Smart Speaker Market to More than Double in Five Years
Research firm MarketsandMarkets expects the global smart speaker market to grow from its current value of $7.1 billion to $15.6 billion by 2025, growing at a compounded annual rate of 17.1 percent.
The growth of the market can be attributed to an increasing number of smart homes, rising disposable income, and rapid proliferation of multifunctional devices.
Among all of the smart speaker systems available, MarketsandMarkets expects Google Assistant to be the most popular. Google Assistant, it noted, is supported by the data generated from Google's web search engine and gives contextual information and longer and more informative answers. Google Assistant also works with Google's online services and cites source websites while providing information.
Smart speakers with local language support have enormous potential to grow, though they are an expensive purchasing decision for most consumers, the report also noted.
Major players in the smart speaker market include Amazon, Harman International, Apple, Sonos, Google, Baidu, Bose, Sony, Onkyo, Samsung Electronics, Panasonic, Alibaba Group, Altec Lansing, Lenovo Group, Xiaomi, SK Telecom, Facebook, and LG Electronics, according to MarketsandMarkets.