In 2017, based on intelligent virtual assistant, the Amazon Alexa segment is anticipated to dominate the global smart speaker market in terms of revenue. Furthermore, based on end user, smart speakers were majorly bought for personal use as compared to commercial use. The growth of smart speakers is driven by the affordable price of smart speakers and greater utility provided by them to the consumers. Advancement in microphones, automated speech recognition technology, and natural language processing enables the smart speaker to identify and process the voice command of the user with utmost precision. Various market players, such as Amazon offers Amazon Echo powered by virtual assistant known as Alexa and Google provides Google Home powered by virtual Google assistant. These lead the smart speaker market in terms of value and volume.
Proliferation of smart home devices is the significant factor, which currently drives the growth of the smart speakers market. Other factors, which influence the market growth are increase in consumer readiness to invest on trending technologies and increase in usage of smart devices among the younger generation. Also, the development of partnerships between smart home manufacturers and creators of smart speakers enables smooth integration of smart home devices with the smart speaker. This proves to be a key factor in the adoption of smart speakers.
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The global smart speaker market was valued at $4,358 million in 2017, and is projected to reach $23,317 million by 2025, registering a CAGR of 23.4% from 2018 to 2025. At present, North America dominates the market, followed by Europe. In 2017, the U.S. was dominant in the North America market, while Germany is expected to lead at a significant growth rate in Europe.
Advancement of audio technology due to increased investment in R&D for innovative products by major players is expected to benefit the market. For instance, Alibaba is expected to invest $15 billion in R&D of artificial intelligence and security technologies. Further, the upcoming structuring of entirely new wireless infrastructure, 5G, is expected to stimulate the market growth in the future. The ultra-fast 5G wireless network infrastructure is designed to support enhanced digital infrastructure, smart & connected home, and connected devices. This is projected to increase the adoption of smart speakers in the future.
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The key players operating in the smart speaker market are Amazon.com Inc., Apple Inc., Alibaba Group, Alphabet Inc. (Google Inc.), Sonos Inc., Bose Corporation, Xiaomi, Samsung Electronics Co. Ltd., Baidu Inc., and Plantronics Inc. (Altec Lansing/AL Infinity LLC).
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