Smart Speaker Market to Cross USD 30 billion by 2024 - PowerPoint PPT Presentation

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Smart Speaker Market to Cross USD 30 billion by 2024

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Request Sample of Report @ Smart speaker market in personal applications is expected to hold the majority share of over 90% due to the increasing usage of the devices in smart homes. The integration of these devices with devices such as smart lightbulbs, thermostats, and TVs is encouraging the consumers to adopt these devices for personal uses. Devices such as Google Home allow the users to make phone calls and send messages, monitor the user activity, set alarms, and go shopping. – PowerPoint PPT presentation

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Title: Smart Speaker Market to Cross USD 30 billion by 2024


1
Smart Speaker Market to surpass USD 30 billion by
2024 Global Market Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
2
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.

3
Germany smart speaker market size, by intelligent
virtual assistant, 2017 2024 (Million Units)

4
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

5

Browse Full Market Research Report Of Smart
Speaker Market _at_ http//bit.ly/2uQUVxX Request
for a Sample of this Research report
_at_ https//bit.ly/2sRlzcz
6
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.

7
Industry Coverage

8
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.

9
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

10
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