Global Smart Speaker Market Overview:
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. 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 2024.
- Rapid proliferation of multifunctional devices
- Increasing number of smart homes in both developed and developing economies
- Growing trend of personalization
- Surging penetration of IoT technology
- Issues related to connectivity range, compatibility, and power
- Increasing consumer preference for technologically advanced products
- Soaring focus of companies on enhancing customer experience
- High security risk
- Wide availability of substitute
Some of the key players profiled in the report are 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). Additionally, following companies can also be profiled that are part of our coverage like Logitech International (Switzerland), Sonos (United States), SK Telecom (South Korea) and Sonos (United States). Analyst at AdvanceMarketAnalytics see Japanese, United States and Korean Vendors to retain maximum share of Global Smart Speaker market by 2024. Considering Market by Component Type, the sub-segment i.e. Hardware (Speaker Driver will boost the Smart Speaker market.
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.
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The top-down and bottom-up approaches are used to estimate and validate the size of the Global Smart Speaker market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Smart Speaker market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes 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.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.