Smart Speaker Market to hit 100 million units by 2024 - PowerPoint PPT Presentation

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Smart Speaker Market to hit 100 million units by 2024


Request Sample of Report @ U.S. smart speaker market is anticipated to dominate the global revenue owing to the rising demand for wireless systems and increasing IoT applications. Customer focus on convenience and inclination towards the high adoption of luxury goods in the region is expected to fuel industry demand. – PowerPoint PPT presentation

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Title: Smart Speaker Market to hit 100 million units by 2024

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

  • 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.

Global Smart Speaker Market Share, By Region, 2016


Browse Full Market Research Report Of Smart
Speaker Market _at_ http// Request
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  • 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, 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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