Major players in the smart speakers market are Amazon, Inc., Apple, Inc., Xiaomi, Alibaba Group Holding Limited, Sonos. Inc., Harman International, Bose Corporation, Sony Corporation, ONKYO CORPORATION, and Panasonic Corporation.
The global
smart speakers market is expected to grow from USD 5.5 billion in 2019
and to USD 5.7 billion in 2020 at a growth rate of 3%. The slow growth in 2020
is mainly due to the economic slowdown across countries owing to the COVID-19
outbreak and the measures to contain it. The market is then expected to grow
and reach USD 11 billion in 2023 at CAGR of 24.5%.
The smart speakers market consists
of sales of smart speakers and related products that include Bluetooth-,
Wi-Fi-enabled and wireless devices which are integrated with virtual assistant
device powered by artificial intelligence. The smart speakers market consists of
revenue generated through the sales of speakers with virtual assistant
intelligence such as Alexa, Google Assistant, Siri, and Cortana, among others
which are distributed through online or offline channels to personal and
commercial users for smart home, smart office, automotive, commercial and more
applications. The companies involved in the smart speakers market are engaged
in designing, manufacturing, producing artificial intelligence assisted
speakers which are activated with one 'hot word' using voice recognition
systems to perform wide range of wireless activities.
North America was the largest region in the smart speakers market in 2019. Asia Pacific was the second largest region in the smart speakers market in 2019.
In November 2019, Sonos a US-based
leading sound experience brand which allows it's customers to listen better by
giving access to their favourite content by controlling as they wish announced
the acquisition of Snips for USD 37.5 million. The deal will benefit Sonos by
improving the voice experience of Sonos with the addition of Intellectual
Property of Snips and benefit Snips by taking it's France technologies to
international customers. Snips is a US-based private-by-design voice technology
company which uses artificial intelligence integrated in connected devices.
Apart from increasing consumer
preference for smart speakers the major drawback that's concerning the market
is the data privacy and security. These devices have access to the personal
information stored in Gmail like contact details, bank details, login
credentials which raise security issues. The devices of a smart home have
access to sensitive data like videos, photos, personal information which can be
accessed and operated from anywhere. In 2019, a survey conducted in US states
that smart speaker non-users are more concerned about data and privacy reasons
like hacking risk (63%), smart speakers are always listening (55%) and
monitoring by government (40%) when compared with 2017 which were 41%, 36% and
34% respectively. When compared with smart speaker users, they also agreed with
the above data and privacy issues similarly. These issues may hinder the market
growth if appropriate development in security concerns are not addressed.
Virtual assistant devices are
powered by artificial intelligence which offer ultimate luxury to the owner.
They keep on listening to the command, analyze the needs and performs the task
when necessary. The Amazon Echo with smart assistant Alexa can be activated
with voice command of one hot word Alexa. Siri, the Apple voice assistant
provides hands-free activation with deep integration technology and high
quality virtual surround sound and exhibits features like setting timer,
managing calendar events and more. Google assistant activated with Ok Google
provides instant access to all of the Google services and the data associated
with the Google account. In 2019, a survey states that Amazon Alexa/Echo
dominates the US market with 70% market share followed by Google home with 25%
and Apple Home Pod with 5% which was largely because of the high sales of
entry-level devices like Google Home Mini and Amazon Echo Dot with reasonable
price. The proliferation of virtual assistance is, in turn, driving the smart
speaker market.
With increasing consumer preference
for technologically advanced products there is a rise in penetration of
smartphones and smart devices. The enhanced personal use of smart devices
points at integration of smart devices with devices such as smart lightbulbs,
thermostats, and TVs. The consumer interest in technologically advanced
products has resulted in 205 million installed smart speakers in 2019 from 114
million units in 2018 and is expected to reach 325 million by 2020. In 2019,
Amazon could integrate LIDAR technology into Amazon Echo through which it will
be able to recognize hand gestures, type of food, and even the clothes being
worn. In India, in 2019 the total number of smartphones users are 502.2 million
which increased from 2017 which was 468 million users and the smartphones market
is expected to gain 859 million users by 2022. Regional manufacturers are being
encouraged to produce innovative and advanced products with customer interest
to accept and adopt emerging technology which is expected to drive the market.
For More Information,
Click on the Link Below:-
Related Reports:-
Global
Smart Speakers Market 2020 by Manufacturers, Regions, Type and Application,
Forecast to 2025
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
No comments:
Post a Comment