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 firstname.lastname@example.org or call her on +44 (0) 207 336 6100
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.
Factors such as massive need for automatic labelling machine in food & beverages industry and surge in demand for automated packaging solutions are some of the major factors propelling the market growth.
13 May 2021
Surge in the need of accuracy & faster to reduce human efforts and increased awareness towards automated truck loading system for optimization of the logistics supply are some of the major factors driving the market growth.
13 May 2021
Increased focus towards quality improvement along with end-to-end testing solutions and surge in adoption of System on Chip (SoC) is expected to boost the market growth.
13 May 2021
Benefits such as less consumption of power, better color mixing & lighting effect, and lower environmental hazards are propelling the growth of chip-on-board LED in the market.