Ocean View, DE -- (SBWire) -- 04/15/2020 --The smart speaker market is predicted to showcase an escalating growth graph pertaining to a robust increase in the number of smart homes and the surging demand for personalization. Indeed, most of the early adopters of these devices are educated, affluent millennials, though smart speakers are also gaining interest from other demographic groups like the young gen X and children. The devices allow for a higher level of personalization which appeals to customers, thereby impelling the growth of smart speaker market.
The smart speaker market is anticipated to experience commendable owing to a surge in the penetration of smart homes across the globe. The growing network connectivity along with the increasing need to enhance consumer convenience are also expected to drive the demand for these speakers.
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Intelligent home appliances like humidifiers, Ikea lightbulbs, salt shakers, and thermostats are being integrated with smart speakers by notable firms in recent times. For instance, in 2018, the smart speaker Sengled was launched by Baidu that also performed the functions of an intelligent light. Such innovations and technological advancements would further stimulate the smart speaker market growth.
The United States being one of the most progressive nations as far as technological penetration is concerned, observes an upper hand in the global smart speaker industry. Increasing regional demand for wireless connection and rising IoT applications is driving the U.S. smart speaker market. But the one factor that has been undeniably impelling the regional industry is the escalating penetration of smart homes in the nation. A research study conducted by U.S. tech magnate Metova claims that more than 85% of consumers in the U.S. now own some form of smart home device, while over 65% have already purchased a voice-controlled system such as Google Home or an Amazon Alexa. It is thus rather over that smart homes have extensively proliferated the masses, a factor that would be majorly responsible for the expansion of U.S. smart speaker market.
U.S. smart speaker industry contender Amazon made it to the headlines for having set up model smart homes across the United States so that shoppers conveniently experience how it is like for Alexa to perform tasks like ordering stuff online, dimming the lights, or turning on the TV. Powered by the robust demand for internet-enabled products and services and the rising proliferation of smart products owing to their advantages such as luxury, safety, convenience, and entertainment, the U.S. smart speaker market share is anticipated to register a commendable CAGR over 2018-2024.
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The smart speaker industry is rather competitive, encompassed by myriad established and new players. Some of the noteworthy strategies used by companies to gain an edge in the business are research and development activities and product innovation. For instance, Samsung introduced a smart speaker Galaxy Home, which has a large form factor, high-end AKG tech, directional audio and eight microphones incorporated. The company is now working on a relatively small, companion speaker for Galaxy Home which would be a bit less capable and a bit cheaper. The mini Galaxy Home is designed to directly compete with the likes of the Amazon Echo Dot and the Google Home Mini.
Table of Contents (ToC) of the report:
Chapter 5. Smart Speaker Market, By Application (Revenue, Shipments)
5.1. Key trends in smart speaker market by application
5.2. Personal
5.2.1. Market estimates and forecast, 2014 – 2024
5.2.2. Market estimates and forecast by region, 2014 – 2024
5.3. Professional
5.3.1. Market estimates and forecast, 2014 – 2024
5.3.2. Market estimates and forecast by region, 2014 – 2024
5.4. Commercial
5.4.1. Market estimates and forecast, 2014 – 2024
5.4.2. Market estimates and forecast by region, 2014 – 2024
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Smart Speaker Market Is Moving Fast! : Major Key Companies Are Alibaba Group, Amazon, Apple, Baidu, Inc., Google, Lenovo, LG Electronics, Libratone, Pioneer Electronics