Smart Speaker Market to register 30%+ growth in shipments to 2024

The key players in the smart speaker market include Apple, LG Electronics, Sonos, Ultimate Ears, Panasonic Corporation, Invoxia, and Baidu.

Selbyville, Delaware, USA - December 5, 2018 /MarketersMedia/ —

The smart speaker market is expected to witness a surging demand due to 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 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 market demand over the forecast timespan.

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Advertising on these devices will propel the growth of smart speaker market size over the next few years. Businesses are increasingly experimenting with advertising via these devices due to their increasing popularity. Several companies, such as Burger King, VoiceLabs, and Oprah’s Favorite Things, have debuted on the IVA-enabled devices. The companies are implementing several policies to regularize the advertising on these devices. For instance, a policy by Amazon allows music services, such as Pandora and Spotify, to advertise on the platforms.

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.

The Siri-enabled smart speaker market is anticipated to grow rapidly due to the large popularity of Apple devices among the consumers. Superior sound quality as compared to the other speakers is adding to the increased shipments of these devices. Furthermore, the compatibility of these devices with the iOS is expected to propel the industry growth due to the large-scale adoption of iOS-enabled smartphones.

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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.

The key players in the smart speaker market include Apple, LG Electronics, Sonos, Ultimate Ears, Panasonic Corporation, Invoxia, and Baidu. The industry is characterized by the presence of a large number of players with intense competition. In addition to the existing players, several new players are taking initiatives to enter the market.
Browse key industry insights spread across 300 pages with 372 market data tables & 29 figures & charts from the report, “Smart Speaker Market Size By Intelligent Virtual Assistant (Alexa, Google Assistant, Siri, Cortana, Others), By Application (Personal, Professional, Commercial), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Russia, China, Japan, South Korea, India, Taiwan, Australia, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/smart-speaker-market

Table of Contents (ToC) of the report:
Smart Speaker Market - Charts & Figures
FIG. 1 Industry segmentation
FIG. 2 Industry ecosystem analysis
FIG. 3 Growth potential analysis
FIG. 4 Porter’s analysis
FIG. 5 Competitive landscape
FIG. 6 PESTEL analysis
FIG. 7 SWOT analysis, Alibaba
FIG. 8 SWOT analysis, Altec Lansing
FIG. 9 SWOT analysis, Amazon, Inc.
FIG. 10 SWOT analysis, Apple Inc.
FIG. 11 SWOT analysis, Avnera Corporation
FIG. 12 SWOT analysis, Baidu
FIG. 13 SWOT analysis, Fabriq
FIG. 14 SWOT analysis, Google, Inc.
FIG. 15 SWOT analysis, Harman International
FIG. 16 SWOT analysis, Invoxia
FIG. 17 SWOT analysis, Lenovo
FIG. 18 SWOT analysis, LG Electronics
FIG. 19 SWOT analysis, Libratone
FIG. 20 SWOT analysis, Mobvoi
FIG. 21 SWOT analysis, Mojo
FIG. 22 SWOT analysis, Onkyo
FIG. 23 SWOT analysis, Panasonic Corporation
FIG. 24 SWOT analysis, Pioneer
FIG. 25 SWOT analysis, SK Telecom
FIG. 26 SWOT analysis, Sonos
FIG. 27 SWOT analysis, Sony
FIG. 28 SWOT analysis, Ultimate Ears
FIG. 29 SWOT analysis, Xiaomi
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/smart-speaker-market

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