Sarasota, FL -- (SBWIRE) -- 03/01/2019 -- A new report titled "Smart Speaker Market by Product (Single Speaker, Double Speaker, and Multi Speaker), by Distribution Channel (Online and Offline), by Component (Hardware and Software), by OS (Android, iOS, and Others), and by Storage Space (Up to 4GB, 4-16GB, and Above 16GB) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024''. According to the report, global smart speaker market was valued at around USD 4.6 billion in 2017 and is expected to reach approximately USD 15.8 billion in 2024, growing at a CAGR of slightly above 19% between 2018 and 2024.

Smart speakers are devices that are integrated with Artificial Intelligence (AI) and operate on voice commands. Smart speakers even control home automated devices. The product provides access to various devices such as TV, hands-free phone calling, lighting control panels along with various online applications such as shopping, ordering food, booking a cab, and many more. Apart from voice commands, smart speakers can also be operated through smartphones and tablets.

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In the last decade, technology has advanced rapidly and devices are becoming more interlinked. The rise of multifunctional devices during this period has been phenomenal. Increasing demand for such devices is projected to boost the smart speaker market. Other factors such as increasing use of cloud-based services and applications will also lead to a growth of the market.

Compatibility of the product with other devices such as smartphones, tablets, and laptops vary as per the manufacturer. It depends on the operating system (OS) of the device as well as the product. Some products can be synchronized with smartphones and tablets but not with laptops owing to its different OS. This can act as a restraining factor in the global smart speaker market during the forecast period. In addition, most manufacturers offer products in only three languages English, German, and Japanese. This provides an opportunity for new entrants in the market to manufacture products in regional languages.

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The global smart speaker market is classified as per the operating system as Android, iOS, and others. In 2017, for the smartphone OS, Android had a market share of almost 81% as compared to 48% in 2011. It is predicted that the number of Android smartphone users will continue to rise in the coming years. Thus, the Android segment is expected to hold a significant market share during the forecast period. Segmentation on the basis of the product includes a single speaker, double speaker, and multi-speaker. The double speaker is expected to hold a substantial market share.

Europe is anticipated to witness a significant growth in the global smart speaker market during the forecast period. Growth is attributed to the introduction of smart speakers specifically designed for cars in the coming years. The automobile industry in Europe is well-established and is growing with periodic innovations in vehicle technology. The Asia Pacific will have a substantial share in the global market owing to the emerging economies such as India, China, and Thailand.

Key manufacturers in the smart speaker market are Amazon Inc., Apple Inc., Alphabet, Inc., Panasonic Corporation, Harman International, Xiaomi Inc., Alibaba Group Holding Limited, Sony Corporation, Askwithcue Inc., and Sonos, Inc., among others. Top players are opting to introduce new features in their products to cater the end user requirements.

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The report segments the global smart speaker market as follows:

Smart Speaker Market: Product Segment Analysis

Single Speaker
Double Speaker
Multi-Speaker

Smart Speaker Market: Distribution Channel Segment Analysis

Online
Offline

Smart Speaker Market: Component Segment Analysis

Hardware
Software

Smart Speaker Market: Operating System Segment Analysis

Android
iOS
Others

Smart Speaker Market: Storage Space Segment Analysis

Up to 4GB
4GB to 16GB
Above 16GB

Smart Speaker Market: Regional Segment Analysis

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa

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