Demanding of Smart Speaker Market by Alexa, Google Assistant, Siri, Cortana

April 17 21:50 2020
The market for Alexa smart speakers is growing owing to its low cost and compatibility with numerous smart devices and apps, such as smart switches, garage doors, sprinklers, locks, and security cameras.

The market for Alexa smart speakers is growing owing to its low cost and compatibility with numerous smart devices and apps, such as smart switches, garage doors, sprinklers, locks, and security cameras.

A smart speaker operates via an intelligent voice assistant (IVA) and performs operations such as browsing web, streaming music, and purchasing groceries. There is an increase in demand for AI-enabled smart speakers in smart home and smart office applications. However, smart speakers are facing challenges in terms of connectivity range, compatibility, and power. Increasing the need to enhance consumer convenience is fueling the demand for smart speakers, especially in the smart home application.

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By intelligent virtual assistant, Alexa is expected to hold the largest share of the market

Alexa is a highly preferred voice assistant for smart speakers. It was the first voice assistant offered by Amazon. Since then, the platform is used in Amazon’s Echo device series and in smart speakers offered by most of the companies. Alexa speaker is offered in more than 80 countries, thus covering a wide audience from which the company gathers usage data and continually improves its services.

Siri voice assistant is one of the most advanced technologies offered by Apple. Consumers who own an iPhone are most comfortable with Siri-enabled smart speakers. However, the adoption of Siri-enabled smart speakers is currently less compared with that of Alexa- or Google Assistant-enabled smart speakers as these speakers came before Siri smart speakers. The company’s strong brand and consumer base are expected to fuel the market for Siri smart speakers.

Smart speaker market for smart office application to grow at highest CAGR between 2018 and 2023

The smart speaker market for smart office application is expected to grow at the highest CAGR between 2018 and 2023. Intelligent virtual assistant (IVA) smart speakers are experiencing substantial growth and are playing a significant role in the evolution of the voice–user interface in smart offices. Further, recent developments in artificial intelligence and natural language processing to enhance voice recognition capabilities have increased the overall demand for smart speakers in smart offices.

Hardware to account for major portion of smart speaker market between 2018 and 2023

Hardware constitutes a major portion of the smart speaker. Currently, smart speakers process a small volume of data, which requires hardware platform with computing capabilities to support basic functions such as streaming music, surfing information, making phone calls, and controlling smart devices.

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