The smart speakers are in a comparatively early cycle of acceptance in most markets across the globe. Many of the markets are still adjusting to the notion of having a speaker in their house that is always listening and ready to respond when called upon. Moreover, the market of smart speakers has generated ripples of anticipation among the consumers of modern day. Whereas, the vigorous proliferation of the internet has further supported the market growth in the last few years. In the present era of IoT and artificial intelligence have has a commendable impact on the improvement of smart speakers. Furthermore, the players of this market are developing the specifications of the smart speakers and transferring the focus on using connected devices to raise the efficiency of the speakers which further proved to be benefitted for increasing the value of market share and dominating the highest market growth around the globe during the forecasted period.
According to the report analysis, ‘Global Smart Speaker Market by IVA (Alexa, Siri, Google Assistant, Cortana), Component (Hardware (Processor, Memory, Microphone, Speaker and Others) and Software), Application (Smart Home, Consumer, and Smart Office), and Regional Forecasts, 2017-2025 (USD Billion/Million)’ states that there are several key players which are presently functioning in this sector more actively for leading the fastest market growth and dominating the high value of market share across the globe in the near future while increasing the activities of promotion and developing the technologies of forming the smart speakers at a reasonable price for increasing the demand and generating the high value of revenue includes Apple, Alibaba, Amazon, Panasonic, Harman International, Alphabet, Sonos, Sony, Xioami and several others. Moreover, many of the market players are investing the high amount of money for increasing the efficiency of the smart speakers which further increase the amount of profit.
Global Smart Speaker Market industry worth approximately USD 1.16 billion in 2016 is anticipated to rise with a healthy growth rate of more than 35.29% over the forecast period of 2017-2025. Moreover, the global market of smart speakers is sectored different which majorly involves IVA, Component, Application and region. Whereas, based on the IVA the market is further divided into alexa, siri, google assistant and Cortana while, on the basis, the market is split into component. Nonetheless, based on the application, the market is divided into smart home, consumers and smart office for instance, on the basis of region, the market is spread around the globe which majorly involves North America, Europe, Asia Pacific, Latin America and Rest of the World. North America is anticipated to contribute the handsome amount of share in the market growth across the globe more positively.
Additionally, the major factors driving the growth are rising need for predictive maintenance, the establishment of intelligent machine applications, and escalating regulatory compliances. Therefore, in the near future, it is anticipated that the market of smart speaker will increase across the globe more positively over the recent few years.
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Ankur Gupta, Head Marketing & Communications