As a part of industry 4.0, the focus is majorly shifting towards automation of everything, or in simple terms can be stated as Internet of Everything. The major part of this connected space is tend to occupy by the connected homes and smart homes. These smart homes will become so independent and intelligent and will begin to talk to talk to a person living in these homes. That intelligence of conversation requires a smart speaker, a wireless speaker, accepting the voice commands, which is installed with a virtual digital assistant, that takes up the user request or commands, processes them and converse through the speaker.
The Smart Speakers Market is very much expected to boom in the upcoming years, as there is a huge shift in digitizing the homes. These smart speakers are wirelessly connected over Bluetooth, Wi-Fi or Zigbee and can be connected with any of your smart devices like smartphones, tablets and laptops. Imagine, a speaker waking you up by playing a soothing song in the morning, updating you with the latest news or even take calls. The trend of smart work, instead of hard work is making its way in the minds of people across the world, and this trend is helping the market of smart speakers rise up. Amazon’s Echo, is one of the smart speaker that is integrated with amazon’s digital assistant, Alexa, taking up a little space in home and making the life of a consumer easier. The advancement in wireless technology is another factor that drive the growth of this market.
However, there are certain factors that restrain the growth of this market, like range of connectivity, power issues and compatibility issues. These factor are common for any of the wireless electronic device.
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Major Key Players
The key players of global smart speakers market report include 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) and others.
According to Market Research Future Analysis, Smart Speakers Market has been valued at USD 9 billion by the end of forecast period with 36% of CAGR during forecast period 2016 to 2022.
December, 2017, Amazon brings its Echo smart speakers and music unlimited service to 28 new countries. Amazon is mostly contributing to push its media services worldwide after it expands its Alexa smart speakers and its standalone music unlimited service to an additional 28 countries. The initial market for Echo included the U.S, the U.K, India and Japan. The music streaming service covers more than 40 million tracks and it is available independently of Amazon’s Prime package. Amazon has introduced the Echo smart speakers to countries like Belgium, Iceland, Bolivia, Latvia, Bulgaria, Liechtenstein, Chile, Lithuania, Colombia, Luxembourg, Costa Rica, Malta, Cyprus, Netherlands, Czech Republic, Panama, Ecuador, Peru, El Salvador, Poland, Estonia, Portugal, Finland, Slovakia, Greece, Sweden, Hungary and Uruguay. These countries mostly fall in Europe, making Europe the most preferred market for smart speakers.
December, 2017, Qualcomm snapdragon for smart speakers. It’s Qualcomm’s Voice Interaction Reference Design, a smart speaker running on the Snapdragon 845 chipset. Qualcomm has included its voice UI technology system, Aqstic, The Snapdragon 845 has improved always-on keyword detection over previous models: for smartphones, one of the big benefits there is a reduction in power consumption while constantly listening out for a trigger word. This addition of the powerful chip on a smart speaker is certainly going to increase the competition among the big rivals like Samsung and Huawei, which are having their own chipset manufacturing units and possess the digital assistant capabilities. By region, the Asia Pacific is having a huge growth opportunity due presence of large tech giants.
August, 2017, Google announced working with partners to bring Google Assistant to more speakers. Instead of limiting its voice-activated personal assistant, Google is leveraging third-party manufacturers to help push the Google Assistant platform further into our homes. One of the companies named in that original announcement is Mobvoi and its TicHome Mini speaker. Powered by a battery, the speaker doubles as a dedicated Bluetooth speaker and Google Assistant interaction point. Although, the competitive landscape in the smart speaker market include players from different segments like acoustics, chipset, and software services, there is expectation of number of partnerships and collaborations in this market.
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Smart Speakers Global Market – Segmentation
By product type, the market is segmented into single speakers, double speakers and multi speakers.
By connectivity, the market is segmented into Bluetooth, Wi-Fi, Near Field communication (NFC) among others.
By application, the market is segmented into, personal use and commercial use.