Smart Speaker Market Opening Up A Plethora Of Opportunities During 2020-2026

By Author: AllTheResearch
Total Articles: 40
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A smart speaker is a wireless speaker integrated with an intelligent virtual assistant for performing interactive operations such as browsing the web, listening to the latest news, streaming music, and purchasing products online. Smart speaker devices are activated by a voice command to perform these operations. Advancements in speakers and their integration with automated speech recognition technology and natural language processing (NLP) have changed the way users listen to music.
The global smart speaker market was valued at US$ 2.28 Billion in 2018 and is expected to reach US$ XX Billion by 2026, growing at a CAGR of 28.3% during the forecast period. Rising purchasing power of consumers and increasing proliferation of internet are expected to drive the growth of the global smart speaker market.
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A smart speaker is a wireless speaker integrated with an intelligent virtual assistant for performing interactive operations such as browsing the web, listening to the latest news, streaming music, and purchasing products online. ...
... These devices are activated by a voice command to perform these operations. Advancements in speakers and their integration with automated speech recognition technology and natural language processing (NLP) have changed the way users listen to music.
Additionally, growing consumer preference for technologically advanced products is a factor that is expected to boost the demand for smart speakers. Further, major manufacturers are investing on the development of IoT-enabled smart speakers which will further increase the demand for these smart speakers.
However, the presence of substitute products and issues related to compatibility, connectivity range, and power are expected to impede the growth of the market. The threat of cyber-attacks and the possibility of exploiting users’ private data by manufacturers are expected to hamper the growth of the market.
Key Findings:
• Based on Intelligent Virtual Assistant, Amazon Alexa is anticipated to hold the largest share in the market.
• Based on Price Range, the medium segment is expected to hold the largest share in the market.
• Based on distribution channel, online retailing is anticipated to lead the market with the largest market share.
• Based on End-users, the individual segment is expected to hold the largest market share.
• Based on regions, North America is expected to hold the largest market share.

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Recent News:
• In July 2018, Pioneer Electronics entered into a partnership with Amazon to present a new VA-FW40 Elite F4 Smart Speaker enabled with Amazon Alexa voice assistant.
• In September 2019, Amazon has introduced a range of new Alexa features and an all new line-up of Echo devices. These updated variants consist of an LED display that shows time, alarms, and outdoor temperatures.
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Company Profiles and Competitive Intelligence:
The major players operating in the global smart speaker market are Amazon, Google, Baidu, Alibaba, Xiaomi Corporation, Sonos, Bose Corporation, Apple, Inc., Samsung, and Microsoft among others.
About All The Research:
All The Research was formed with the aim of making market research a significant tool for managing breakthroughs in the industry. As a leading market research provider, the firm empowers its global clients with business-critical research solutions. The outcome of our study of numerous companies that rely on market research and consulting data for their decision-making made us realise, that it’s not just sheer data-points, but the right analysis that creates a difference.
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