ALBANY, New York, September 19, 2018 /PRNewswire/ --
Healthy competition is prevalent in the global smart speaker market. This is evident from astute players focus on promoting novel products that have multiple functionalities. Those, typically enable consumers accomplish various tasks with the help of different voice commands. In order to bolster their positions, such astute companies operating in the global smart speaker market are also embarking upon mergers and acquisitions. This allows them to diversify their product offerings easily, better refurbish their existing product lines, and tap into new markets.
Apple Inc., Amazom.com, Sonos Inc., Alphabet Inc., Xiaomi Inc., and Harman International are to name a few of the players that have come to hold a prominent position using such strategies.
A report on the global smart speaker market by Transparency Market Research finds that by rising at a robust 18.0% CAGR between 2018 and 2026, the market would hit a staggering US$18.47 bn by 2026. It had valued the market at US$2.38 bn in 2016.
Hardware and software are the two main components in smart speakers. Between the two, the segment of hardware is seeing greater demand and would likely surpass a value US$10.34 bn by 2026 in the global smart speaker market. This is because of the solid demand for smart speaker processor which form a sub segment of hardware. Those underpin smart speakers, which are getting more evolved and hence are seeing increasing uptake in the home environment. Geographically, the global smart speaker market is being driven by the North America market. Presence of some of the most well-known players in the field such as Google Inc., Amazon.com, Apple Inc., and Harman International, who are rolling out more cutting-edge products every now and then, has filliped the smart speaker market substantially in the region. People's penchant for technologically advanced products has also been fuelling sales in the region.
Regional Players Nipping at the Heels of Established Ones with Low Cost Products
The TMR report observes that the global smart speaker market is inundated with products touting various specialties. Available at different market prices, they can suit a wide ranging budget requirements of buyers. While the well-entrenched deep pocketed players are seen launching many new refined high-end products, the smaller local players are giving them a stiff competition with low cost smart speakers. Adds the lead analyst of the TMR report, "Alibaba Group of China in 2017 rolled out its affordable smart speakers named Tmall Genie to compete against Apple's Home Pod, Amazon's Echo, and Google's Home."
Increasing Incomes and Online Ecommerce Platforms Promotes Market Growth
The increasing disposable incomes of people are playing a key role in driving sales in the global smart speaker market too. Currently, online sales are fast surpassing offline sales owing to the convenience they accord. In fact, manufacturers are targeting consumers mainly through the online platform. The voice assistants are currently seeing most of the demand. Among those, Google and Amazon's products are seeing increasing sales worldwide.
The review is based on the findings of a TMR report, titled, "Smart Speaker Market (Components - Hardware (Processor, Microphone, Connectivity IC, Audio System), Software; Mode of Sale - Online, Offline; Application - Commercial and Personal; Voice Assistant Type - Amazon Alexa, Google Assistant, Apple Siri, Microsoft Cortana) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018-2026."
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