Smart Speaker Market Driven By Increasing Technological Advancements, Growing Network Connectivity And Wide Range Of Applications Till 2021 | Million Insights

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According to new report available with Million Insights, Smart speakers are the wireless devices that use different types of connectivity for additional functions. They have special features like enhance ease of use, compatibility to multiple types of audio sources and offer additional functionality. Factors like growing network connectivity and need for optimal customer satisfaction are expected to drive the market growth.

Global Smart Speaker Market is predicted to grow significantly in the coming years owing to the increasing number of smart homes, increasing disposable income and speedy proliferation of multinational devices. Smart speakers are the wireless devices that use different types of connectivity for additional functions. They have special features like enhance ease of use, compatibility to multiple types of audio sources and offer additional functionality.

The smart speakers can perform several tasks like performing personal assistant tasks (reciting to-dos and calendar events), control smart home devices and home entertainment systems. Smart speakers are not only the new way to control music but they also act as voice assistant and smart home controllers that make them optimal command centers for smart home.

Full Research Report On Global Smart Speaker Market Analysis available at: https://www.millioninsights.com/industry-reports/smart-speaker-market

The market is projected to witness significant growth owing to the increasing penetration of smart home worldwide. Factors like growing network connectivity and need for optimal customer satisfaction are expected to drive the market growth. Leading firms are incorporating these devices with intelligent home appliances like Ikea tube lights, humidifiers, saltshakers and thermostats.

Due to increasing demand for personalization, smart speakers market is expected to witness surge in demand. Majority of early adopters of these devices are affluent and are well aware of such innovations. However, the devices are also gaining attraction in other demographic groups like young generation X and children. These devices allow higher rate of personalization that appeals the end-users and thereby impact the smart speaker market growth.

The growing concerns regarding compatibility are predicted to hamper smart speaker market in the years to come. New products like Samsung Bixby, Sonos One are facing comparability issues with devices like Belkin’s WeMo range of switches, LIFX and Philips Hue. Numerous devices only support one system, for instance, Amazon Eco is not compatible with casting technology by Google and Google Home is not compatible with Amazon Fire TV.

On the other hand, advertising these devices will propel smart speaker market in the next few years. Market players are progressively experimenting with advertising of these devices due to their increasing popularity. Companies like Burger King, Oprah’s Favorite Things, and Voice Labs have debuted these IVA-enabled devices.

The growing use of IVA-enabled devices in healthcare industry is estimated to open new opportunities to smart speaker market. These devices are integrated in the patient’s room in that helps in forwarding constant updates and requests to doctors and nurses via voice controls. Incorporation of these devices with platforms like building management systems will enable the adjustment of lighting and window blinds. Most businesses are also partnering with technology giants to manufacture such devices with improved security.

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The market is categorized on the basis of intelligent virtual assistant, application and geography. On the basis of intelligent virtual assistant, smart speaker market is divided into Alexa, Google Assistant, Siri, Cortana, and others. In terms of application, smart speaker market is classified into commercial, professional and personal.

Geographically, the market is segmented as North America, Latin America, Europe, Asia Pacific and Middle East & Africa. Owing to the high adoption of smart speakers, North America is expected to lead position in the coming years. The prominent players in smart speaker market comprise Amazon.com, Apple, Google, Harman International, and Sony.

Market Segment:

Key vendors

• Amazon.com

• Apple

• Google

• Harman International

• Sony

Other prominent vendors

• FABRIQ

• Invoxia

• Lenovo

• LG Electronics

• Onkyo

• Sonos

Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/consumer-electronics

Market driver

• Increase in number of smart homes

• For a full, detailed list, view our report

Market challenge

• Availability of substitutes

• For a full, detailed list, view our report

Market trend

• Development of deep-learning technology

• For a full, detailed list, view our report

Key questions answered in this report

• What will the market size be in 2021 and what will the growth rate be?

• What are the key market trends?

• What is driving this market?

• What are the challenges to market growth?

• Who are the key vendors in this market space?

• What are the market opportunities and threats faced by the key vendors?

• What are the strengths and weaknesses of the key vendors?

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