What is Smart Speaker?
The smart speaker is a wireless speaker which is equipped with Bluetooth, Wi-Fi, or other wireless protocols and powered by a virtual assistant. It is mainly driven by artificial intelligence. These speakers are the latest technological innovation dominating the consumer technology market and are activated by a voice command to perform different tasks such as listening to music and online shopping. The growing penetration of the Internet of Things (IoT) and connected devices provides huge opportunity in the growth of the very market due to the reduction in computing costs and growing Wi-Fi connectivity.
The market study is broken down by Type (Single Room, Double-Room and Multi-Room), by Application (Smart Home, Smart Office, Consumer and Others (Commercial and Automotive)) and major geographies with country level break-up. According to AMA, the Global Smart Speaker market is expected to see growth rate of 31.44% and may see market size of USD17.5 Billion by 2026.
Analysts at AMA Research estimates that Vendors from Japanese, United States and Korean will contribute to the maximum growth of Global Smart Speaker market throughout the predicted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Apple (United States), Google (United States), Bose (United States), Harman (United States), Sony (Japan), Pioneer (Japan), Onkyo (Japan), LG Electronics (South Korea), Altec Lansing (United States), Avnera (United States), Panasonic (Japan), DandM Holdings (Japan), Sharp (Japan) and Xioami (China) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Logitech International (Switzerland), Sonos (United States), SK Telecom (South Korea) and Sonos (United States).
Segmentation Overview
AdvanceMarketAnalytics has segmented the market of Global Smart Speaker market by Type, Application and Region.
On the basis of geography, the market of Smart Speaker has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Component Type, the sub-segment i.e. Hardware (Speaker Driver will boost the Smart Speaker market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
iHome has announced several new Alexa speakers. Two portable Alexa speakers, called AMA speakers, stream Alexa from the phone rather than the devices themselves, allowing to access Alexa outside of Wi-Fi range.
Market Trend
- Growing trend of personalization
- Surging penetration of IoT technology
Market Drivers
- Rapid proliferation of multifunctional devices
- Increasing number of smart homes in both developed and developing economies
Opportunities
- Increasing consumer preference for technologically advanced products
- Soaring focus of companies on enhancing customer experience
Restraints
- Issues related to connectivity range, compatibility, and power
Challenges
- High security risk
- Wide availability of substitute
Key Target Audience
Original equipment manufacturers (OEMs), OEM technology solution providers, Technology, service, and solution providers, Intellectual property (IP) core and licensing providers, Suppliers and distributors, Government and other regulatory bodies, Technology investors, End users (Smart home, smart office, commercial, and automotive) and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.