The Proliferation of Smart Speakers Expands to Household Management Services

FinancialBuzz.com News Commentary

NEW YORK, Aug. 31, 2022 /PRNewswire/ -- Artificial intelligence as a service (AIaaS) is a young market that is projected to grow due to high demand across several industries. The technology is constantly evolving and can already be applied in segments like financial services, telecommunication, government agencies, retail and even home services. The popularity of AI technology is growing in large part to its ability to manage complex data-driven applications, such as text/content or speech recognition, which account for a large portion of its market share. Automatic speech recognition technology alone is projected to expand at a CAGR of 30% by 2028, owing to the wide adoption of smart speakers in various sectors, a report by Grand View Research clarifies. Smart speakers recognize speech and respond to the consumers in a predefined manner. E-Home Household Service Holdings Limited (NASDAQ: EJH), Amazon.com, Inc. (NASDAQ: AMZN), Teladoc Health, Inc. (NYSE: TDOC), Alphabet Inc. (NASDAQ: GOOG), Baidu, Inc. (NASDAQ: BIDU)

Smart speaker technology has become quite prevalent in people's homes over the last several years. For instance, Amazon's Alexa and Google Home have accounted for the majority of the market share of the smart speaker segment in recent years. Smart speakers are often used to control other smart devices with the user's voice, seamlessly making day-to-day tasks easier. With voice command, the user can control all smart devices by connecting the main device to the Internet. And, according to data published by MarketsandMarkets, the global smart speaker market size is expected to reach USD 15.6 Billion by 2025 from USD 7.1 Billion in 2020, while at a CAGR of 17.1%.

E-Home Household Service Holdings Limited (NASDAQ: EJH) announced yesterday breaking news that, "it has begun development of BAO TAO, a proprietary all-in-one home services tool meant to simplify daily household management.

BAO TAO is the result of E-Home leveraging its recently acquired Chuangying Business Technology Co.'s technological knowhow to modernize and expand access to household services. The new application seeks to redefine the Company's approach to AI technology in enterprise and household cleaning as well as waste and inventory management. BAO TAO helps keep track of office and cleaning supplies and offers a seamless solution for scheduling maintenance, repair or housekeeping requests.

The tool could be installed anywhere in the home or office and is operated using voice command, ensuring widespread compatibility and ease of use. Elegantly designed, BAO TAO fits with any décor and needs only Wi-Fi to operate.

Mr. Wenshan Xie, Chairman and CEO of E-Home, commented: 'Technology moves fast and all of us at E-Home understand how important it is to stay up to date. Companies like Amazon and Google have shown us that smart devices such as Alexa can be instrumental in changing the way we approach home and office management. This is why it is a great pleasure to announce BAO TAO, a tool that helps push E-Home to the forefront of household management and allows us to offer unparalleled service to customers. BAO TAO is easy to integrate, can be operated solely by voice command and could be utilized in a variety of settings, such as the home and office.'"

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Amazon.com, Inc. (NASDAQ: AMZN) announced last year two new solutions as part of Alexa Smart Properties that will enable senior living and healthcare providers to integrate Alexa into their properties and empower residents and patients to stay connected, informed and entertained, just by asking Alexa. Designed specifically for the needs of senior living communities and healthcare facilities, Alexa Smart Properties simplifies deploying and managing Alexa-enabled devices at scale, helping properties offer customized Alexa experiences for residents and patients, and increase care team productivity and operational efficiency. Alexa Smart Properties enables senior living residents to keep in touch with their loved ones, connect with their community, access community news, and more, using the Amazon Echo device in their room. Family members and friends outside the property get peace of mind knowing they can easily get in touch with residents through Alexa calling.

Teladoc Health, Inc. (NYSE: TDOC) reported earlier this year a first of its kind experience with Amazon Alexa with the launch of voice-activated general medical virtual care on supported Echo devices, such as an Echo, Echo Dot, and Echo Show. Customers in the U.S. will now be able to connect with a Teladoc care provider 24/7 from supported Echo devices for general medical needs. Teladoc on Alexa will initially launch via audio with video visits coming soon.

"Teladoc Health's collaboration with Amazon is yet another step in breaking down barriers to healthcare access," said Donna Boyer, chief product officer, Teladoc Health. "By introducing and integrating our virtual first care experience with Echo devices, we are providing an innovative and convenient way for users to connect with a doctor. We are meeting consumers where they are, to continue to deliver value and high-quality care to members."

Alphabet Inc. (NASDAQ: GOOG) announced in a blog post that the company is entering a new era of the smart home built on openness and collaboration — one where people should have no problem using devices from different smart home brands to turn on lights, warm up the living room and set morning alarms. All of them should work together in harmony. "We've also rolled out a new Google Home site to help you explore everything you can do with your Google Home in one spot. You can discover thousands of smart home devices that work with Google Home and learn how to get the most out of your helpful home — including automated routines to make everyday life easier, safer and more convenient," Google explained.

Baidu, Inc. (NASDAQ: BIDU) reported last year that Xiaodu Technology has closed Series B financing at a $5.1 billion post-money valuation. "We are pleased to see the rapid growth of Xiaodu, leveraging Baidu's AI and large content and services mobile ecosystem, to change the way hardware provides value for consumers. Xiaodu entered the market in 2018 with sub RMB 100 smart speakers and rapidly became the world's largest smart-display provider based on shipments," said Herman Yu, CSO and CFO of Baidu. "DuerOS with voice modality and larger screen is growing Internet usage at home and becoming the command center for IoTs, with its fast growth of OEM partnerships. Services revenue surpassed 10% of Xiaodu revenues in the most recent quarter, encompassing membership, advertising and skills store revenue share." Baidu remains a super majority shareholder after the Transaction. Xiaodu Series A was completed in November 2020 at a post-money valuation of $2.9 billion.

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