The research report provides deep insights into the global market revenue, parent market trends, macro-economic indicators, and governing factors, along with market attractiveness per market segment. The report provides an overview of the growth rate of Smart Speaker Market during the forecast period. Most importantly, the report further identifies the qualitative impact of various market factors on market segments and geographies. The research segments the Smart Speaker Market on the basis of product type, application, technology, and region. To offer more clarity regarding the Smart Speaker Market Industry, the report takes a closer look at the current status of various factors including but not limited to supply chain management, niche markets, distribution channel, trade, supply, and demand and production capability across different countries.
Smart Speaker Market Overview:
This study looks at the market growth drivers and roadblocks for the manufacturer, as well as an assessment of the market's firm strategies, procedures, and financially sound and grow plan. Individual customer requirements can be satisfied through customization and a deep understanding of market opportunities. TheSmart Speaker Market provides a comprehensive overview of the market's competitive landscape and key players. This report can assist with structural planning in light of current industry conditions.
Expected Growth Value Of Smart Speaker Market :
Global Smart Speaker Market was worth US$ 7.10 Bn. in 2020 and total revenue is expected to grow at a rate of 17.1 % CAGR from 2021 to 2027, reaching almost US$ 21.44 Bn. in 2027.
Market Scope:
As per the forecast period 2021-2027, the Smart Speaker market is expected to grow at a steady rate of between 2021 and 2027. This study covers the Smart Speaker market and provides a value-based analysis and estimate. This study and analysis of market drivers, restraints, and opportunities affecting the growth of the Smart Speaker Market is included in this report. The global market has been segmented into four categories: type, source, end-user, and geography (country-wise). The scope of the research is a strategic analysis of the Smart Speaker market in terms of individual growth trends, future prospects, and the contributions of important sub-market stakeholders. Smart Speaker market analyses and forecasts for five key regions: North America, Europe, Asia Pacific, the Middle East and Africa (MEA), and Latin America, as well as country-by-country segmentation. Major industry participants' profiles, as well as their strategic orientations, market positioning, and core competence analysis, are offered. The top players in the Smart Speaker Market are also profiled, with details on their recent competitive advancements, investments, strategic growth, and competitive landscape.
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Global Smart Speaker Market Dynamics:
Smart home products are becoming popular.
Consumers are progressively adopting smart home products such as smart TVs, thermostats, smart lights, smart locks, security cameras, and smart kitchen appliances due to improved knowledge and ease of use. Smart speakers serve as a central control point for various smart devices, allowing them to be managed and operated remotely. For example, Xiaomi, wants to create an AIoT ecosystem by employing a smart speaker as a control hub to connect its other IoT devices. On its AIoT platform, it has over 324 million linked devices.
AI research and development
The battery life, audio quality, and voice control of AI chipsets specifically designed for smart speakers have all improved. Advances in Natural Language Processing (NPL) and voice recognition technology are allowing us to better understand and act on what is being said. Baidu's strength in search and AI, gives it a significant advantage in developing a voice assistant with natural language processing and conversational capabilities. Google also just introduced LaMDA, its next-generation Chabot (Language Model for Dialogue Application). It is a machine learning model for understanding natural language dialogues.
Precision Farming Market Segmentation:
Based on Virtual Assistance, the market is sub segmented into Amazon Alexa, Google Assistant, Siri, Cortana, Other. The Alexa speaker is available in more than 80 countries, providing the firm with a large audience from which to gather usage data and improve its service. Siri, Apple's voice assistant, offers hands-free activation, deep integration technologies, and high-quality virtual surround sound, as well as capabilities such as timer scheduling, calendar event management, and more. When launched with "Ok Google," the Google assistant enables fast access to all Google services and data linked with the Google account. According to a survey released in 2019, Amazon Alexa/Echo has a 70% market share in the United States, followed by Google Home with 25% and Apple Home Pod with 5%. This is partly due to the high sales of low-cost devices such as Google Home Mini and Amazon Echo Dot. As a result of the rise of virtual help, the smart speaker market is growing.
Based on Distribution channel, the market is sub-segmented into online, offline. In 2017, the online channel had the greatest market share, with a CAGR of over 21% over the forecast period. The expanding number of online OEM e-commerce portals and online direct-to-consumer retailers, such as Amazon, eBay, Best Buy, Alibaba, and JD.com, is boosting the global market for this segment. Factors like ease of access and convenience provided by such channels are improving the online retail channel's sales in the global market. Leading suppliers are providing YouTube training videos to aid beginners in learning how voice-assistant speakers work and how to set them up in the global market. Leading players in the worldwide smart speaker market will benefit from the growing popularity of online stores in the United Kingdom, the United States, and Germany.
Some prominent players in the Smart Speaker Market:
• Alphabet Inc.
• Tmall Genie
• Sonos one
• Bose Corporation
• Xiaomi
• Panasonic SC-GA10
• Samsung Electronics Co. Ltd.
• Baidu Inc.
• JBL Link 20
• Sonas Beam
• Google home mini
• Insignia voice
• AliGenie
• DuerOS
• SKT NUGU
• NaverClova
• Kakao
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Regional Insights on Smart Speaker Market :
The several sections on regional segmentation provide information on the regional characteristics of the Smart Speaker Market. This chapter discusses the regulatory environment that will have an impact on the market. It highlights the market’s political landscape & anticipates its impact on the worldwide Smart Speaker Market industry. Global brands’ presence and availability, as well as the problems they face from fierce competition from local & domestic brands, the influence of domestic tariffs, and trade channels, are all considered. The Smart Speaker Market report examines the five areas & their distribution by country:
North America – (U.S., Canada, and Mexico)
Europe – (U.K., Germany, France, Spain, Italy, Sweden, CIS Countries, and Rest of Europe)
Asia Pacific – (China, India, Japan, South Korea, Australia, ASEAN, and Rest of APAC)
Middle East & Africa – (South Africa, GCC Countries, Nigeria, Egypt, and Rest of ME&A)
South America – (Brazil, Argentina, Colombia, and Rest of South America)
COVID-19 Impact Analysis on Smart Speaker Market:
The recovery phase of the COVID-19 outbreak has come to an end over the world. Maximize Industry Research has released the Smart Speaker Market Status, Trends, and COVID-19 Impact Report 2021, which gives a detailed look at the Smart Speaker market in light of the present economic situation.
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The report provides insights on the following:
- Market Penetration: Offers complete information on the market offered by the key players
- Market Development: Provides in-depth information about emerging market trends and analyses the markets
- Competitive Assessment & Intelligence: Provides a comprehensive assessment of market shares, strategies, products, and manufacturing capabilities of the leading key players operating in the market
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