[July 25, 2017] |
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Smart Home Speaker Market in the US - Drivers and Forecasts by Technavio
Technavio
analysts forecast the smart
home speaker market in the US to grow at a CAGR of more than
38% during the forecast period, according to their latest report.
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Technavio has published a new report on the smart home speaker market in the US from 2017-2021. (Graphic: Business Wire)
The research study covers the present scenario and growth prospects of
the smart
home speaker market in the US for 2017-2021. The market is
segmented on technology (wi-fi-enables smart home speaker and
Bluetooth-enabled smart home speaker).
In recent years, rapid urbanization has led to major changes in the
lifestyle of people in the US. The increase in disposable income has
resulted in an increase in per capita expenditure, which has increased
the consumers' purchasing power and improved their standard of living.
Consumers are spending more on connected products. Vendors depict the
perceived benefits of each product to influence consumers' purchase
decisions. Thus, rising urbanization and per capita expenditure in
developing countries are the key drivers contributing to the growth of
the smart home speaker market in the US.
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only: View
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Technavio consumer
and retail research analysts highlight the following three factors
that are contributing to the growth of the smart hoe speaker market in
the US:
-
Increase in buying power of millennials
-
Innovations in features and user interface
-
Greater adoption of smart homes and smart connected devices
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Increase in buying power of millennials
Millennials form a significant percentage of the population in the US
and earn high incomes even though most of them are in their twenties.
Thus, millennials have become a major target segment for a wide range of
businesses, including smart connected products such as smart home
speakers.
Sharan Raj, a lead retail
goods and services research analyst at Technavio, says,
"Millennials are more tech savvy compared with other generations. They
have the ability to adapt quickly to technology and can access just
about any service they could need with a click of a button. Most of the
millennials use two to three tech devices at least once daily. The
increase in adoption of smartphones and internet penetration among the
millennials are driving the market for smart home speakers."
Innovations in features and user interface
Currently, only a few players in the market are offering smart home
speakers that work with a voice-controlled intelligent personal
assistant. Smart home speakers available in the market come with voice
control, calling and messaging through a personal assistant, cloud
connection, and music from Prime Music, Pandora (News - Alert), iHeartRadio, and TuneIn.
"Amazon.com offers Amazon Echo that works on Alexa, a personal
assistant developed by Amazon.com. It plays music from Amazon Music,
Pandora, Spotify (News - Alert), iHeartRadio, and TuneIn using just the voice of the
user. Alexa answers questions, reports traffic and weather, reads the
news, gives information on local businesses, reads audiobooks from
Audible, and provides sports scores and schedules," adds Sharan.
Greater adoption of smart homes and smart connected devices
Smart homes are residential dwellings that use internet and digitization
in categories such as security and control systems, energy management
systems, home appliances, and other assisted living appliances and
equipment. It is estimated that by 2020, over 70 million homes in North
America and Europe will be smart, with most household and kitchen
activities controlled, monitored, and executed digitally and through the
internet.
The constant need for convenient and comfortable lifestyle among
homeowners has led to the rapid development of the smart products. The
number of smart products introduced in the market has increased steadily
since 2012. The ability to control home products with just an internet
connection and a mobile device is attracting consumers.
Top vendors:
-
Alphabet
-
Amazon.com (News - Alert)
-
HARMAN International
-
Invoxia
-
Lenovo
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at [email protected].
View source version on businesswire.com: http://www.businesswire.com/news/home/20170725006295/en/
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