World Smart Speaker Market 24.02% CAGR to 2021 Driven by Increase in Number of Smart Homes

PUNE, India, Aug. 14, 2017 /PRNewswire-iReach/ -- According to the smart speaker market report, one of the major drivers for this market is increase in number of smart homes. A large number of homes in developed countries such as the US and the UK are being renovated into smart homes. In a smart home, smart electronics, consumer electronic devices, and media and entertainment gadgets are connected to the home network and can interact with each other. The demand for smart homes is highly driven by energy saving requirements, convenience, and connectivity among the home devices. It is also fueled by government initiatives to promote smart homes for a better living. Among the common examples of solutions in this market are the introduction of smart meters to conserve energy and the assistance of power line communication.

Complete report on Smart Speaker market spread across 81 pages, analyzing 11 major companies with table of content is now available at http://www.reportsnreports.com/reports/1154460-global-smart-speaker-market-2017-2021.html .

Smart speaker market analyst says the latest trend gaining momentum in the market is development of deep-learning technology. Deep-learning software is an advanced version of AI technology. The software attempts to mimic the activity and functioning of the human neocortex, which is the most active part of the human brain. Also, the deep-learning software is capable of recognizing patterns of images, sound, and other data. This is now possible due to advances in mathematical formulas and availability of powerful computers, which enable computer scientists to model several layers of virtual neurons and multiple neural networks. This depth has enabled complex functions such as speed and image recognition and is being exploited by large MNCs like Google to build speech recognition software in its latest Android mobile software.

The following companies as the key players in the global smart speaker market:  Amazon.com, Apple, Google, Harman International, and Sony. Other prominent vendors in the market are: FABRIQ, Invoxia, Lenovo, LG Electronics, Onkyo, and Sonos.

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Global Smart Speaker Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. This report covers the present scenario and the growth prospects of the global smart speaker market for 2017-2021. To calculate the market size, the report considers the revenue generated from shipments/sales/volume/value and exclude new installations/ replacement/spares/aftermarket/services market.

Further, the report states that one of the major factors hindering the growth of this market is availability of substitutes. The global smart speaker market faces direct competition from some of the other audio equipment such as portable Bluetooth speakers and soundbars. The soundbar is among the latest types of speakers, which have gained high popularity in a short span. This is because soundbars are technologically advanced and eliminate the need for multiple sound boxes such as woofers and tweeters as they are all inbuilt. Soundbars are enabled with USB, Bluetooth, Wi-Fi, or wire, and connected with computers, mobiles, and televisions. On the other hand, Bluetooth speakers are small and compact and offer higher mobility when compared to the soundbars. They are priced differently, based on the technology and size of the speakers and financial stability and recognition of the brands. Therefore, their high adoption rate is posing a threat to the revenue inflow of the global smart speaker market.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

Key questions answered in this report

What will the market size be in 2021 and what will the growth rate be?

What are the key market trends?

What is driving this Industry?

What are the challenges to Smart Speaker market growth?

Who are the key vendors in this Industry space?

What are the market opportunities and threats faced by the key vendors?

What are the strengths and weaknesses of the key vendors?

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