December 18, 2018 – According to a report available on Radiant Insights, Inc.; the global smart speaker market is anticipated to expand at a steady CAGR by 2025. Factors such as increasing disposable income and adoption of smart homes are the primary market drivers. High penetration of multifunctional devices and rising trend of customization can further propel market expansion during the forecast period (2018 to 2025).
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Increasing applications in wireless streaming of audio content is considered as the major driving factors for the market. Easy Wi-Fi and Bluetooth connectivity with portable devices like smartphones, tablets, and laptops is a major driver for the rise in demand for these speakers. Advantages like fast functionality, easy maintenance, and suitability for outdoor applications are anticipated to bode well for overall market growth in the forthcoming years.
Smart speakers are built to provide high quality of sound and to consume less power. In addition, technological improvements such as Near-Field Communication (NFC) connectivity, which pairs with devices at a single tap can boost the product demand. Moreover, speakers with Intelligent Virtual Assistant (IVA) capability are adopted in smart offices to implement voice-user interface. Advancements in Artificial Intelligence (AI) and Natural Language Processing (NLP) for enhanced voice recognition can further propel demand for smart market. All these factors are anticipated to drive the global market over the forecast period.
In a recent advancement, Apple Inc. introduced a new wireless speaker called HomePod. It offers stunning audio quality at various locations in the house with multiple styles of music. It can be used in homes, apartments, and business places. This speaker can be paired with Siri to send messages, play podcasts, set timers, and to check the news. It can be also used to control several HomeKit smart home accessories.
The worldwide smart speaker market can be segmented on the basis of application and region. As per application, the market can be bifurcated into commercial and personal use. Geographically, the market can be divided into North America, Europe, and Asia Pacific.
North America is expected to continue leading the global market during the forecast period due to high demand and early adoption. Presence of well-established players and high consumer acceptance for novel technologies is likely to further support regional market growth. Europe is expected to showcase significant growth over the forecast period. New product launches by top players is anticipated to drive growth of the market in this region.
Asia Pacific is expected to be the fastest growing market for smart speakers. Factors such as rise in disposable income, adoption of smart homes, and presence of many regional manufacturers are expected to support regional market growth. Developing countries such as India, China, and Japan are identified as the major market contributors. China is anticipated to hold a major market share over the forecast period due to existence of leading providers.
Key players operating in the smart speaker market include Amazon.com; Google; Apple Inc.; Harman International; and Sony Corporation. The market is extremely competitive owing to existence of large numbers of vendors. Market competition is primarily based on features, technology, design, sound quality, pricing, and size. Companies are emphasizing on innovation to improve product quality with advanced technologies. They are also including the latest versions of Bluetooth smart chips and updated Wi-Fi connectivity to improve product efficiency.