Sellbyville, DE -- (SBWIRE) -- 02/20/2019 -- The Smart Speaker Market is expected to witness a surging demand due to the increasing demand for personalization. The majority of early adopters of these devices are affluent, educated millennials. However, the devices are gaining traction among other demographic groups such as young gen X and children. These devices allow a high degree of personalization that appeals to consumers, propelling the smart speaker market growth.

Increasing concerns regarding compatibility are expected to restrain the smart speaker market size. The new devices, such as Sonos One and Samsung Bixby, are facing compatibility issues with devices such as Belkin's WeMo range of switches, Philips Hue, and LIFX. Several devices and standards only support one system. For instance, Google Home is not compatible with the Amazon Fire TV and Amazon Echo is not compatible with Casting technology by Google. This will restrict the smart speaker market demand over the forecast timespan.

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The smart speaker market in commercial applications is expected to witness a tremendous growth of over 26% by 2024 due to the increasing usage of these devices by several service providers. For instance, Deutsche Telekom has announced the usage of Amazon intelligent devices to provide services such as radio player and EntertainTV.

The increasing usage of IVAs in the healthcare industry is expected to open new growth opportunities to the smart speaker market. These devices will be incorporated in the patient's room in hospitals that will allow the patients to forward updates and requests to doctors and nurses through voice controls. The integration of these devices with platforms, such as building management systems, will allow the adjustment of window blinds and lighting. Several organizations are partnering with technology giants to develop such devices with advanced security. For instance, the Thomas Jefferson University Hospitals and IBM are jointly developing smart speakers that respond to a set of specific voice commands.

The Germany smart speaker market size will witness a growth to reach over USD 3 billion by 2024 due to an increasing use of home automation in the country. Several players in the country are developing these devices to cater to the exponentially increasing requirements of the consumers. For instance, researchers at the Fraunhofer Institute for Digital Media Technology are playing a vital role in the development of these devices by designing a combination of loudspeakers and microphones for smart voice control.

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The key players in the smart speaker market include Alibaba Group, Altec Lansing, Amazon, Apple, Avnera, Baidu, Inc., Fabriq, Google, HARMAN International, invoxia, Lenovo, LG Electronics, Libratone, Mobvoi ????, Mojo Networks, Inc., Onkyo Corporation, Panasonic, Pioneer Electronics, SK Telecom, Sonos, Inc., Sony, Ultimate Ears, Xiaomi Technology.

Smart speaker market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipment in Units from 2018 to 2024, for the following segments:

Smart Speaker Market, By Intelligent Virtual Assistant
- Alexa
- Google Assistant
- Siri
- Cortana
- Others

Smart Speaker Market, By Application
- Personal
- Professional
- Commercial

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