Global Smart Speaker Industry to grow at 50% CAGR from 2017 to 2024

Speaking of companies partaking in smart speaker industry, the number is certainly huge, with the inclusion of Amazon, Sonos, Apple, Google Corporation, JBL, Samsung electronics, Sony Corporation, Philips, Edifier, and Terratec. These giants have been increasingly implementing new features to their smart speakers to improve their quality and smart hub capability.

The emergence of new technologies such as IoT and virtual assistance will also help to bring forth new opportunities for the participants in smart speaker market, owing to the capability of these technologies to enhance the product features. Wi-Fi based devices, for instance, are gaining popularity of late, as they enable users to connect the device to internet, which is primarily required in case of a virtual assistant software.

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Renowned brands are battling it out ferociously in smart speaker market, with every tech and electronics company attempting to introducing a new range of audio speakers. Demonstrating an instance of the aforesaid statement is the recent launch of patented smart speakers by JBL, Harman, and Sony at IFA 2017, Europe’s major consumer technology show.

In the initial years of conception, consumers were given a choice between the Google home and Amazon Echo. Considering their growing popularity though, many behemoths have been playing the game and on these grounds, have been continuously launching new products in smart speaker market.

For instance, Panasonic launched the SC-GA 10 smart speaker incorporated with the Google Assistant device. It is undeniable from the aforementioned instances that technology enhancements and design innovations will influence smart speaker industry share considerably. As per Global Market Insights, Inc., smart speaker market was reportedly worth USD 400 million in 2016.

Apart from Google, Amazon, and other notable tech giants, Samsung, Apple and Sonos, it is reported, will also launch their patented products in smart speaker market over the coming years. Apple, in fact, has also developed its own smart assistant for voice control and other smart hub options through the HomePod.

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As per statistics, U.S. will contribute majorly toward North America smart speaker market growth over the coming seven years, owing to the surging adoption of connected devices and the growing demand for wireless systems in the region. The substantial rise in the spending capability of consumers and their shifting focus toward the usage of luxury products will also fuel the product demand.

Smart speaker industry is replete with the entry of new participants, which will deem this business space to be a rather heavily competitive one. Recently Sony announced the launch of their first Google-powered smart speaker, which may, in all probability, be conceived as a competitor for Amazon’s Echo.

To expand the consumer base, manufacturers have even been attempting to optimizing the product price, which will gradually lead to the escalation in smart speaker market, predicted to generate a revenue of USD 13 billion by 2024.

Browse key industry insights spread across 120 pages with 145 market data tables & 11 figures & charts from the report, “Smart Speaker Market Size By Technology (Bluetooth, Wi-Fi, NFC), By Product (Single Room, Double-Room, Multi-Room), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, South Korea, China, India, Japan, Brazil, GCC, Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:

https://www.fractovia.org/news/industry-research-report/smart-speaker-market

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