressor Filter and Compressed Air Dryer Market Report 2020-2030

The global air compressor filter and compressor air dryer market is anticipated to witness significant growth in near future. The global market is majorly driven by rising awareness regarding necessity of proper air treatment and increasing demand for contamination free air in several industries. Dry and clean air lead to efficient and cost-effective production.

29 September 2020

Read

Visiongain Publishes 3D Projector Market Report 2020-2030

In 3D projection, a lot of light is absorbed by projectors and glasses therefore 3D movies are dimmer than its 2D counterparts. Although, several advantages associated with these devices is expected to further propel the market growth at a significant pace.

29 September 2020

Read

Visiongain Publishes 3D Metrology Market Report 2020-2030

High cost associated with set up and installation of 3D metrology system might hamper the market growth at a minimal extent. Although, significant uptake in industrial and construction industry is expected to create new opportunities for the growth of global 3D metrology market during the forecast period.

29 September 2020

Read

Visiongain publishes Electronic Adhesives Market Report 2020-2030

Owing to many advances and growing sales of consumer electronics goods, the growth of the electrical & electronics industry is boosting demand for adhesives.

02 May 2020

Read

Kelloggs
3m
Thales
Shell
TEVA
Lockheed-Martin
Pfizer
Raytheon
Halliburton
Du-Pont
Honeywell
Daimler
BASF
Bayer
BP
BAE-Systems
Unilever