Smart Speaker Market Research Report
The GMI Research's latest analysis reveals that the smart speaker market is slated to register a faster CAGR. This is mainly due to the evolution of smart homes, which is leading to a rise in the demand for smart devices and increasing smartphones' penetration. Continuous technological advancements and growing usage of data networks will increase the demand of market.
The key factors responsible for the smart speaker market size's growth include the expansion of smart homes, leading to a rise in the demand for smart devices and the increasing penetration of smartphones. Ongoing technological improvements such as the implementation of the internet of things (IoT) technology and the greater usage of data networks such as 3G and 4G to provide the users with the ease to access the internet at an improved speed are the emerging smart speaker market trends that are propelling market’s demand. Also, the increasing disposable income, rapid urbanization, the escalated use of wireless technology, and the surging demand among the consumers for multidimensional and advanced products will create opportunities for the growth of the smart speakers market size.
The increased spending by consumers to improve the quality of life in the technologically improving economies, rising per capita income, and the flourishing focus of the companies to improve the customer experience will increase the growth of the global smart speakers share in terms of revenue. The evolution of partnerships among smart speaker developers and smart home manufacturers is leading to the smooth incorporation of a smart speaker with smart home devices, which in turn, is advancing to a rise in the acquisition of the smart speaker.
As per the smart speaker market research, the ongoing coronavirus crisis is opening new growth opportunities for the market. The increase in the demand of smart speakers is mainly because of the fact that smart speakers automatically control different home devices such as TV remotes and door handles, thus circumventing the contact with the commonly touched surfaces around the home. The factors that are restricting the growth of the smart speaker market comprise of the risk accompanied with the security and problems related to the connectivity range and compatibility issues.
On the basis of regional coverage, North America is projected to dominate the market over the forecast period due to the expansion of smart homes and the increasing demand for technologically advanced products to improve their lives. Also, the existence of major providers of smart speakers and the increasing number of launch of products are some other factors driving the growth of the smart speaker market in this region.
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