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Global Smart Speaker Market

By Author: madhuri patil
Total Articles: 28

Global Smart Speaker Market is expected to grow from USD 1.48 Billion in 2017 to USD 18.84 Billion by 2026, at a CAGR of 32.67% between 2017 and 2026. (Detailed analysis of the market CAGR is provided in the report)

Smart speakers are the wireless and voice command operated version of speakers with an integrated virtual assistant, with use of which it is possible to carry out interactive actions and it also offers handsfree activation with help of voice commands. The smart speakers can easily connect with various portable devices such as laptops, smartphones, and tablets. Equipped with Wi-Fi and Bluetooth, smart speakers can stream audio content wirelessly. Smart speakers have additional advantages such as durability and are convenient for outdoor purposes.

Smart Speaker Market
Increasing number of smart homes, rapid proliferation of multifunctional devices, rising disposable income, increased spending capabilities, and growing trend of personalization are the key factors driving the growth of smart speaker market. However, availability of substitutes and issues related to connectivity range, compatibility, and power are restraining smart speaker market growth.

Further key findings from the report:

• Virtual assistants are expected to experience significant growth during the forecast period. Since, there is an increase in adoption of virtual assistant technology by major players in smart speaker market, as this technology allows multiple users to access it with multiple distinguishing and recognition capabilities, hence offering a customized user experience
• Since Google Assistant made strong gains with the launch of Google Home, Amazon Alexa’s AI operating system fell to 69% share of smart speakers down from over 80% in the first half
• Amazon Alexa accounted for the largest share of smart speaker market in 2016 owing to its advantages over tough competitors in terms of low cost and compatibility with a number of smart devices and apps, such as garage doors, smart watches, security cameras
• Among geographical regions, North America currently leads Global Smart Speaker Market in terms of market size. With increased demand and popularity one in six Americans now own a smart speaker, over 16 percent of Americans own a smart speaker, or around 39 million people. The presence of key players such as Amazon, Google, Bose, and Apple in America drives the Global Smart Speaker Market growth in this region
• Wi-Fi Global Smart Speaker Market is expected to grow at higher CAGR by 2026 as they offer a direct connection to the home network and allows user to access the internet and provides longer range, have a compact built in battery

More Information: https://www.maximizemarketresearch.com/market-report/global-smart-speaker-market/2355/

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