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Intelligent Speakers Market expected to grow at a CAGR of 29% Over (2019-2029) – Lake Shore Gazette

Intelligent Speakers Market expected to grow at a CAGR of 29% Over (2019-2029)

Hotel chains are undertaking the mass deployment of smart speakers which can be used as a room attendant. In addition, the smart speaker in hotel rooms can be used for entertainment of the customer staying in the hotel and for getting latest news updates and weather forecast. On the account of highly advanced features, a number of hospitality industry operators are focusing on incorporation of intelligent speakers for enhanced customer engagement and experience.

  • For instance, in Las Vegas the Wynn Resorts Holding, LLC has installed thousands of smart speakers in their hotel rooms. The Marriott International Group is planning to deploy smart speakers in their hotels – about hundred thousand units will be deployed only in China.

Increase in demand for smart homes devices, rapid penetration of smartphones, recent trends in IoT and AI have a commendable impact on development of the intelligent speaker market.

Increasing Inclination towards the Adoption of Smart Technology Products

Besides rapid urbanization, there has been a paradigm shift towards the adoption of smart and intelligent technology solutions, especially in metro cities, retail showrooms, and others. Increasing living standards and the development of smart buildings in various regions across the globe are factors contributing to the adoption of better and advanced devices, which is pushing the growth of the intelligent speaker market.

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Gains Underpinned by Significant Shift in Preference for Media Consumption

The emergence of intelligent speakers such as Amazon Echo and streaming services including Spotify has been influencing a behavioral shift in how people listen to music in and out of their homes.

In the ever-evolving digital world where speed, efficiency, and convenience are constant being optimized, manufacturers of intelligent speakers are racing to launch their own voice technology integrations to keep pace with ever-changing consumers’ demand. With a wealth of innovation on the horizon, the intelligent speakers market is expected to witness an unprecedented growth in the years ahead.

Increasing Popularity of Voice Commerce to Spur the Market Growth

The voice commerce is used as an alternative to using keyboard or mouse for purchasing or ordering products online. It allows user to give a voice command to smart speaker that are equipped with virtual assistants such as Google Assistant, Amazon Alexa, while buying products online. Significant advances in voice commerce is likely to lead to increased demand for intelligent speakers, while manufacturers tap into opportunities in various verticals ranging from healthcare to banking.

Availability of Counterfeit Products to Restrict the Intelligent Speakers Market Growth

A large number of counterfeit ultra-portable speakers are being sold under the name of leading brands in SEA and Pacific countries. Counterfeit speakers costs relatively less as compared to original products, which is attracting a large number of consumers. However, these counterfeit speakers fail to provide good sound quality, battery life, and lifespan, as they are made of poor technology and quality. This not only affects market growth, but also destroys the brand image of reputed market-leading companies.

APEJ to Display High Sales Opportunities

The intelligent speakers market in Asia Pacific Excluding Japan (APEJ) is anticipated to grow at an impressive rate, during the forecast period. Given consideration to rising demand for smart devices in the region, manufacturers are focusing on launching IoT-enabled intelligent speakers to attract a large segment of consumers.

Increasing investments in the manufacturing of smart devices along with ubiquity of smartphones remains one of the prominent factors that are driving the growth of the intelligent speakers market in APEJ.

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Market Players

  • Apple
  • Sonos
  • Riva Concert
  • JBL
  • Alphabet (Google)
  • Bluesound
  • Bose
  • Sony Corporation

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