Smart Speaker Market to surpass $13bn by 2024

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Global Smart Speaker Industry to grow at 50 CAGR
from 2017 to 2024 Global Market Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Key Insights from Smart Speaker Market

• The report by Global Market Insights, Inc., says
  that smart speaker market size is set to exceed
  USD 13 billion, with shipments of over 100
  million units by 2024. Smart speaker industry has
  recently witnessed a plethora of megatrends that
  are underlining its massive expansion. Industry
  players are betting on the competitive landscape
  to capitalize the growth opportunity. Arguably
  pioneered by Amazon, subject to their launch of
  interactive speakers with Echo device late in
  2014, the industry now is witnessing an
  inflection point with the influx of new players
  in the business exploiting the future growth
  prospects.
• In last two years, rushing in of Chinese
  competitors in smart speaker market has
  diversified the product landscape immensely.
  Recently, the announcement of Alibabas entrance
  in the business is expected to add a new
  dimension to the industry trends, grounding on
  the fact that participation by these renowned
  players is slated to disrupt the market
  consolidation.

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Continued...

• The trends of IoT, particularly in the
  electronics and telecommunication industry has
  observed vibrant advancements over the past few
  years. Boasting the potential contribution of
  internet in the evolution of smart era, smart
  speaker market has established its immutable
  presence across various developing geographies.
  Increasing proliferation of consumer electronics
  and high demand for wireless connectivity are the
  two major grounds driving the market penetration.
  
• Of late, technological interventions have allowed
  manufacturers to introduce products that are not
  confined only to playing music, but have extended
  their applications to problem-solving, setting
  reminders, streaming of news and music with a
  single voice command. Integration of virtual
  assistant software has played a pivotal role in
  reshaping the business model. Google Home, for
  instance, powered by Google is profoundly
  considered one such technological breakthrough.
• From a valuation of USD 400 million in 2016,
  smart speaker market in the next seven years is
  forecast to outpace all records by collecting a
  revenue of USD 13 billion by 2024. Considering
  the technological integration in the
  manufacturing of these devices, smart speaker
  market mainly encompasses Bluetooth, Wi-Fi, and
  NFC based products. Portability, compactness,
  built in battery makes Bluetooth enabled device
  an absolute choice for usage in outdoor
  activities and travel.

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Global Smart Speaker Market Share, By Region, 2016

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Continued...

• Wi-Fi based smart speakers market is also
  experiencing an escalating commercialization,
  subject to its longer range and feasibility of
  directly connecting with the home network.
• The remarkable expansion of smart speaker market
  is quite evident from its diversified product
  landscape. The industry being highly consumer
  driven, observes a widespread variety of products
  that increase the consumer convenience.
• Growing consumer inclination toward single room
  smart speakers is likely to enable this products
  domination in the global industry landscape. Ease
  of access from a single room is expected to be
  the main factor driving the huge adoption.
• However, one of the factors that might provide a
  lucrative opportunity to its counterpart-
  multiroom smart speakers is the service range
  limitation of single room speakers. Greater
  convenience in terms of connectivity range,
  signal resilience, and user amenability can be
  given the credit for the multiroom smart speaker
  market penetration. Sonos Play wireless system is
  one of the profound examples of multiroom smart
  speakers.

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Regional Analysis

• The United States being one of the most
  progressive nations, as far as technological
  penetration is concerned, observes an upper hand
  in the global smart speaker industry.
• Increasing regional demand for wireless
  connection and rising Iot applications is driving
  the U.S. smart speaker market.
• With China, India, and Japan at the helm, APAC
  smart speaker market will also witness
  substantial gains in the years ahead.
• Macroeconomic conditions, low labor costs,
  decreasing raw materials prices, and a paradigm
  shift in automation trends are some of the
  factors influencing the regional market outlook.

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Companies

• Google Corporation
• Amazon
• Terratec
• Edifier
• Samsung Electronics
• Philips
• JBL

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