Global Smart Speaker Market: Size, Trends and Forecasts (2018-2022)
Scope of the Report
The report titled “Global Smart Speaker Market: Size, Trends and Forecasts (2018-2022)”, provides an in depth analysis of the global smart speaker market by value, by shipment, by installed base, by region, by platform, etc. The report also provides a regional analysis of the smart speaker market, including the following regions: North America, Europe & CIS, APAC, South America and MEA.
The report also assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall global smart speaker market has also been forecasted for the period 2018-2022, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.
The global speaker market is generally dominated. Many competitors have established worldwide reputation with the multinational consumers while there are some local players selling their smart speakers to the domestic market. Smart speaker vendors provide smart speakers based on the different type of Intelligent Virtual Assistant (IVA).
However, the competition in the global smart speaker market is dominated by few smart speaker vendors. Further, key players of the smart speaker market are Amazon.com, Inc., Apple, Inc., Alphabet Inc. (Google) and Sonos, Inc. are also profiled with their financial information and respective business strategies.
Europe & CIS
Alphabet Inc. (Google)
Smart speakers can be defined as the Artificial Intelligence (AI) based wireless speakers that can carry out multiple tasks under the voice command of the user. Smart speakers perform tasks using a voice based Virtual Personal Assistant (VPA) software to respond to users. Smart speakers can perform a variety of tasks such as make calls, play music, manage calendar, manage emails, search online, schedule an appointment, etc. Some of the most popular smart speaker devices are Amazon Echo, Google Home and Apple’s HomePod.
The core features of smart speakers are compact size, music playback, internet connection, music streaming, Bluetooth, voice control, etc. Smart speakers are also characterized by various pros and cons. The pros of the smart speakers are flexible music listening, convenience, interaction with other devices, sound quality, etc. whereas, the cons of the smart speakers are the money pit, privacy concern as speaker is listening, etc.
Smart speakers were first introduced by Amazon in 2014. But, voice assistants were introduced way before the introduction of smart speakers. The smart speaker market can be segmented on the basis of platform, application, mode of sale and component.
The global smart speaker market has increased at a significant CAGR during the years 2013-2017 and projections are made that the market would rise in the next four years i.e. 2018-2022 tremendously. The smart speaker market is expected to increase due to rising disposable income, increasing demand for smart home devices, escalating internet users, surging urban population, increasing adoption of Internet of Things (IoT) technology, etc. Yet the market faces some challenges such as, high security and privacy risk, lack of compatibility, high prices of smart speakers, localization of language spoken, etc.
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