DUBLIN, July 26, 2017 /PRNewswire/ --
The "Smart Home Speaker Market in US 2017-2021" report has been added to Research and Markets' offering.
The smart home speaker market in US to grow at a CAGR of 38.49% during the period 2017-2021.
The report, Smart Home Speaker Market in US 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is increase in availability of multifunctional products. Rapidly evolving technology helps improve product quality and provides user-friendly designs. The demand for technologically advanced products has compelled many vendors to develop multifunctional products.
For instance, Mattel offers Aristotle, a multifunctional product with a baby monitor, speaker with a voice-activated smart assistant, smart light, HD Wi-Fi camera, and sound machine. This multifunctional product automatically recognizes when babies wake up and soothes them to sleep with white noise, lullaby, and a favorite song or a night-light. It also logs wet diapers and feedings through voice commands and a phone app.
According to the report, one of the major drivers for this market is Increase in buying power of millennials. People born between 1980 and 2000 are called millennials. They form a significant percentage of the population in the US and earn high incomes even though most of them are in their twenties. Thus, millennials have become a major target segment for a wide range of businesses, including smart connected products such as smart home speakers. Millennials are more tech savvy compared with other generations. They have the ability to adapt quickly to technology and can access just about any service they could possibly need with a click of a button. Most of the millennials use two to three tech devices at least once daily. The increase in adoption of smartphones and internet penetration among the millennials are driving the market for smart home speakers.
Further, the report states that one of the major factors hindering the growth of this market is Connectivity and app-related issues. Smart home speakers are highly dependent on internet connectivity. Users have to be connected to the internet to use the app and communicate with smart home speakers. Smart home speakers are also connected to sensors. Issues with sensor connectivity lead to a disconnection between the app and smart home speaker.
Other prominent vendors
- COWIN Technology
- Interactive Voice
- LG Electronics
- Pan Ocean Technology
- Sony Mobile Communications
Key Topics Covered:
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: US economic indicators
PART 06: Market landscape
PART 07: Market segmentation by technology
PART 08: Decision framework
PART 09: Drivers and challenges
PART 10: Market trends
PART 11: Vendor landscape
PART 12: Key vendor analysis
PART 13: Appendix
For more information about this report visit https://www.researchandmarkets.com/research/mlktgt/smart_home
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SOURCE Research and Markets