Smart Home Speaker Market in US 2017-2021
About Smart Home Speaker
A speaker is an audio system that converts electromagnetic waves into sound waves. Portable speakers can be categorized into two types on the basis of technology: wired and wireless portable speakers. Wired speakers connect to the source using a cable through which an audio signal is transferred. The quality and speed of data transfer are relatively fast compared with wireless speakers. The demand for wired speakers is fast declining.
Wireless speakers use Bluetooth technology for data transfer. Wireless portable speakers use radio frequency to transmit the audio signals instead of using audio cables. For the transfer of data, the receiver should be within the defined range of wireless transfer capability of the speaker. Some of the devices in the growing wireless speaker market include direct current (DC)-only Bluetooth speakers, alternating current (AC)-only Bluetooth speakers, and AC/DC Bluetooth speakers.
Technavio’s analysts forecast the smart home speaker market in US to grow at a CAGR of 38.49% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the smart home speaker market in US for 2017-2021. To calculate the market size, the report considers the number of units shipped by various vendors in the market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Smart Home Speaker Market in US 2017-2021
Technavio recognizes the following companies as the key players in the smart home speaker market in US: Alphabet, Amazon.com, Invoxia, and Lenovo.
Other Prominent Vendors in the market are: COWIN Technology, FABRIQ, Interactive Voice, LG Electronics, Mattel, OMAKER, Pan Ocean Technology, and Sony Mobile Communications.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is increase in availability of multifunctional products. Rapidly evolving technology helps improve product quality and provides user-friendly designs. The demand for technologically advanced products has compelled many vendors to develop multifunctional products. For instance, Mattel offers Aristotle, a multifunctional product with a baby monitor, speaker with a voice-activated smart assistant, smart light, HD Wi-Fi camera, and sound machine. This multifunctional product automatically recognizes when babies wake up and soothes them to sleep with white noise, lullaby, and a favorite song or a night-light. It also logs wet diapers and feedings through voice commands and a phone app.”
According to the report, one of the major drivers for this market is Increase in buying power of millennials. People born between 1980 and 2000 are called millennials. They form a significant percentage of the population in the US and earn high incomes even though most of them are in their twenties. Thus, millennials have become a major target segment for a wide range of businesses, including smart connected products such as smart home speakers. Millennials are more tech savvy compared with other generations. They have the ability to adapt quickly to technology and can access just about any service they could possibly need with a click of a button. Most of the millennials use two to three tech devices at least once daily. The increase in adoption of smartphones and internet penetration among the millennials are driving the market for smart home speakers.
Further, the report states that one of the major factors hindering the growth of this market is Connectivity and app-related issues. Smart home speakers are highly dependent on internet connectivity. Users have to be connected to the internet to use the app and communicate with smart home speakers. Smart home speakers are also connected to sensors. Issues with sensor connectivity lead to a disconnection between the app and smart home speaker. In such situations, users are unable to detect the device on their smartphones through the app and have to wait till connectivity issues get resolved. Some users also face problems with Wi-Fi and firmware updates. They have to continuously refresh the app till they detect the device on their smartphones. A sudden crash of app is also a factor that can cause connectivity issues between smartphones and smart home speakers. Power supply is another challenge for the customers. The entire control between smart home speakers and the app is dependent on Wi-Fi. Fluctuations in power supply can cause a disconnection. These issues hinder the growth of the market.
Alphabet, Amazon.com, Invoxia, Lenovo, COWIN Technology, FABRIQ, Interactive Voice, LG Electronics, Mattel, OMAKER, Pan Ocean Technology, and Sony Mobile Communications.
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