About Next-Gen Smart Speaker
The next-gen smart speaker refers to voice command wireless device integrated with intelligent virtual assistant technology which uses wireless protocol standards such as Bluetooth, Wi-Fi, and others. As of December 2018, according to NPR and Edison Research, the number of smart speakers in the United States households was 118.5 million and 66.7 million in December 2017. The smartphone market has high growth prospects owing to technological developments in intelligent virtual assistant and AI integrated, smart speakers.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 17.1% |
The next-gen smart speaker market is fragmented owing to the number of players present in the market. Technological advancement in the smartphone industry generating lucrative opportunities for network operators, application developers, component suppliers, and other vendors. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Amazon (United States), Harman International (United States), Apple (United States), Sonos (United States), Alphabet (United States), Bose (United States), Sony (Japan), Xioami (China), Panasonic (Japan), Pioneer Electronics (Japan), Altec Lansing (United States) and Lenovo (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Alibaba Group Holding Limited (China), SK Telecom (South Korea) and Onkyo (Japan).
Segmentation Overview
AMA Research has segmented the market of Global Next-Gen Smart Speaker market by , Application (Personal, Professional and Commercial) and Region.
On the basis of geography, the market of Next-Gen 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 , the sub-segment i.e. Hardware (Speaker Driver, Connectivity IC, Processor, Audio IC, Memory, Power IC, Microphone, and Others) will boost the Next-Gen Smart Speaker market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution Channel, the sub-segment i.e. Online Retail will boost the Next-Gen Smart Speaker market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Intelligent Virtual Assistant Devices, the sub-segment i.e. Amazon Alexa will boost the Next-Gen Smart Speaker market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Emphasizing On AI-Enabled Smart Speakers and Increasing Application of Bluetooth and Wi-Fi Connectivity Feature in Smart Speakers
Market Growth Drivers:
Increasing Demand for Smart Homes and Multifunctional Devices, Development in Human-To-Machine Interaction Technologies and Rising Popularity of Technologically Advanced Products among Millennials
Challenges:
Increasing Connectivity Range for Next-Gen Smart Speakers and Inability to Respond to Complicated and Multiple Command Commands at a Time
Restraints:
Integration of Next-Gen Smart Speakers with Different Virtual Assistant Technology Enabled Devices and Risks of Security Breaches and Data Threats Associate to Smart Speakers
Opportunities:
Technological Developments in Intelligent Virtual Assistant Technology and Wireless Speaker System, Increasing Demand from Automotive Industry for Smart Speakers and Development in Natural Language Processing (NLP)
Market Leaders and their expansionary development strategies
In May 2023, Apple partnered with Matter consortium, a group developing a unified smart home communication standard, potentially opening up Apple HomePods to wider ecosystem integration.
In November 2023, Apple launched the HomePod mini 2, a second-generation smart speaker with improved sound quality and new features like Spatial Audio.
Key Target Audience
Raw Material Suppliers, 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, Forums, Alliances, and Associations, Technology Investors, Research Institutes and Organizations, Analysts and Strategic Business Planners and Market Research and Consulting Firms
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 a 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 the purpose to understand the companies positioning regarding the 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 a 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, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.