Market Research Analysis Smart Speaker Market - Global Industry Insights | Page 2

Due to increasing demand for personalization, smart speakers market is expected to witness surge in demand. Majority
of early adopters of these devices are affluent and are well aware of such innovations. However, the devices are also
gaining attraction in other demographic groups like young generation X and children. These devices allow higher rate
of personalization that appeals the end-users and thereby impact the smart speaker market growth.
The growing concerns regarding compatibility are predicted to hamper smart speaker market in the years to come.
New products like Samsung Bixby, Sonos One are facing comparability issues with devices like Belkin’s WeMo range of
switches, LIFX and Philips Hue. Numerous devices only support one system, for instance, Amazon Eco is not compatible
with casting technology by Google and Google Home is not compatible with Amazon Fire TV.
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On the other hand, advertising these devices will propel smart speaker market in the next few years. Market players
are progressively experimenting with advertising of these devices due to their increasing popularity. Companies like
Burger King, Oprah’s Favorite Things, and Voice Labs have debuted these IVA-enabled devices.
The growing use of IVA-enabled devices in healthcare industry is estimated to open new opportunities to smart
speaker market. These devices are integrated in the patient’s room in that helps in forwarding constant updates and
requests to doctors and nurses via voice controls. Incorporation of these devices with platforms like building
management systems will enable the adjustment of lighting and window blinds. Most businesses are also partnering
with technology giants to manufacture such devices with improved security.
The market is categorized on the basis of intelligent virtual assistant, application and geography. On the basis of
intelligent virtual assistant, smart speaker market is divided into Alexa, Google Assistant, Siri, Cortana, and others. In
terms of application, smart speaker market is classified into commercial, professional and personal.
Geographically, the market is segmented as North America, Latin America, Europe, Asia Pacific and Middle East &
Africa. Owing to the high adoption of smart speakers, North America is expected to lead position in the coming years.
The prominent players in smart speaker market comprise Amazon.com, Apple, Google, Harman International, and
Sony.
Market Segment:
The market is divided into the following segments based on geography:
• Americas
• APAC