Title: Smart Speaker Market to hit 100 million units by 2024: Fractovia.org
1Global Smart Speaker Industry to hit 100 million
units by 2024 Fractovia.org
Fuel Cell Market size worth 25.5bn by 2024
2 Key Insights of Smart Speaker Market
- The foray of smart speaker market has created
ripples of anticipation among modern-day
consumers, given that an analogy has always
existed between the Internet of Things and
consumer preferences. With more and more smart
products making inroads in the smart industry,
companies have been focusing on using connected
devices to raise the efficiency of existing
operations by a few notches. Ever since the
advent of the smart era, leading tech giants such
as Apple and Google have been engaging in a
fierce battle to gain the upper hand in terms of
smart products development. The trend which is
perpetually consistent even in todays business
scenario, will be one of the key driving forces
behind the growth of smart speaker industry. - Undeniably, the burgeoning developments in the
IoT (Internet of Things) business sphere will
bring about a plethora of changes in the
perception of smart speaker market. Embedded with
varied functionalities, including problem
solving, ordering of essential items, live
streaming of music, live news reporting, setting
reminders, to name a few, smart speakers are
indeed the exclusively classy wireless playback
devices in vogue. Forbes has rightly quoted smart
speakers to be the future of audio, a fact which
is likely to catapult smart speaker industry,
which, as per analysts, is slated to record a
valuation of USD 13 billion by 2024.
3 Continued
- The retail magnate Amazon was the first company
to pioneer the numero uno smart speaker, called
the Amazon Echo, in 2014. The product was
officially launched in mid-2015, and from then on
began the commercialization of smart speaker
industry. Amazons Echo since then, has been
upgraded numerous times, and with every
advancement, the sales and commercialization of
the product have soared beyond predicted
expectations. For instance, in May 2017, the
retail giant launched the Echo Show, designed to
provide exclusive features such as flash
briefings, online video browsing, video calling,
etc., apart from the basic functionalities of
Amazon Echo. In addition, a leading tech daily
has forecast that Amazon, in all probability will
capture tentatively more than 68 of the
voice-controlled speaker market in U.S. in 2017,
which will eventually lead to the growth of U.S.
smart speaker industry share. - Not to be left behind in the race, Google, post
Amazons successful launch, released its smart
speaker, Google Home by the end of 2016. And now,
another contender has joined the marathon Apple
is likely to launch its own smart speaker, called
HomePod, by the end of 2017, powered by Siri.
Considering that these conglomerates are
essentially headquartered in the U.S., it comes
as no surprise, that U.S. smart speaker market
has been forecast to dominate the global industry
share over 2017-2024. As per estimates, more than
6.5 of Americans currently own at least one
smart speaker, and more than 40 of smart speaker
owners possess two or more devices.
4 Continued
- The convenience of Bluetooth technology and its
already established prominence across the globe
are anticipated to stimulate the development of
Bluetooth-enabled smart speaker industry over
2017-2024. The increasing prevalence of smart
homes is another major driver fueling the growth
of smart speaker market. Since these homes are
efficiently designed to deliver central
connectivity between electronic devices, the
incorporation of smart speakers in the house will
be on an all-time high, a factor which will lead
to the massive growth of smart speaker industry
worldwide. In addition, these speakers are
available in terms of single-room, double-room,
and multi-room, depending upon consumer
requirements as regards to the accessibility
factor. - Though estimates claim single-room products to
dominate the overall smart speaker market over
the next seven years, pertaining to the consumer
preferences of handling the speaker from one room
only, multi-room products stand tall in terms of
garnering popularity and sales in the forthcoming
years. Possibly, this growth can be attributed to
the convenience offered by these devices in terms
of flexibility. These products enable users to
control the speaker functionality from multiple
rooms via a single device. This business zone is
relatively in its embryonic stage, and yet, tech
magnates have been aggressively combating with
one another for a chunk of smart speaker industry
share.
