A smart voice assistant speaker is also known as a voice-controlled speaker or VPA-enabled speaker. It is a smart device through which the user can control using its voice. The speaker uses artificial intelligence (AI) to play music, find information, and control other connected devices in the house. A smart voice assistant speaker makes use of voice assistant platforms such as Alexa by Amazon, Google Assistant by Google, Cortana by Microsoft, and other platforms.
The global smart voice assistant speaker market will cross $4 billion, growing at an exceptional CAGR of more than 30% during the forecast period 2016-2022. Analysts at Arizton state that the high usage of voice assistants and voice first technology primarily drive the growth. The usage is expected to increase by over 21% in 2017. Also, the per capita income and increase spending in connected devices and smart homes are driving the global smart voice assistant speaker market.
Smart Voice Assistant Speaker Market at a Glance
The report provides a holistic view of the global market, the companies involved in the market, and the factors driving its growth. The report also provides information on some of the latest trends that are likely to become strong market driving forces over the next five years. It also provides the Porter’s Five Forces analysis along with a description of each force and its impact on the market. Further, it also provides complete value chain analysis of the global smart voice assistant speaker market.
Many vendors are expected to enter the market during the forecast period
As the global smart voice assistant speaker market presents a lucrative revenue growth potential, many vendors are expected to enter the market during the forecast period, which is expected to make it highly fragmented. Chinese manufacturers will expand their presence in Europe and North America, which are likely to lead the price war among vendors, and the increased commoditization can also lead to low-quality products being manufactured. Major vendors mentioned in the report Alphabet (Google), Amazon
The other prominent vendors included in the report are Beijing LingLong, Fabriq, Jam Audio, HARMAN, Invoxia, Lenovo, Mattel, Mycroft, NVIDIA, and Sony.
Other emerging vendors are Swan Solutions, Cubic Robotics, Silk Labs, Protonet, Interactive Voice, and SPACO.
Increased penetration in developed countries to drive the market
The global smart voice assistant speaker market is likely to witness an increase in revenue during the period 2016−2022. However, Arizton expects that the YoY growth will relatively slowdown continuously after that. The major reason being increased penetration of smart voice assistant speakers globally, especially in developed countries such as the US, Germany, and the UK. In 2016−2022, in value terms, the YoY growth of smart voice assistant speakers will be in double digits due to the high demand from North America and Europe coupled with the rise in awareness about these devices in developing countries of APAC and RoW.
Increasing popularity of voice-first technology and growing push for digital economy in developing economies are among the latest trends that are likely to drive the market growth. The usage of voice search is witnessing an unprecedented growth among consumers worldwide. There has been a sudden rise in the volume of voice searches in the recent past. Voice searches will have a large anticipated impact on the marketplace in terms of advertising, payment, and processing among others. Increasing dominance of voice searches demonstrates the ongoing widespread popularity of voice-first technology. With an increasing influx of these devices on the consumer mainstream household equipment category, the market is witnessing a major spurt in the demand for smart voice assistant speakers in the US and other parts of the world.
North America is likely to account for market shares of 42.87% and 49.74% in terms of unit shipment and revenue, respectively, in 2022.
The penetration of smart voice assistant speaker in the US is increasing rapidly. For instance, about 13 million US households had purchased at least one smart voice assistant speaker until December 2016. This number of households is expected to increase 2.5 times by the end of 2017 from the same in 2016. However, North America will lose a major chunk of its share in the global market to Europe and APAC during the forecast period.
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