Smart Speaker Market in US - Industry Outlook and Forecast 2018-2023: Siri (Apple), Alexa (Amazon), Google Assistant (Google), and Cortana (Microsoft) Influencing the Market
DUBLIN, Jan. 2, 2019 /PRNewswire/ --
The "Smart Speaker Market in US - Industry Outlook and Forecast 2018-2023" report has been added to ResearchAndMarkets.com's offering.
The US smart speaker market is anticipated to reach revenues of around $9 billion by 2023, growing at a CAGR of approximately 21% during 2018-2023.
US Smart Speaker Market - Overview
The increasing number of consumers replying on smartphones for convenience of information is one of the primary factors promoting the growth of the US smart speaker market. The introduction of voice-assistance technology that can assist consumers and make their life convenient will transform the US market. The integration of prominent virtual assistant such as Siri (Apple), Alexa (Amazon), Google Assistant (Google), and Cortana (Microsoft) with smart applications is gaining immense traction in the US market. The economic growth that helps in the expansion of businesses with the access to finance sources, B2B marketing spends, and general economic activities will create lucrative opportunities for manufacturers in the US market. The growing preference for connected and smart devices is promoting the demand and sales in the US market.
The launch of the new product model that provide ease-of-use along with a taste of innovation will lead to the introduction of various models such as wireless speakers, Bluetooth speakers, and others in the market. The introduction of speakers with voice technology and product innovations will transform the US market. The increasing number of dual-income households and in the spending capacity among consumers will generate higher revenues in the market. Such factors are propelling the growth of the US smart speaker market and boost demands during the forecast period.
The increasing acceptance of connected devices among various end-user sectors will propel the growth of the US market. The growing sales and improvement in consumer confidence and demand in the residential sector will help vendors reach a wider group of consumers in the market. The report provides market share both in terms of revenue and unit shipment values.
US Smart Speaker Market - Dynamics
The rising investment in IoT by leading vendors is augmenting the development of the US smart speaker market over the next few years. The growing efforts to digitalize the economy, rising internet penetration, increasing internet speed, and use of smart home applications will transform the US market during the forecast period. The investments in IoT will help streamlining the manufacturing processes, supply chain management (SPM), and delivering more personalized customer experience in the market.
The data collected from smart devices will help vendors analyze and share real-time data that provides valuable insights into user preferences. The companies leverage this data to market and advertise smart devices in the US market. The emergence of IoT will have a positive impact on product design, development, manufacturing, marketing, sales, aftersales, and offering seamless and customized consumer experience in the market. Furthermore, the use of IoT for product improvement will boost sales in the US smart speaker market.
US Smart Speaker Market - Segmentation
This market research report includes a detailed segmentation of the market by device type, end-users, and distribution channel.
US Smart Speaker Market - By Device Type
First-party devices to dominate the largest US smart speaker market during the forecast period.
The US smart speaker market by device type is segmented into first-party devices and third-party devices. The first-party device segment dominated majority of the market share in 2017, growing at a CAGR of more than 13% during the forecast period. The leading players are focusing on improving the sound quality and product differentiation to gain a larger market share in this segment. Amazon and Google are the leading manufacturers in this segment in the US market.
The increasing in number of collaborations among top companies to provide smart eco-systems and improve their smart-assistant platforms will boost sales in this segment in the US market. Hardware vendors are leveraging their audio quality and design expertise to gain a larger market share and offer superior first-party devices in US. The focus on expanding product portfolios and technological innovations will drive revenues and sales in the US smart speaker market.
US Smart Speaker Market - By End-Users
Commercial end-users segment to grow the fastest in the US smart speaker market during the forecast period.
The end-user segment in the US smart speaker market is classified into residential and commercial end-users. The commercial end-users segment occupied a significant market share in 2017, growing at a CAGR of approximately 33% during the forecast period. The commercial segment users use these smart devices across their smart offices, small retail stores, home offices, educational institutions, and among others.
The growing popularity of these smart and wireless speakers across small home offices and educational institutions will propel the growth of the commercial end-user segment in the US market. The introduction of devices such as Echo Plus and Google Home Max are gaining immense popularity in the commercial end-user segment in the US. Furthermore, the launch of Amazon Show that find applications across smart offices in this segment will transform the US market. The launch of new and innovative products will propel the growth of this sector in the US smart speaker market.
US Smart Speaker Market - By Distribution Channel
Leading online OEM portals to control majority of market share in the US smart speaker market during the forecast period.
The US smart speaker market by distribution channel is divided into online and retail (specialty stores (mono-brand), mass market players, and electronic stores). Online retail channels dominated the largest market share in 2017, growing at a CAGR of approximately 14% during the forecast period. The exponential growth of online OEMs' e-commerce portals and online direct-to-consumer stores such as Amazon.com, eBay.com, and Bestbuy.com is propelling the development of this segment in the US market. The companies are leveraging social media to promote and advertise their products and attract new consumers in the US market. The factors such as ease-of-accessibility and convenience afforded by such channels will boost revenues in the US market.
