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The global smart speaker market is projected to witness healthy growth in the forthcoming years, as reported by Transparency Market Research (TMR). A large number of players are foraying into the business landscape, offering unique functions with the end-user's demands in mind. Vendors in the global smart speaker market are seen focusing on some smart organic as well as inorganic growth strategies in order to gain an edge over their competitors.
The key players in the smart speaker market are seen investing their resources in intuitive voice technologies. Several companies are involved in the process of utilizing artificial intelligence in their products, and offering smarter product portfolio. A key strategy adopted by vendors in the global smart speaker market are strategic mergers and acquisitions. This move is expected to help vendors retain their position in the market, as well as enhance their product portfolio.
Key vendors in the global smart speaker market are Apple, Inc., Amazon.com, Xiaomi Inc., Harman International, and Sonos, Inc.
According to TMR, the global smart speaker market is projected to expand at an 18.01% CAGR over the forecast period 2018 to 2026. The market is projected to rise to $18,472.1 million by the end of the forecast period.
In terms of the modes of sales, the online segment is expected to surpass demand over the other segments. This could be attributed to the growing preference of consumers towards e-commerce due to its convenience.
Geographically, the region of Asia Pacific is prognosticated to emerge as a lucrative regional market for smart speakers. The region is expected to rise at a 19% CAGR over the forecast period.
Changing Lifestyles to Propel Smart Speaker Market
Consumers have a strong focus on smart products, because they are able to control home products using the Internet and their mobile device. The growth of intelligent devices in intelligent homes can be explained as a result of IoT advances. There is an increasing need for security and safety.
The continued demand for convenient and comfortable home owners lifestyles has led to the rapid development of connected solutions in intelligent homes. Since 2012, the number of intelligent products launched on the market has gradually increased. Demand for intelligent speakers, particularly in smart homes, has steadily increased as consumers are increasingly demanding advanced and multifunctional devices. In addition, due to the growth of smartphones, music can be streamed to a specific device and thus the need for smart speakers is rising.
Multiple Functions in Product to Emerge as Key Market Trend
These devices extend their functionality in addition to the provision of sound and entertainment to include various further applications, such as live music and news streaming, problem solving, setting up reminders, and ordering of domestic supplies. The integration of the software has set new paths for the market for intelligent speakers. The planned growth for virtual assistants over the prediction period is high and various companies have used this opportunity to launch products with virtual assistants.
