Smart Speaker Market Analysis Focusing on Top Key Players – Amazon.com, Inc., Bose Corporation, Altec Lansing, Apple Inc., Samsung Electronics, Logitech International SA & more

MarketStudyReport.com Adds New Smart Speaker Market 2017 – 2024 research report providing information and data By Technology, By Product, Industry Analysis, Regional Outlook, Growth Potential, Trends, Competitive Market Share & Forecast spreading across 120 Pages with table and figures in it.

Smart Speaker Market Research Report that shows the growth of the market is rising at a 20% CAGR to 2024.

Smart Speaker Market size is set to exceed USD 13 billion, with shipments of over 100 million units by 2024. The smart speaker market is expected to grow at a significant pace over the forecast timeframe owing to the growing proliferation of smart homes across the globe. Factors such as high network connectivity and growing need to increase consumer convenience are anticipated to drive the market. Several device manufacturers are investing in improving the functionality of legacy systems beyond playing music. This, coupled with increasing demand for wireless devices will escalate the industry size.

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Rise in demand for Internet of Things (IoT) is expected to fuel the smart speaker market growth. The manufacturers are increasingly investing to develop devices that work with the devices such as Wink Hub, Logitech Harmony Elite, and Philips Hue Bulbs. For instance, Amazon Alexa works directly with several smart home devices using If This Then That (IFTTT) methodology.

Implementation of virtual personal assistants are expected to positively impact the smart speaker market growth. This technology can stream music and audio books with a single voice commands. The launch of Amazon Echo has caused disruption in the market, with several other companies such as Google and Apple following suit. For instance, Apple has announced the launch of HomePod in December 2017.

Factors such as connectivity range, compatibility, and power are expected to restrain the smart speaker market growth. The market faces growing security concern, owing to the connection of these devices to the internet. The voice assistant-enabled speakers inadvertently store consumers' private data into Amazon servers. The threats of hacking and data leaks persist, though the company claims that the data is secured. This is expected to hamper the market growth during the forecast timeframe.

The U.S. smart speaker market is expected to witness significant growth, owing to numerous technological advancements taking place in the region. Readiness of customers to adopt to newer technologies has encouraged manufacturers in the region to develop newer, and advanced products. Countries in Asia Pacific, including China, South Korea and Japan are expected to experience high market demand, owing to increasing consumption of connected consumer electronics.

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Prominent players in the smart speaker market include Amazon.com, Inc., Bose Corporation, Altec Lansing, Apple Inc., Samsung Electronics, Logitech International SA, Sonos Inc., and Sony Corporation. The companies are highly competitive and continuously invest in development of technologically advanced products to retain their position in the industry. For instance, after Sonos launched its multi-room range, Philips developed a protocol, named Izzy link to connect multiple speakers.

Table of Content:

Chapter 1. Methodology and Scope

Chapter 2. Executive Summary

Chapter 3. Smart Speaker Industry Insights

Chapter 4. Smart Speaker Market, By Technology

Chapter 5. Smart Speaker Market, By Product

Chapter 6. Smart Speaker Market, By Region

Chapter 7. Company Profiles

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Related Report:

United States Smart Speaker Market Report 2018

In this report, the United States Smart Speaker market is valued at USD XX million in 2017 and is expected to reach USD XX million by the end of 2025, growing at a CAGR of XX% between 2017 and 2025.

https://www.marketstudyreport.com/reports/united-states-smart-speaker-market-report-2018/?utm_source=RR-PSR

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Posted by on Friday August 10 2018, 8:16 AM EST. All trademarks acknowledged. Filed under Business Services, Consumer Electronics, Featured Press Release, Household, Luxury Goods, Technology, Media, & Telecommunications. Comments and Trackbacks closed. Follow responses: RSS 2.0

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