Smart speakers are a wireless speaker which is enabled with Wi-Fi, Bluetooth, or other wireless protocols. This smart speaker is powered by intelligent virtual assistant which is driven by artificial intelligence (AI). Smart speakers are a one of the latest innovations dominates the consumer electronics sector and it is activated by voice command to perform various tasks such as order food, listen to music, online shopping, weather forecasting, latest news, and day to day activities. These speakers are similar in nature with a traditional speaker but provide different benefits which traditional speakers are not able to provide. Advancement in automated speech recognition technology, advancement in microphone technology, and natural language processing help in identifying process of the voice command.
Some smart speakers consist of base station with magnetic levitating speaker can be placed on ferrous metal surface throughout the home. These base stations also offer subwoofer for low- frequency sound. The various features such as peer-to-peer connection through mesh networking, intelligent personal assistant, and compatibility with number of services and platforms are giving positive contribute in the market growth. In smart speaker market, different manufacturers use different voice recognition systems such as Apple uses its Siri assistant voice recognition, Microsoft uses Cortana, Google uses Voice, and Amazon uses Alexa voice recognition system.
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Major Key Players
- Beats Electronics (U.S.),
- Bose Corporation (U.S.),
- Samsung Electronics Limited (Korea),
- Harman (U.S.),
- 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)
According to MRFR, the Smart Speaker Market is expected to grow from USD 1.94 billion in 2017 to USD 11.57 billion by 2022, at a CAGR of 34.7% during the forecast period 2018–2022
Google Home Max has started supporting Google Duo calls after its latest update, with Google Home Hub supporting both audio and video calls, on smartphone and Duo.
Apple Music has integrated with Google’s lineup of smart speakers and is available to stream through Google Home or Google Home Max. Apple Music voice control was also made available on other smart speaker devices that had Amazon Alexa’s voice assistant built in, last December, enabling Amazon’s Echo and other Alexa enabled smart device users to stream Apple Music.
The smart speakers market is estimated to register lucrative growth owing to the proliferation of smartphones, development of automated speech recognition technology, and rise in the adoption of smart home devices. However, the smart speakers market is expected to witness hinderance in the growth and demand due to data security concerns. The microphone integrated in the smart speaker’s system has been feared to capture audio outside of strictly after hot word detection. This poses a threat to the privacy and security of users, as such smart speakers can also be used as wiretaps, aiding cybercrime. Furthermore, the use of such recorded data is unknown, paving way for invasive marketing and raising serious doubts about data and privacy protection.
The smart speakers market has been regionally segmented into North America, Asia Pacific (APAC), Europe, and Rest of the World (RoW). North America is predicted to hold the largest market share during the assessment period due to a rise in the adoption of smart homes, presence of early adopters of technology in the region, and presence of some of the key players in the smart speakers market.
Asia Pacific, on the other hand, is estimated to garner fastest growth during the forecast period. Such augmentation of growth can be attributed to factors such as increased disposable income, rise in the standard of living, and growing adoption of smart homes and smart offices. China and India are projected to contribute significantly to market growth in Asia Pacific. The smart-city announcement in China and India are further propelling adoption of latest technologies among the end users.
The market for smart speakers has been segmented based on various aspects to aid detailed and precise analysis. Smart speakers market has been segmented on the basis of intelligent virtual assistant, application, and region. Based on intelligent virtual assistant, the market has been segmented into Alexa, Google Assistant, Cortana, and Siri. Alexa by Amazon is estimated to hold a major market share for smart speakers during the forecast period, with Google Assistant in the second place. Based on application, the smart speakers market has been bifurcated into personal use and commercial use.
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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
LIST OF TABLES
Table 1 Global Smart Speakers Market, By Product Type
Table 2 Global Smart Speakers Market, By Application
Table 3 Global Smart Speakers Market, By Connectivity
Table 4 Global Smart Speakers Market, By Regions
Table 5 North America Smart Speakers Market, By Country
LIST OF FIGURES
Figure 1 Research Type
Figure 2 Global Smart Speakers Market: By Product Type (%)
Figure 3 Global Smart Speakers Market: By Application (%)
Figure 4 Global Smart Speakers Market: By Connectivity (%)
Figure 5 Global Smart Speakers Market: By Region
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