Smart Speaker Market to hit 100 million units by 2024

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Smart Speaker Market to hit 100 million units by
2024 Global Market Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Key Insights from Smart Speaker Market

• Smart Speaker Market size is set to exceed USD 13
  billion, with shipments of over 100 million units
  by 2024 according to a new research report by
  Global Market Insights, Inc.
• The smart speaker market is expected to grow at a
  significant pace over the forecast timeframe
  owing to the growing proliferation of smart homes
  across the globe. Factors such as high network
  connectivity and growing need to increase
  consumer convenience are anticipated to drive the
  market. Several device manufacturers are
  investing in improving the functionality of
  legacy systems beyond playing music. This,
  coupled with increasing demand for wireless
  devices will escalate the industry size.
• Rise in demand for Internet of Things (IoT) is
  expected to fuel the smart speaker market growth.
  The manufacturers are increasingly investing to
  develop devices that work with the devices such
  as Wink Hub, Logitech Harmony Elite, and Philips
  Hue Bulbs. For instance, Amazon Alexa works
  directly with several smart home devices using If
  This Then That (IFTTT) methodology.

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Continued...

• Implementation of virtual personal assistants are
  expected to positively impact the smart speaker
  market growth. This technology can stream music
  and audio books with a single voice commands. The
  launch of Amazon Echo has caused disruption in
  the market, with several other companies such as
  Google and Apple following suit. For instance,
  Apple has announced the launch of HomePod in
  December 2017.
• Factors such as connectivity range,
  compatibility, and power are expected to restrain
  the smart speaker market growth. The market faces
  growing security concern, owing to the connection
  of these devices to the internet. The voice
  assistant-enabled speakers inadvertently store
  consumers private data into Amazon servers.
• The threats of hacking and data leaks persist,
  though the company claims that the data is
  secured. This is expected to hamper the market
  growth during the forecast timeframe. Increasing
  customer desire to be able to walk around their
  house and control the music playing in different
  rooms with a single device will drive the demand
  for multi-room speakers.

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Global Smart Speaker Market Share, By Region, 2016

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Continued...

• To address the issue of connectivity and sound
  quality, companies have developed multi-room
  systems, that enables users to connect to
  multiple speakers around the house to a single
  device. Proliferation of smartphones has enabled
  the development of applications to stream music
  to a specific device.
• The U.S. smart speaker market is expected to
  witness significant growth, owing to numerous
  technological advancements taking place in the
  region. Readiness of customers to adopt to newer
  technologies has encouraged manufacturers in the
  region to develop newer, and advanced products.
  Countries in Asia Pacific, including China, South
  Korea and Japan are expected to experience high
  market demand, owing to increasing consumption of
  connected consumer electronics.
• Prominent players in the smart speaker market
  include Amazon.com, Inc., Bose Corporation, Altec
  Lansing, Apple Inc., Samsung Electronics,
  Logitech International SA, Sonos Inc., and Sony
  Corporation. The companies are highly competitive
  and continuously invest in development of
  technologically advanced products to retain their
  position in the industry. For instance, after
  Sonos launched its multi-room range, Philips
  developed a protocol, named Izzy link to connect
  multiple speakers.

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