Global Next-Gen Smart Speaker Market Overview:
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. Some of the key players profiled in the study are 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).
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.
- Increasing Demand for Smart Homes and Multifunctional Devices
- Development in Human-To-Machine Interaction Technologies
- Rising Popularity of Technologically Advanced Products among Millennials
- Emphasizing On AI-Enabled Smart Speakers
- Increasing Application of Bluetooth and Wi-Fi Connectivity Feature in Smart Speakers
- Integration of Next-Gen Smart Speakers with Different Virtual Assistant Technology Enabled Devices
- Risks of Security Breaches and Data Threats Associate to Smart Speakers
- Technological Developments in Intelligent Virtual Assistant Technology and Wireless Speaker System
- Increasing Demand from Automotive Industry for Smart Speakers
- Development in Natural Language Processing (NLP)
- Increasing Connectivity Range for Next-Gen Smart Speakers
- Inability to Respond to Complicated and Multiple Command Commands at a Time
Major Market Developments:
13th February 2019, Skill Blueprints program in the Alexa Skills Store providing easy to use templates for Amazon Echo holders to add their personal voice apps to the Alexa Skills Store without complex coding. and 17th October 2018, SK Telecom, a Korean wireless telecommunications operator opens developer platform for AI speaker. This will enable third parties to develop services for AI speakers without the need to know how to coding.
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.
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
Major Objectives Focused through this Study
To define, describe, and forecast the Global Next-Gen Smart Speaker market on the basis of product  , application [Personal, Professional and Commercial], key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Next-Gen Smart Speaker market with respect to major geographies, namely, 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)
To strategically profile the key players and analyzing their market shares and core competencies in the Next-Gen Smart Speaker industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Available Customization: Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Players which are also part of the research are Alibaba Group Holding Limited (China), SK Telecom (South Korea) and Onkyo (Japan).
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Next-Gen Smart Speaker market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Dow Jones (Factiva), along with primary respondents. The complete methodology includes the study of the annual and financial reports of the key market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) related to the market.