According to a report of the global smart speaker market by Intelligent Virtual Assistant (Amazon Alexa, Google Assistant, Siri, Cortana, and Others), End-User (Personal and commercial), Distribution Channel (Online and offline), Price (Low, Mid, and Premium) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America).
Smart speakers have special features to enhance the simplicity of use, connect to multiple types of audio sources and give additional functionality. The smart speaker is controlled by spoken commands to perform different tasks such as streaming audio content, relaying information, listening to music, ordering food, and online shopping and communicating with other devices.
Improvement in microphones, automated speech recognition technology, and natural language processing help the smart speaker to recognize and process the voice command of the user with maximum precision. Amazon gives Amazon Echo powered by virtual assistant known as Alexa and Google provides Google Home powered by virtual Google assistant. These products lead the smart speaker market in terms of value and volume.
The rise in demand for smart home devices, increase in consumer preparation to invest in present technologies and a rise in the usage of smart devices between the younger generation. These are the significant factors that drive the growth of the smart speakers market.
The main restraint of the global smart speaker market is the capacity of exploitation of user’s private data by the makers and the threat of illegal cyber-attacks. This restricts the demand for smart speakers from the consumers. Also, difficulty in training the virtual assistants with different languages spoken around the world.
The Intelligent Virtual Assistant Amazon Alexa segment to hold the largest market share
The Alexa smart speakers are expected to dominate during the forecast period. As growing due to its low cost and compatibility with many smart devices and apps, such as smart switches, garage doors, sprinklers, locks, and security cameras.
The End User Personal segment to hold the largest market share
The personal end-user segment is expected to hold the largest market share during the forecast period due to the increasing usage of the devices in smart homes. The combination of these devices with devices such as smart lightbulbs, thermostats, and TVs is inspiring the consumers to acquire these devices for personal uses. The increasing use of these devices in commercial applications such as banking will propel the industry growth.
North America is estimated to largest market share
North America is currently leading the smart speaker market and is expected to be in the leading position for the next few years owing to the high adoption of smart speakers. The readiness of customers to accept and use new technologies has also inspired manufacturers in the region to develop new and advanced products.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading manufacturers such Amazon.com, Inc., Apple, Inc., Alibaba Group, Alphabet Inc, Sonos, Inc., Bose Corporation, Xiaomi, Samsung Electronics Co. Ltd., Baidu Inc., and Plantronics, Inc. (Altec Lansing/AL Infinity, LLC).
Maximize market research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the global smart speaker market. The report encompasses the market by different segments and region, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the global smart speaker database market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain global smart speaker database market positioning of competitors.
Browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on “Global smart speaker market”.
https://www.maximizemarketresearch.com/market-report/global-smart-speaker-market/2355/
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