Smart Speaker Market to Cross USD 30 billion by 2024

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Smart Speaker Market to surpass USD 30 billion 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 was estimated to be
  over USD 4.5 billion in 2017, and is set to
  exceed USD 30 billion by 2024 according to a new
  research report by Global Market Insights, Inc.
  The global shipments are set to grow at over 33
  CAGR between 2018 and 2024. The smart speaker
  market is expected to witness a significant
  growth due to the increasing penetration of smart
  homes across the globe.
• Several factors, such as growing need to increase
  consumer convenience and growing network
  connectivity, will drive the demand. Companies
  are integrating these devices with intelligent
  home appliances such as humidifiers, Ikea
  lightbulbs, thermostats, and salt shakers. In
  2018, Baidu launched Sengled, a smart speaker
  that also performs the functions of an
  intelligent light.
• The smart speaker market is expected to witness a
  surging demand due to the increasing demand for
  personalization. The majority of early adopters
  of these devices are affluent, educated
  millennials. However, the devices are gaining
  traction among other demographic groups such as
  young gen X and children. These devices allow a
  high degree of personalization that appeals to
  consumers, propelling the smart speaker market
  growth.

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Germany smart speaker market size, by intelligent
virtual assistant, 2017 2024 (Million Units)

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Continued...

• Increasing concerns regarding compatibility are
  expected to restrain the smart speaker market
  size. The new devices, such as Sonos One and
  Samsung Bixby, are facing compatibility issues
  with devices such as Belkins WeMo range of
  switches, Philips Hue, and LIFX. Several devices
  and standards only support one system. For
  instance, Google Home is not compatible with the
  Amazon Fire TV and Amazon Echo is not compatible
  with Casting technology by Google. This will
  restrict the smart speaker market demand over the
  forecast timespan.
• Advertising on these devices will propel the
  growth of smart speaker market size over the next
  few years. Businesses are increasingly
  experimenting with advertising via these devices
  due to their increasing popularity. Several
  companies, such as Burger King, VoiceLabs, and
  Oprahs Favorite Things, have debuted on the
  IVA-enabled devices. The companies are
  implementing several policies to regularize the
  advertising on these devices. For instance, a
  policy by Amazon allows music services, such as
  Pandora and Spotify, to advertise on the platforms

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Continued...

• The smart speaker market in commercial
  applications is expected to witness a tremendous
  growth of over 26 by 2024 due to the increasing
  usage of these devices by several service
  providers. For instance, Deutsche Telekom has
  announced the usage of Amazon intelligent devices
  to provide services such as radio player and
  EntertainTV.
• The increasing usage of IVAs in the healthcare
  industry is expected to open new growth
  opportunities to the smart speaker market. These
  devices will be incorporated in the patients
  room in hospitals that will allow the patients to
  forward updates and requests to doctors and
  nurses through voice controls.
• The integration of these devices with platforms,
  such as building management systems, will allow
  the adjustment of window blinds and lighting.
  Several organizations are partnering with
  technology giants to develop such devices with
  advanced security. For instance, the Thomas
  Jefferson University Hospitals and IBM are
  jointly developing smart speakers that respond to
  a set of specific voice commands.

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Industry Coverage

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Continued...

• The key players in the smart speaker market
  include Apple, LG Electronics, Sonos, Ultimate
  Ears, Panasonic Corporation, Invoxia, and Baidu.
  The industry is characterized by the presence of
  a large number of players with intense
  competition. In addition to the existing players,
  several new players are taking initiatives to
  enter the market.
• For instance, in February 2018, Samsung
  Electronics announced that it will launch a
  Bixby-powered intelligent device by December
  2018. With the introduction of these devices, the
  company is planning to compete with products such
  as HomePod and Google Home.

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Table OF Content

• Chapter 1. Methodology and Scope
• 1.1. Methodology
• 1.1.1. Initial data exploration
• 1.1.2. Statistical model and forecast
• 1.1.3. Industry insights and validation
• 1.1.4. Definition and forecast parameters
• 1.1.4.1. Definitions
• 1.1.4.2. Assumptions, methodology forecast
  parameters
• 1.2. Data Sources
• 1.2.1. Primary
• 1.2.2. Secondary
• Chapter 2. Executive Summary
• 2.1. Smart speaker industry 3600 synopses, 2014
  - 2024
• 2.1.1. Business trends
• 2.1.2. Regional trends
• 2.1.3. IVA trends

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