New York, NY, Aug. 07, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Smart Speaker Market by Product (Single Speaker, Double Speaker, and Multi Speaker), by Distribution Channel (Online and Offline), by Component (Hardware and Software), by OS (Android, iOS, and others), and by Storage Space (Up to 4GB, 4-16GB, and above 16GB) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024’’. According to the report, global smart speaker market was valued at around USD 4.6 billion in 2017 and is expected to reach approximately USD 15.8 billion in 2024, growing at a CAGR of slightly above 19% between 2018 and 2024.

Smart speakers are devices that are integrated with Artificial Intelligence (AI) and operate on voice commands. Smart speakers even control home automated devices. The product provides access to various devices such as TV, hands-free phone calling, lighting control panels along with various online applications such as shopping, ordering food, booking a cab, and many more. Apart from voice commands, smart speakers can also be operated through smartphones and tablets.

Browse through 119 Tables & 38 Figures spread over 130 Pages and in-depth TOC on ”Global Smart Speaker Market Share 2017: Industry Size, Trends, Growth Analysis and Forecast, 2024”.

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In the last decade, technology has advanced rapidly and devices are becoming more interlinked. The rise of multifunctional devices during this period has been phenomenal. Increasing demand for such devices is projected to boost the smart speaker market. Other factors such as increasing use of cloud-based services and applications will also lead to a growth of the market.  

Compatibility of the product with other devices such as smartphones, tablets, and laptops vary as per the manufacturer. It depends on the operating system (OS) of the device as well as the product. Some products can be synchronized with smartphones and tablets but not with laptops owing to its different OS. This can act as a restraining factor in the global smart speaker market during the forecast period. In addition, most manufacturers offer products in only three languages English, German, and Japanese. This provides an opportunity for new entrants in the market to manufacture products in regional languages.

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The global smart speaker market is classified as per the operating system as Android, iOS, and others. In 2017, for the smartphone OS, Android had a market share of almost 81% as compared to 48% in 2011. It is predicted that the number of Android smartphone users will continue to rise in the coming years. Thus, the Android segment is expected to hold a significant market share during the forecast period. Segmentation on the basis of the product includes a single speaker, double speaker, and multi-speaker. The double speaker is expected to hold a substantial market share.

Key manufacturers in the smart speaker market are Amazon Inc., Apple Inc., Alphabet, Inc., Panasonic Corporation, Harman International, Xiaomi Inc., Alibaba Group Holding Limited, Sony Corporation, Askwithcue Inc., and Sonos, Inc., among others. Top players are opting to introduce new features in their products to cater the end user requirements.

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Regionally, North America is expected to hold a significant share in the smart speaker market owing to the rising demand for wireless systems and the increasing use of cloud-based services. In 2017, almost 10% of the U.S. population used smart speakers as compared to 8% in 2015. This growth is expected to continue during the forecast period. Currently, smart speakers are considered as one of fastest growing products in the smart home technology industry. The global smart home industry is expected to reach USD 53.45 billion by 2022 with North America having the largest share. Thus, substantial manufacturers are expected to continue their dominance in the North American market during the forecast period.

The Asia Pacific is anticipated to witness a considerable growth rate during the forecast period. Developing countries such as China and India are expected to grow economically by 2% during this time. Chinese manufacturers such as Xiaomi and Alibaba Group are planning to introduce smart speakers in their local language so as to gain a competitive advantage over other manufacturers in the West. In 2017, India became the first Asian country for Amazon to introduce their smart speakers.

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Google followed Amazon and made strategic alliances with Jio and ACT Fibernet to increase its presence in India. In addition, South Korean giant Samsung is also planning to launch their smart speakers in 2018 which will be available in English and Korean languages. Thus, Asia Pacific depicts tremendous potential for investments in the smart speaker market.

Europe will contribute substantially to the smart speaker market owing to higher adoption rate by its population. Since the introduction of smart speakers in the region, the number of shipments for the product has increased significantly by 4.5% during the period 2016-2017. In addition, giant players are planning to introduce smart speakers designed specifically for vehicles. With Europe having a well-established automotive industry, there exists a great potential for the manufacturers to form strategic alliances with instances such as Amazon. In 2018, they were successful in partnering with BMW to integrate their smart speaker in the vehicle’s infotainment system. Additionally, chip makers and other raw material manufacturers in Germany and the UK are planning to introduce products that would improve the digital assistance of smart speakers. Thus, the European smart speaker market will grow at a steady pace during the forecast period.

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The Middle East & Africa will witness a considerable growth in global smart speaker market till 2024. High disposable income and early adoption of the products by the residents are the major factors driving the market.

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The report segments the global smart speaker market as follows:

Smart Speaker Market: Product Segment Analysis

  • Single Speaker
  • Double Speaker
  • Multi-Speaker

Smart Speaker Market: Distribution Channel Segment Analysis

  • Online
  • Offline

Smart Speaker Market: Component Segment Analysis

  • Hardware
  • Software

Smart Speaker Market: Operating System Segment Analysis

  • Android
  • iOS
  • Others

Smart Speaker Market: Storage Space Segment Analysis

  • Up to 4GB
  • 4GB to 16GB
  • Above 16GB

Smart Speaker Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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