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Smart Speaker Market in Commercial Applications Segment is Projected to Grow AT A CAGR of 26% by 2024

Author : Ronak Bora | Published Date : 2019-05-10 

The smart speaker market in commercial applications is expected to witness a tremendous growth of over 26% by 2024 due to the increasing usage of these devices by several service providers. For instance, Deutsche Telekom has announced the usage of Amazon intelligent devices to provide services such as radio player and EntertainTV.

The recent trends of IoT and artificial intelligence have had a commendable impact on the development of smart speaker market. The robust proliferation of the internet has further aided smart speaker market growth in the last few years. Apart from the rising penetration of consumer electronics and high demand for wireless connectivity, technological interventions have also allowed manufacturers to introduce products that are not confined only to playing music, but have extended their applications to problem-solving, setting reminders, streaming of news and music with a single voice command. Integration of virtual assistant software has further played a pivotal role in reshaping the business model of prominent contenders. Google Home, for instance, powered by Google is profoundly considered one such technological breakthrough.

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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.

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The Germany smart speaker market will witness a growth to reach over USD 3 billion by 2024 due to an increasing use of home automation in the country. Several players in the country are developing these devices to cater to the exponentially increasing requirements of the consumers. For instance, researchers at the Fraunhofer Institute for Digital Media Technology are playing a vital role in the development of these devices by designing a combination of loudspeakers and microphones for smart voice control.

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. In addition to the existing players, several new players are taking initiatives to enter the market.

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.

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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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