PORTLAND, Oregon, August 24, 2018 /PRNewswire/ --
Affordable & innovative products, advancement in audio technology, and growing partnerships between smart home developers & Smart Speaker OEMs are some key factors leading to the growth of the smart speaker market.
Allied Market Research published a report, titled, 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), and Price (Low, Mid, and Premium): Global Opportunity Analysis and Industry Forecast, 2018-2025. According to Allied, the global smart speaker market was pegged at $4.3 billion in 2017, and is expected to accrue a sum of $23.3 billion in 2025, growing at a CAGR of 23.4% from 2018 to 2025. The study offers the present scenario as well as the growth prospects of the global smart speaker system market for the forecast period. It presents a qualitative and quantitative analysis of the market by the studying the current trends, industry growth drivers, restraints, opportunities, prolific investment zones, marketing strategies adopted by the players, and competitive landscape.
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The growth in demand for smart home and multifunctional devices, increase in consumer readiness to invest in trending technologies, the rise in disposable income, the greater inclination of tech-crazy young consumers, and growing adoption of advanced 5G network technology are aiding in the fast expansion of the smart speaker industry. On the other hand, the market growth is hampered by privacy and security concerns and localization of language spoken by intelligent virtual assistants. Moreover, 5G infrastructure and advancement of natural language processing (NLP) are likely to pave way for new opportunities in the market.
Siri segment expected to grow at the highest rate by 2025
The intelligent virtual assistants majorly discussed in the study include Alexa, Google Assistant, Siri, and Cortana among others. The Amazon's Alexa generated the highest revenue in 2017, contributing to nearly two-third of the total market share. However, the Siri would grow at the highest rate in future, growing at a CAGR of 27.9% during the forecast period.
Low-price range to hold the highest market share by 2025
The report is classified based on price range into low, mid, and premium. The low-price range segment currently accounted for the highest market share of nearly half of the total market share, and is expected to continue its lead position through 2025, followed by mid-price segment.
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Online segment to lead in terms of revenue and growth by 2025
The study classifies the distribution channel segment based on online and offline. The former generated the highest market share of nearly 80% and contributed the revenue of $3.53 billion in 2017. This segment is expected to remain dominant by 2025, contributing the revenue of $19.14 billion.
The personal segment currently accounts for the highest revenue
The study discusses the end-user segment based on personal and commercial. The personal segment is currently leading the commercial segment in terms of revenue along with market share of around 82%. However, the commercial segment is likely to grow at the highest CAGR through 2025.
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North America to account for the highest revenue through 2025
The report offers a country-level analysis of several regions including, North America, Europe, Asia-Pacific, and LAMEA. Among the regions under study, North America contributed to more than one-third of the market share, and is likely to account for the highest revenue in the global market throughout the forecast period, followed by Europe.
Big players dominating the market
The report offers an extensive analysis of the leading players operating in the global smart speaker industry. The players analyzed in the report 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). These companies have adopted various strategies such as new product launches, mergers & acquisitions, partnerships, and collaborations to sustain their positions in the industry.
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