The holiday sales of the smart speaker have shown a massive leap in the number of unit volumes which tripled to around twenty-five million in 2017, a market research report reveals. The year was indeed a massive one for smart speakers as it became a popular gift lately. The discounts given on holiday sales proved to be a big deal for Amazon and Google as well, so much, that they were ready to lose money in order to gain maximum market share.
Site speakers are becoming the fastest growing products with both Amazon and Google outrunning others via their Echo and Home product lines. We’ll see how smart speaker market has changed over the year.
- The smart speaker market is expected to grow by 56.3 million this year according to some recent studies.
- The US will lead this growth followed by China. Popularities of various brands in each country will differ with preference to local vendors.
- Services are expected to be monetized, with more advanced bot-skills being charged higher.
- With speakers being introduced to newer places like cars and home entertainment systems, people are likely to use other devices less.
The prompt market adoption of this technology can be attributed to the following:
- An increasing number of smart homes and workplaces globally: Product development is based on demand. Tasks that can be performed by these virtual assistants are not required in every setting. Growth in offices with a need to incorporate technology and automate tasks supports the field of smart speakers.
- An array of choices: Tech-savvy folks are looking for choices. There will be customers looking for the best experience while some willing to follow their loyalty lines. More producers trusting the technology and willing to invest in the field will help people gain trust in the product.
- Customer awareness: Consumer intelligence research reports suggest that the clientele is becoming increasingly aware of the developments in various fields through print and social media. This helps them know if a new reliable digital helper enters the market.
- Partnering with automakers: More than 60% people have shown their interest in installing this kind of technology in their cars. Tech giants are taking this into account and endeavoring to merge with automakers to instate the virtual assistants. Although the pace of growth in the automobile market is not as fast as consumer electronics, the integration is likely to be expected in the near future.
- The increasing usage over other gadgets: Market analysis reveals that consumers using smart speakers are likely to increase its use over a phone or other device due to the provision of accomplishing some of the tasks of phones such as internet surfing etc. Furthermore, around 30% users have admitted that they spend less time watching TV ever since the smart speaker has accommodated their lifestyle.
The smart speaker market is progressing with firms are looking out for new methods to monetize the usage. Smart speakers have undoubtedly positioned themselves well in the market leaving a number opportunity to explore the innovation and new revenue models.