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EDGE 2020 Goes Virtual
Smart speaker is a speaker that can be activated by an intelligent virtual personal assistant. Any consumer majorly uses this device to listen to music and ask questions related to any problems, and control smart home devices. The smart speaker market has witnessed significant growth over two years, since its inception, owing to increase in technological awareness and rise in usage of smart home devices.
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Advancement in microphones, automated speech recognition technology, and natural language processing (NLP) help the smart speakers to identify and process the voice command of the user with utmost precision. Amazon offers Amazon Echo powered by virtual assistant known as Alexa and Google provides Google Home powered by virtual Google assistant. These dominate the smart speaker market in terms of value and volume. The other players operating in this market include Apple, Alibaba, Sonos, and others.
There is an increase in the purchase of smart speakers owing to the rise in technological awareness among the consumers. Amazon Echo is projected to continue to evolve with integration of more skills and features and would reach to even more customers in the near future. Thus, continuous advancement of smart speakers and its expansion in various regions around the globe are expected to boost the growth of the market during the forecast period.
With the rise in usage of smart phones and smart home devices, smart speakers witness an increase in growth rate owing to the compatibility with smart home devices. Also, smart speakers exhibit a great potential to bridge the digital divide. Most of the people, especially in the underdeveloped countries are not computer savvy. The mobile revolution outpaced the computer revolution in India as smart phones provide ease of use with greater utility. Similar to the smart phone revolution, the smart speaker market is expected to grow significantly in the developing regions of Asia-Pacific because of the ability to perform multiple functions and the availability at an affordable price range. The companies such as Amazon and Google are partnering with smart home manufacturers to provide ease of access to different smart home devices. The major restraint that affects the expansion of smart speakers by the major players in smart speaker market includes the localization demands of the consumers. Localization of intelligent virtual assistants, which includes the ability of the assistants to speak in different local languages, poses a great challenge to the smart speaker manufacturers. The complex process of language understanding and translation, speech recognition for the languages, including dialects and variations in accent, addition of local knowledge or culture to the system (local music, local retail markets, news, celebrities, and jokes), and spoken language generation requires a lot of resources for the manufacturers. As a result, the companies are partnering with the local players in the field of artificial intelligence to create a suitable product for the local markets.
The key players operating in the smart speaker market include Amazon.com, Inc., Apple, Inc., Alibaba Group, Alphabet Inc. (Google Inc.), Sonos, Inc., Bose Corporation, Xiaomi, Samsung Electronics Co. Ltd., and Baidu Inc. and Plantronics, Inc. (Altec Lansing/AL Infinity, LLC). The companies adopt innovative ideas, invest on advertisements across digital & print media, and increase the participation or development of other players such as Lenovo, SK Telecom, and others. These factors fuel the market competition and growth. Recently, Lenovo introduced The Lenovo smart display powered by the Google assistant in mid-2018. It combines the broad usefulness of a smart speaker with bright, large visual results that enable faster and more efficient form of user interaction.
The report segments the smart speaker market based on type of intelligent virtual assistant, end user, price, distribution channel, and region. According to intelligent virtual assistant, it is divided into Amazon Alexa, Siri, Cortana, Google Assistant, AliGenie, Xiaomi Al assistant, and others (DuerOS, SKT NUGU, Naver Clova, and Kakao i). By end user, the smart speaker market is bifurcated into personal and commercial. Based on price, it is segmented into low ($0 to $100), mid ($101 to $200), and premium (above $200). By distribution channel, it is categorized into online and offline. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
KEY BENEFITS FOR STAKEHOLDERS
This report provides an extensive analysis of the current and emerging market trends, and dynamics in the smart speaker market. In-depth analysis is conducted by constructing market estimations for the key market segments between 2017 and 2025. Extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the market framework. Key players are profiled and their strategies are analyzed thoroughly to understand the competitive outlook of the global smart speaker market.