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.
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