Smart Speaker Market Dynamics ,Growth Study, Competitive Landscape

Smart Speaker Market Overview

The improvement in technology has bought a revolution. The innovation of a smart speaker has proved that an individual’s voice command can implement certain tasks. A smart speaker is supposed to be a completely wireless speaker.

A smart speaker is a perfect virtual assistant that works on artificial intelligence technology. A smart speaker combines magnetic levitating speakers that can be fitted on any metal base. As it can be placed anywhere in the home, it has proved to be a perfect replacement for traditional speakers. It can be operated with the help of WIFI, Bluetooth, or any other protocol which operates on the wireless concept. Anyone can give a command, for instance, as per for some details, play a song of a particular artist, etc.

The increase in adaptation of smart home devices has increased the usage of smart speakers, resulting in a rise in the smart speaker market size. People have started giving voice commands required for online shopping and food ordering. A smart speaker's efficiency depends on the voice command's clarity. Hackers who are good at imitating voices can misuse smart speakers. This factor may also hinder market growth.

As smart speakers depend on the Internet, network connectivity should be perfect when such systems are used. In places where network connectivity issues arise, the demand for the product may decrease.

Market Segmentation

The smart speaker market can be segmented on applications, intelligent virtual assistants, and regions. According to the applications category, the market can be further divided based on usage into commercial use and personal use. The category of intelligent virtual assistant consists of segments like Google Assistant, Alexa, Siri, Cortona, etc. According to the regional category, the market consists of segments like North America, Europe, Asia-Pacific, and the Rest of the World.

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Regional Classification

When the categories are analyzed in detail, it is found that the smart speaker is used more in personal than commercial use. Hence personal usage segment contributes more to the market growth.

The Alexa segment has the highest contribution to the market growth, followed by google assistant in the intelligent virtual assistant category. According to the regional category, the North American region dominates the market as many innovations are done in this region very frequently.

The people's affordability to purchase devices also helps increase the market value.

Industry News

The global analysis of the smart speaker market states that the market earns revenue of

36.4 US dollars at a CAGR of 16.30% by the end of 2030. Competitors are producing smart speakers such as Google, Amazon.com, Sony Corporation, Xiaomi, Panasonic Corporation, Lenovo Group Limited, Apple Inc., SK Telecom Co. Ltd.

Etc. have made their contributions that lead to a rise in the smart speaker market. Though the publicity of the innovations is done, awareness about its usage and the benefits enjoyed will increase the market. A focus on such an attempt should be made for the market's progress.

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