Key Vendor Analysis
The US smart speaker market is highly concentrated and the leading players control around 90% of the market share. The launch of new technologies such as Amazon Echo series and Google Home series is intensifying the level of competition in the US market. The top manufacturers are offering high functionality and designs to gain a larger market share and new consumers. The vendors are launching a diversified portfolio to sustain the competition in the US market. The increasing investments in R&D and commercialization costs will boost sales in the US market during the forecast period.
The major vendors in the US market are:
- Alphabet (Google)
- Amazon.com
- HARMAN International (Samsung)
- Sonos
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Report Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of Study
4.3.1 Market Segmentation by Device Type
4.3.2 Market Segmentation by End-user Type
4.3.3 Market Segmentation by Distribution Channel Type
4.3.4 Market Segmentation by Geography
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Inclusions
5.3 Exclusions
5.4 Currency Conversion
5.5 Market Derivation
6 Market at a glance
7 Introduction
7.1 Overview of Virtual Assistants
7.2 MacroEconomic Factors Enabling Market Growth
7.2.1 Economic Development
7.2.2 Increase in Per Capita GDP
7.2.3 Dual-income Households
8 Market Dynamics
8.1 Market Growth Enablers
8.1.1 Voice Searches Gaining Prominence
8.1.2 Increased Adoption of Smart Homes
8.1.3 Growing Online Music Streaming
8.1.4 YOY Impact of Market Growth Enablers
8.2 Market Growth Restraints
8.2.1 Volatility in Raw Material Prices and Increasing Labor Costs
8.2.2 Security Issues and Ethical Concerns
8.2.3 YOY Impact of Market Growth Restraints
8.3 Market Opportunities & Trends
8.3.1 Increasing Popularity of Voice-first Technology
8.3.2 Increased Investment in IoT by Vendors
8.3.3 Increasing Influence of Internet in Shaping End-users' Purchasing Behavior
8.3.4 YOY Impact of Market Opportunities & Trends
9 Value Chain Analysis
9.1 Value Chain overview
9.2 Value Chain Analysis
10 Introduction to Smart Home
10.1 Overview
10.2 IoT Specialized Networks
10.2.1 Bluetooth
10.2.2 ZigBee
10.2.3 Z-Wave
10.2.4 Thread
10.2.5 Wi-Fi
10.2.6 Cellular
10.3 Opportunities in Connected Living Market
10.4 Smart Device Ownership
11 Market Landscape
11.1 Smart Home Devices market in US
11.1.1 Market Overview
11.1.2 Market Size & Forecast
11.2 Smart Speaker Market in US
11.2.1 Historical Data 2014-2016
11.2.2 Market Size & Forecast 2017-2023
11.3 Porter's Five Forces Analysis
12 Market by Device Type
12.1 Market Overview
12.2 First-party Smart Speaker Market In US
12.3 Third-party Smart Speaker Market in US
13 Market by End-Users
13.1 Market Overview
13.2 Market Size & Forecast
13.2.1 Residential Smart Speaker Market in US
13.2.2 Commercial Smart Speaker Market in US
14 Market by Distribution Channel
14.1 Market Overview
14.2 Manufacture, Production, and Distribution
14.3 Distribution through Retail Stores
14.4 Distribution through Online Websites
15 Competitive Landscape
15.1 Market Overview
15.2 Market Share Analysis
16 Key Company Profiles
16.1 Alphabet (Google)
16.2 Amazon.com
16.3 HARMAN International (Samsung)
16.4 Sonos
17 Other Prominent Vendors
17.1 Anker Innovations
17.2 Apple
17.3 Avnera
17.4 Baidu
17.5 Beijing LingLong (JD.com)
17.6 Deutsche Telekom
17.7 Fabriq
17.8 Facebook
17.9 JAM Audio
17.10 KaKao
17.11 KitSound by Kondor
17.12 KT
17.13 Invoxia
17.14 Lenovo
17.15 LG Electronics
17.16 Libratone
17.17 Line
17.18 Mobvoi
17.19 Mycroft AI
17.20 Naver
17.21 NVIDIA
17.22 Onkyo & Pioneer
17.23 Orange
17.24 Panasonic
17.25 Samsung Electronics
17.26 SK Telecom
17.27 Sony
17.28 Telefnica
17.29 Tencent
17.30 TIBO
17.31 Ultimate Ears (Logitech)
17.32 Xiaomi
17.33 Yandex
For more information about this report visit https://www.researchandmarkets.com/research/lh66hh/smart_speaker?w=5
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