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.
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.
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.
A comprehensive view of the intelligent speakers market has led our analysts to conclude that, the market of intelligent speaker is proliferating at a remarkable rate. Regions such North America is holding a large part of the intelligent speaker market. New product innovations and strong financial position of key market players will also give momentum to the intelligent speaker market. Regional expansion and collaborations with local or regional manufacturers are some strategies adopted by key players to boost their sales of intelligent speakers.
Intelligent Speakers Market: Scope of the Report
Persistence Market Research (PMR) recently published a new research analysis on the intelligent speakers market for the assessment period 2019-2029. The research study on the intelligent speakers market offers a close look at the evolving aspects of the intelligent speakers market as well as the dynamics impacting the market growth. The research study focuses on the key developments that have made their mark in the intelligent speakers market and other developments that are on the cards. The report talks about various macro- and micro-economic factors responsible for having an in-depth impact on the growth of the intelligent speakers market.
A direct market overview provides the growth scenarios and market potential with maximum precision, which is adjudged with suitable assumptions. The report features unique and relevant factors that are likely to have a significant impact on the compact inverter market during the forecast period. This report includes a detailed and considerable amount of information, which will help new manufacturers in the most comprehensive manner for better understanding.
Several stakeholders in the intelligent speakers market can rely on the data offered in this research study and delve into pragmatic decision-making. Moreover, information offered in the intelligent speakers market report also helps new market entrants expand their bases in the intelligent speakers market.
The report elaborates the historical and current trends molding the growth of the intelligent speakers market. The performance journey of the intelligent speakers market has been drawn and analyzed in way that the lucrative side of the market is evident to the readers. The competitive landscape presented in the intelligent speakers market report gives a detailed outlook of profiles of key companies operating in the market, along with their differential strategies and key focus areas.
Intelligent Speakers market: Taxonomy
PMR’s research study on the global intelligent speakers market offers a detailed market taxonomy, wherein the key segments have been discussed in detail. The segmentation of the intelligent speakers market has been offered on the basis of devices, distribution channel, application and region. Every segment has been analyzed in detail and data pertaining to the growth of each segment has been included in the study.
Intelligent Speakers Market: Key Questions Answered in the Report
The research study on the intelligent speakers market offers inclusive insights about the growth of the market in the most comprehensible manner for better understanding of users. The insights offered in the digital signature report answer some of the most salient questions that assist the stakeholders in gauging all the emerging possibilities.
Intelligent Speakers Market: Research Methodology
A unique and promising research methodology forms the base of the intelligent speakers market during the forecast period. The report has been prepared after a comprehensive analysis of the market happenings and then riveting insights have been compiled meticulously. The research methodology of the Intelligent Speakers market has been a two-step process that comprises of primary and secondary research. Key stakeholders, which include digital signature manufacturers, suppliers, and distributors, have been interviewed and experts of several designations, including executive vice presidents, directors, service engineers, technical advisors, GM marketing professionals, and sales professionals.
Secondary sources referred to garner the report findings include investor presentations of manufacturers, World Bank, and many other credible sources.