Smart Speakers is type of speakers which is equipped with advance communication technologies such as Bluetooth, Wi-Fi and NFC and can be operated from any smart device such as smartphone, laptop and tablets. These speakers are similar in nature with a traditional speaker but provide different benefits which traditional speakers are not able to provide
The market of smart speakers is very much expected to boom in the upcoming years, as there is a huge shift in digitizing the homes. These smart speakers are wirelessly connected over Bluetooth, Wi-Fi or Zigbee and can be connected with any of your smart devices like smartphones, tablets and laptops. Imagine, a speaker waking you up by playing a soothing song in the morning, updating you with the latest news or even take calls. The trend of smart work, instead of hard work is making its way in the minds of people across the world, and this trend is helping the market of smart speakers rise up. Amazon’s Echo, is one of the smart speaker that is integrated with amazon’s digital assistant, Alexa, taking up a little space in home and making the life of a consumer easier. The advancement in wireless technology is another factor that drive the growth of this market.
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Major Key Players
Beats Electronics (U.S.),
Bose Corporation (U.S.),
Samsung Electronics Limited (Korea),
LG Electronics (South Korea),
Altec Lansing (U.S.),
Avnera Corporation (U.S.),
Panasonic (Japan) ,
D&M Holdings, Inc (Japan),
Sharp Corporation (Japan), Sony Corporation (Japan), Sennheiser electronic GmbH & Co. KG (Germany), JBL Professional (U.S.), Skullcandy Inc (U.S.), Koninklijke Philips N.V.(Netherlands), Onkyo Corporation (Japan) and others are at the forefront of competition in the global smart speakers market.
According to Market Research Future Analysis, Smart Speakers Market has been valued at USD 9 billion by the end of forecast period with 36% of CAGR during forecast period 2016 to 2022.
Amazon brings its Echo smart speakers and music unlimited service to 28 new countries. Amazon is mostly contributing to push its media services worldwide after it expands its Alexa smart speakers and its standalone music unlimited service to an additional 28 countries. The initial market for Echo included the U.S, the U.K, India and Japan. The music streaming service covers more than 40 million tracks and it is available independently of Amazon’s Prime package. Amazon has introduced the Echo smart speakers to countries like Belgium, Iceland, Bolivia, Latvia, Bulgaria, Liechtenstein, Chile, Lithuania, Colombia, Luxembourg, Costa Rica, Malta, Cyprus, Netherlands, Czech Republic, Panama, Ecuador, Peru, El Salvador, Poland, Estonia, Portugal, Finland, Slovakia, Greece, Sweden, Hungary and Uruguay. These countries mostly fall in Europe, making Europe the most preferred market for smart speakers.
By product type, the market is segmented into single speakers, double speakers and multi speakers.
By connectivity, the market is segmented into Bluetooth, Wi-Fi, Near Field communication (NFC) among others.
By application, the market is segmented into, personal use and commercial use.
The geographical analysis of the smart speaker market includes the regions like North America, Europe, Asia pacific and rest of the world. As most of the smart speaker manufacturers are present in the U.S., the market for smart speakers is dominated by the North America. There are certain factors like increased usage of internet and with advanced smartphones. The country like U.S. and Canada are shifting to transform their homes into smart homes, providing the endless possibilities for the enterprises to capture the market. Digital assistants like Alexa and Google Assistant have already made their way to many of the homes in the North America.
Europe follows the North America in the race to adopt smart home concept and most of the countries have already begun to transform their infrastructure. Additionally, amazon has also expanded its market for Alexa in most of the countries of Europe, making it most mature market for smart speaker technology. However, with the presence of largest electronic manufacturing and consumer electronic industry, Asia Pacific is expected to grow at a fast pace during the period of forecast.
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- Smart Speakers Manufacturers
- Smart Speakers Distributors
- Research/Consultancy firms
- Vendors from various verticals such as Bose, Harman, Samsung among others
- Semiconductor Manufacturers
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