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Smart Speaker Market for Siri-enabled Segment is Anticipated to Grow Rapidly Over 2018 – 2024

Author : Ronak Bora | Published Date : 2019-04-02 

The Asia Pacific smart speaker market is expected to gain momentum over the forecast time span owing to the increasing penetration of IoT and connected technology. The region has witnessed an upsurge in the wireless infrastructure developments. By the end of 2016, there were 2.7 billion unique mobile subscribers in the region, accounting for more than half of mobile subscribers, particularly in India and China. With the penetration of 5G networks in the region, the penetration of intelligent devices is expected to increase, thus propelling the smart speaker market growth.

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Increasing security threats related to these devices are expected to threaten the smart speaker market growth as these devices are equipped with intelligent virtual assistants, who listen to the users when activated using certain commands. These continuously-activated devices listen to the personal and confidential data of the users. Several security threats and incidents have occurred that have encouraged the players to improve the security of these systems.

Rapidly-advancing technology is challenging the older devices and making the old devices obsolete. On the manufacturer’s side, the voice assistants offer a limited range of languages such as English, Japanese, and German. This will hamper the demand for these devices in Europe, Asia Pacific, Latin America, and the MEA, thereby challenging the smart speaker market.

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The Siri-enabled smart speaker market is anticipated to grow rapidly due to the large popularity of Apple devices among the consumers. Superior sound quality as compared to the other speakers is adding to the increased shipments of these devices. Furthermore, the compatibility of these devices with the iOS is expected to propel the industry growth due to the large-scale adoption of iOS-enabled smartphones.

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 patient’s 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.

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.

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Despite having associated risks such as security breaches and data threats, the smart speaker industry is certain to witness a phenomenal demand over the coming years. The projected growth curve of this market aptly justifies that this vertical holds a tremendous set of opportunities for application developers, component suppliers, network operators, and several other vendors. Global Market Insights, Inc., projects the overall smart speaker market to register a massive CAGR of 33% over 2018-2024, in terms of shipments.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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