Smart Speaker Market size worth over $30bn by 2024
Published Date: July 23, 2018 Authors: Preeti Wadhwani, Saloni Gankar
Smart Speaker Market size is set to surpass USD 30 billion by 2024; according to a new research report by Global Market Insights, Inc.
The increasing penetration of smart homes across the globe will boost the market growth. Several factors, such as growing need to increase consumer convenience and rising network connectivity, will drive the demand. Companies are integrating these devices with intelligent home appliances such as humidifiers, Ikea lightbulbs, thermostats, and salt shakers.
The increasing demand for personalization is expected to spur the market demand. The majority of early adopters of these devices are affluent, educated millennials. However, the devices are gaining traction among other demographic groups such as young gen X and children. These devices allow a high degree of personalization that appeals to consumers.
Growing concerns regarding compatibility are projected to restrain the smart speaker market expansion. The new devices, such as Sonos One and Samsung Bixby, are facing compatibility issues with devices such as Belkin’s WeMo range of switches, Philips Hue, and LIFX. Several devices and standards only support one system.
Advertising on these devices will propel the market share during the forecast period. Businesses are increasingly experimenting with advertising via these devices driven by their rising popularity. Several companies, such as Burger King, VoiceLabs, and Oprah’s Favorite Things, have debuted on the IVA-enabled devices. The companies are implementing several policies to regularize the advertising on these devices.
Browse key industry insights spread across 300 pages with 372 market data tables & 29 figures & charts from the report, “Smart Speaker Market Size By Intelligent Virtual Assistant (Alexa, Google Assistant, Siri, Cortana, Others), By Application (Personal, Professional, Commercial), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
The commercial applications are anticipated to witness growth rate of more than 26% till 2024 led by the increasing usage of these devices by several service providers. For instance, Deutsche Telekom has announced the usage of Amazon intelligent devices to provide services such as radio player and EntertainTV.
The increasing usage of IVAs in the healthcare industry is predicted to open new growth opportunities to the smart speaker market. These devices will be incorporated in the patient’s room in hospitals that will allow the patients to forward updates and requests to doctors and nurses through voice controls. The integration of these devices with platforms, such as building management systems, will allow the adjustment of window blinds and lighting. Several organizations are partnering with technology giants to develop such devices with advanced security.
The Germany smart speaker market size is poised to reach over USD 3 billion by 2024 on account of an increasing use of home automation in the country. Several players in the country are developing these devices to cater to the exponentially increasing requirements of the consumers. For instance, researchers at the Fraunhofer Institute for Digital Media Technology are playing a vital role in the development of these devices by designing a combination of loudspeakers and microphones for smart voice control.
The key companies operated in the market include Apple, LG Electronics, Sonos, Ultimate Ears, Panasonic Corporation, Invoxia, and Baidu. The industry is characterized by the presence of a large number of participants with intense competition. In addition to the existing players, several new leaders are taking initiatives to enter the market.
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