Edison, NJ -- (SBWIRE) -- 02/11/2019 -- The smart speaker is a wireless speaker which is equipped with Bluetooth, Wi-Fi, or other wireless protocols and powered by a virtual assistant. It is mainly driven by artificial intelligence. These speakers are the latest technological innovation dominating the consumer technology market and are activated by a voice command to perform different tasks such as listening to music and online shopping. The growing penetration of the Internet of Things (IoT) and connected devices provides huge opportunity in the growth of the very market due to the reduction in computing costs and growing Wi-Fi connectivity.
The market for Smart Speaker is expected to register a CAGR of 31.44% during the forecast period to 2024. This growth is primarily driven by Rapid proliferation of multifunctional devices and increasing number of smart homes in both developed and developing economies.
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Major Companies Profiled in This Report Include,
Apple (United States), Google (United States), Bose (United States), Harman (United States), Sony (Japan), Pioneer (Japan), Onkyo (Japan), LG Electronics (South Korea), Altec Lansing (United States), Avnera (United States), Panasonic (Japan), DandM Holdings (Japan), Sharp (Japan), Xioami (China)
Increasing number of smart homes to drive the global smart speaker market, A smart home is an advanced automation system that controls devices and appliances such as smart thermostats; heating, ventilation, and air conditioning (HVAC) systems; and security systems through internet connection. Continuous need for convenient and comfortable lifestyle among homeowners has led to the rapid development of connected solutions in smart homes. The number of smart products introduced in the market has gradually increased since 2012.
The ability to control home products with internet connection and a mobile device is shifting the focus of consumers toward smart products. The growth of smart devices in smart homes can be attributed to the advancements in IoT; growing need for security, safety, and convenience; and increasing demand for energy-saving products and solutions.
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Globally, a noticeable market trend is evident Growing trend of personalization and Surging penetration of IoT technology. Major Players, such as Apple (United States) , Google (United States) , Bose (United States) , Harman (United States) , Sony (Japan) , Pioneer (Japan) , Onkyo (Japan) , LG Electronics (South Korea) , Altec Lansing (United States) , Avnera (United States) , Panasonic (Japan) , DandM Holdings (Japan) , Sharp (Japan) and Xioami (China) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Table of Content
1. Market Overview
1.1. Introduction
1.2. Scope/Objective of the Study
1.2.1. Research Objective
2. Executive Summary
2.1. Introduction
3. Market Dynamics
3.1. Introduction
3.2. Market Drivers
3.2.1. Rapid proliferation of multifunctional devices
3.2.2. Increasing number of smart homes in both developed and developing economies
3.3. Market Challenges
3.3.1. High security risk
3.3.2. Wide availability of substitute
3.4. Market Trends
3.4.1. Growing trend of personalization
3.4.2. Surging penetration of IoT technology
4. Market Factor Analysis
4.1. Porters Five Forces
4.2. Supply/Value Chain
4.3. PESTEL analysis
4.4. Market Entropy
4.5. Patent/Trademark Analysis
5. Global Smart Speaker, by Type, Application, Component Type and Region (value, volume and price) (2013-2018)
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