Transparency Market Research (TMR) witnesses that the global smart speaker market depicts the presence of an exceedingly competitive landscape attributable to an expansive number of players working all over the globe. Harman International, Xiaomi Inc., Amazon.com, Google.com, Sonos, Inc., and Apple, Inc., are the leading players present in the global smart speaker market. The global market observes the control of the prominent companies which has increased the level of competition.
As indicated by the TMR report, the global smart speaker market is expected to generate revenue of US$18,472.1 mnuntil 2026. This grow is foretold to occur at a splendid CAGR of 18.01% during the forecast period from 2018 to 2026.
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The worldwide smart speaker market is segmented based on voice assistance into Siri, Amazon Alexa, Google Assistant, and Cortana. These organizations are putting their investments into product development on a large-scale basis to meet with the rising consumer demand.
The U.S. smart speaker market is believed to notably develop, because of an increasing number of smart homes in the region. Customers are increasingly focused on purchasing smart homes owing to their advantages such as luxury, convenience, security, energy efficiency, and entertainment. Thus, Buyers are progressively demanding advanced gadgets that will provide a sophisticated sense of recreation in these homes. With more services and products being internet-enabled, the number of smart homes is substantially increasing.
Booming Adoption of Smart Devices to Propel Market Growth
Multifunctional devices allow buyers to do various tasks by utilizing a single gadget. There is a rise in the adoption of these gadgets, as they offer diverse utility choices. For example, the smart speaker market experienced major growth lately, as the associated products offer various features along with basic communication. Also, the speakers provide other functionalities such as an ability to order food online, book event tickets, gain information from the internet, and schedule tasks.
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Such high-tech features are majorly increasing demand for the products, thus driving the smart speaker market. Controlling smart gadgets through a simple voice command offers a greater utility to the buyer as compared to alternatives. This utility could be available at minimal expenses when compared to other substitute products like wearable gadgets. Thus, there is a rise in the demand of smart speakers among the customers due to their apparent low costs
In addition, increasing awareness among buyers through social media feeds, TV, word-of-mouth, and other platforms too drives the smart speaker market. Further, because of quick-paced way of life, there is requirement for smart devices among the customers. These improvements also are responsible for propelling growth in the smart speaker market.