Global Smart Speaker Market 2020-2025

November 16, 2020
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GLOBAL SMART SPEAKER MARKET

KEY FINDINGS

  • For the forthcoming years, the smart speaker segment is expected to expand its reach which would require more data to be processed by the smart speakers which would involve more complex set of databases so advancement of software is expected.
  • Major restraints for the market growth of smart speakers has been in terms of data privacy and localization of the language adoption by the virtual assistant
  • The market is getting increasingly crowded with various new launches from various players
  • With the advent of smart speakers, there is an increasing advent of voice commerce
  • The smart home segment was found to be contributing the largest market share for the forecast period

 

INTRODUCTION

Global consumer electronics market is witnessing a major surge in the adoption of smart devices with the ever-changing innovations of the IoT (Internet of Things) which has given the end consumers the luxury of interoperability of devices.

 

infographic: Smart Speaker Market, Smart Speaker Market size, Smart Speaker Market trends and forecastSmart Speaker Market risksSmart Speaker Market reportSmart speaker is one the highest adopted product category. The virtual assistant feature with the help of artificial intelligence helps operate the smart devices through Wi-Fi connectivity to integrate daily life functionalities like ordering food online, playing music, listening to news and weather forecast just at the effort of voice commands.

 

MARKET DYNAMICS

The major market forces attributed to the increasing adoption of the smart speakers are

  • Growing adoption of seamless internet (both 3G and 4G) connectivity in both the upper middle income and the lower middle-income countries
  • Switching trend of smart home devices from manually operated devices, the high disposable per capita income
  • Changing consumer behavior of switching to multifunctional devices for ease of use at a negligible incremental cost including
  • Rising trend among millennials and younger generation to be early adopters for latest technological innovations.

With the increasing collaborations of the smart home builders with the smart speaker manufacturers, the market growth is indicating a smooth surge.

 

RECENT NEW PRODUCT DEVELOPMENTS

  1. Huawei, a Chinese manufacturer has introduced Huawei Sound X in collaboration with Devialet, a French audio company outside of China.
  2. Amazon introduced Echo devices in Sep 2019 with the all new Echo Show 8, Echo Flex and Echo Dot with clock.
  3. Baidu introduced its latest Xiaodu Smart Display X8 Smart Display for the Chinese market which includes full view touchscreen display with 1200*800 resolution and robust microphone array and supports biometric modalities including gesture ad face recognition

Top Intelligent Virtual Assistants:

  1. Alexa
  2. Google Assistant
  3. Siri
  4. Baidu
  5. AliGenie

 

MARKET SEGMENTATION

Market is segmented majorly in terms of

  1. Geography- Global market is segmented into North America (U.S, Canada, Mexico), Europe (UK, Germany, France, Italy, Rest of Europe), Asia Pacific (China, India, Japan, Australia, rest of Asia-Pacific) and LAMEA (Latin America, Middle East, Africa).

The adoption of smart speakers is high for regions like North America where the consumer choices are majorly driven by the ease of use, luxury and entertainment with the advent of technological interventions and willingness to adopt newer technology with advanced features. Smart city projects for both China and India shall prove to be a huge opportunity to drive the smart speaker market growth.

  1. Intelligent Virtual Assistant (IVA): The major players in the global market are Amazon Alexa, Google Assistant, Siri, Cortana and others (AliGenie, XiaomiAI Assistant, Duer OS, SKT NUGU,Naver Clova and Kakao)

Attributing to the established market segment of Apple and iOS devices, expected growth of Siri is about 35%. In 2017, 48.4% of smartphone voice assistant segment was contributed by Siri. And the major drivers for Siri could be the deep integration technology and high-quality virtual surround sound.

On the other hand, Alexa is available in more than 80 countries holds a major market share of 70% owing to its low pricing and wide array of benefits including playing games, listening to music, news as well as controlling smart homes. Alexa is also being integrated by other companies such as Fabriq and Sonos which is affordable for the price sensitive customer segment.

  1. By Price: The smart speaker category is segmented into: Low pricing, average pricing and premium pricing category

 

COVID IMPACT ON GLOBAL SMART SPEAKER MARKET

With the nation-wide lockdown due to the pandemic, there has been seen an increasing trend of digital media adoption and a major shift has been observed in terms of digitization as means of entertainment. This might prove to be an opportunity for increasing adoption of the smart devices although no market study report was found to affirm this prediction.

 

COMPETITIVE LANDSCAPE

  1. Amazon Inc. (U.S)
  2. Harman International (U.S)
  3. Apple Inc. (U.S)
  4. Alphabet
  5. Google Inc (U.S)
  6. Bose Corporation (U.S)
  7. Sonos (U.S)
  8. Alibaba (China)
  9. Lenovo (China)
  10. Baidu (China)

 

 

Sl noTopic
1Market Segmentation
2Scope of the report
3Abbreviations
4Research Methodology
5Executive Summary
6Introduction
7Insights from Industry stakeholders
8Cost breakdown of Product by sub-components and average profit margin
9Disruptive innovation in the Industry
10Technology trends in the Industry
11Consumer trends in the industry
12Recent Production Milestones
13Component Manufacturing in US, EU and China
14COVID-19 impact on overall market
15COVID-19 impact on Production of components
16COVID-19 impact on Point of sale
17Market Segmentation, Dynamics and Forecast by Geography, 2020-2025
18Market Segmentation, Dynamics and Forecast by Product Type, 2020-2025
19Market Segmentation, Dynamics and Forecast by Application, 2020-2025
20Market Segmentation, Dynamics and Forecast by End use, 2020-2025
21Product installation rate by OEM, 2020
22Incline/Decline in Average B-2-B selling price in past 5 years
23Competition from substitute products
24Gross margin and average profitability of suppliers
25New product development in past 12 months
26M&A in past 12 months
27Growth strategy of leading players
28Market share of vendors, 2020
29Company Profiles
30Unmet needs and opportunity for new suppliers
31Conclusion
32Appendix

 

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