Sellbyville, DE -- (SBWire) -- 10/09/2018 --The recent trends of IoT and artificial intelligence have had a commendable impact on the development of smart speaker market. The robust proliferation of the internet has further aided smart speaker market growth in the last few years. Apart from the rising penetration of consumer electronics and high demand for wireless connectivity, technological interventions have also allowed manufacturers to introduce products that are not confined only to playing music, but have extended their applications to problem-solving, setting reminders, streaming of news and music with a single voice command.
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Integration of virtual assistant software has further played a pivotal role in reshaping the business model of prominent contenders. Google Home, for instance, powered by Google is profoundly considered one such technological breakthrough.
Having registered a valuation of USD 4.5 billion in 2017, smart speaker market size, by the end of the next six years is forecast to outpace all records by collecting a revenue of USD 30 billion. Primarily dominated by intelligent virtual assistants such as Siri, Google Assistant, Cortana, Alexa, and many others, this business space stands to gain appreciable proceeds through the efforts of established contenders and new entrants striving to bring innovative products to the fore.
Google for instance, recently made it to the headlines for having announced its supposed launch of homegrown smart display later this year. The Google Home family, comprising the standard Home, the premium Home Max, and the affordable Home Mini, would indeed provide stiff competition to Amazon's Echo Show with this introduction.
Smart speaker industry has been the recipient of a plethora of megatrends that are indeed underlining its massive expansion. Pioneered by Amazon, the Echo made its mark as the first product to debut across this business space in 2014, post which the smart speaker industry is witnessing an inflection point with the influx of new players in the business wanting exploiting the future growth prospects. Speaking of which, the last three years have also witnessed the incursion of Chinese competitors in smart speaker market, leading to a massive diversification in the product landscape.
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.
As per reliable estimates, global smart home market is predicted to cross USD 53 billion by 2022, a commendable share of which is expected to be accountable by North America. A recent survey even reveals that more than 55% of the U.S. respondents were confident that smart homes would drastically change their lives in the next few years.
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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 CAGR of more than 25% over 2018-2024.
Despite having associated risks such as security breaches and data threats, the smart speaker industry is certain to witness a phenomenal demand over the coming years. The projected growth curve of this market aptly justifies that this vertical holds a tremendous set of opportunities for application developers, component suppliers, network operators, and several other vendors. Global Market Insights, Inc., projects the overall smart speaker market size to register a massive CAGR of 20% over 2018-2024.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Smart Speaker Market to Grow at 20% CAGR to 2024 Key Player Are Amazon, Apple, Inc., Google, Inc, Sonos, Sony, Onkyo, Fabriq and 15 Others
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