5Global Smart Speaker Market Share, By Region, 2016
6 Browse Full Market Research Report Of Smart
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7Table of Content of Smart Speaker Market
- Chapter 1 Methodology Scope
- 1.1 Methodology
- 1.1.1 Initial data exploration
- 1.1.2 Statistical model and forecast
- 1.1.3 Industry insights and validation
- 1.1.4 Definition and forecast parameters
- 1.2 Data Sources
- 1.2.1 Primary
- 1.2.2 Secondary
- Chapter 2 Executive Summary
- 2.1 Smart speaker industry 3600 synopsis, 2013
- 2024 - 2.1.1 Business trends
- 2.1.2 Technology trends
- 2.1.3 Product trends
- 2.1.4 Regional trends
8Continued
- Chapter 3 Smart Speaker Industry Insights
- 3.1 Industry segmentation
- 3.2 Industry size and forecast, 2013 - 2024
- 3.3 Industry ecosystem analysis
- 3.3.1 Raw material trends
- 3.3.1.1 Acoustic Lens
- 3.3.1.2 Speaker Drivers
- 3.3.1.3 Speaker Grille and Fabrics
- 3.3.2 Manufacturers
- 3.3.3 Distributors
- 3.3.3.1 Retailers
- 3.3.3.2 Wholesalers
- 3.3.3.3 Online channels
- 3.4 Technology innovation landscape
- 3.4.1 Connection Technologies
- 3.4.1.1 Bluetooth
- 3.4.1.2 Wi-Fi
- 3.4.1.3 Near Field Communication (NFC)
9 Continued
- These estimates prove that the readiness of
consumers to adapt to advanced technologies like
a fish takes to water will encourage U.S.
manufacturers to develop advanced, user-friendly,
and multi-functional products, thereby augmenting
U.S. smart speaker industry. Judging by the pace
at which smart speaker market players have been
progressing, it is evident that smart speakers
are likely to become all-pervasive in a few
years. As per a reliable forecast, a substantial
proportion of households across the world may
incorporate a smart speaker in their home by
2020.While Amazon, Google, and Apple have already
established their space in global smart speaker
industry, other major corporations, not to be
outdone, have joined the quest as well. - Currently, some of the popular companies
consolidating their position in smart speaker
market include Samsung, Sony Corporation,
Terratec, Philips, Edifier, and JBL. Wi-Fi
devices have been gaining prominence in global
smart speaker industry, owing to the fact that
they ensure a reliable, direct connection to the
home network. Despite the fact they are expensive
and require continuous access to the internet,
Wi-Fi enabled smart speaker market is on its way
to carve out a profitable growth path. However.
Bluetooth devices are no less popular either. In
January 2015, Sony declared the launch of high
resolution audio devices that enable users to
listen to high quality music via Bluetooth.
10Continued
- 3.4.2 Intelligent Personal Assistants
- 3.4.1.1 Google Now
- 3.4.1.2 Alexa
- 3.4.1.3 Cortana
- 3.4.1.4 Siri
- 3.4.1.5 Blackberry Assistant
- 3.4.1.6 Braina
- 3.4.3 3.4.3. Multi-room Speaker Technology
- 3.5 Price trend analysis
- 3.6 Regulatory landscape
- 3.6.1 North America
- 3.6.2 Europe
- 3.6.3 Asia Pacific
- 3.7 Industry impact forces
- 3.7.1 Growth drivers
- 3.7.1.1. Rising demand for internet of things
- 3.7.1.2. Growing number of smart homes
- 3.7.1.3. Increasing focus of companies on
enhancing customer experience - 3.7.1.4. Increasing wireless connectivity
demand for wireless devices
11Continued
- 3.7.1.5. High acceptance of technological
advancements - 3.7.1.6 Increaing customer focus towards
connected solutions - 3.7.1.7 Rising disposable income
- 3.7.2 Industry pitfalls challenges
- 3.7.2.1 Increasing security risks
- 3.8 Growth potential analysis
- 3.9. Porters analysis
- 3.9.1 Threat of new entrants
- 3.9.2 Buyer power
- 3.9. 3. Supplier power
- 3.9. 4. Threat of substitutes
- 3.9.5. Industry rivalry
- 3.10 Competitive landscape, 2016
- 3.11 PESTEL analysis
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