The Germany smart speaker market will witness a growth to reach over USD 3 billion by 2024 due to an increasing use of home automation in the country. Several players in the country are developing these devices to cater to the exponentially increasing requirements of the consumers. For instance, researchers at the Fraunhofer Institute for Digital Media Technology are playing a vital role in the development of these devices by designing a combination of loudspeakers and microphones for smart voice control.
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The smart speaker market is expected to witness a surging demand due to the increasing demand for personalization. The majority of early adopters of these devices are affluent, educated millennials. However, the devices are gaining traction among other demographic groups such as young gen X and children. These devices allow a high degree of personalization that appeals to consumers, propelling the smart speaker market growth.
The Siri-enabled smart speaker market is anticipated to grow rapidly due to the large popularity of Apple devices among the consumers. Superior sound quality as compared to the other speakers is adding to the increased shipments of these devices. Furthermore, the compatibility of these devices with the iOS is expected to propel the industry growth due to the large-scale adoption of iOS-enabled smartphones.
The smart speaker market in commercial applications will grow rapidly due to the increasing adoption of these devices in businesses. These devices enable conference calls, allow the performance of hands-free tasks while receiving the industry information, and generate ambient sounds. These devices will also find applications in the healthcare sector by integrating them with the building management systems and gathering patient information.
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The increasing usage of IVAs in the healthcare industry is expected to open new growth opportunities to the smart speaker market. These devices will be incorporated in the patient’s room in hospitals that will allow the patients to forward updates and requests to doctors and nurses through voice controls. The integration of these devices with platforms, such as building management systems, will allow the adjustment of window blinds and lighting. Several organizations are partnering with technology giants to develop such devices with advanced security. For instance, the Thomas Jefferson University Hospitals and IBM are jointly developing smart speakers that respond to a set of specific voice commands.
The key players in the smart speaker market include Apple, LG Electronics, Sonos, Ultimate Ears, Panasonic Corporation, Invoxia, and Baidu. The industry is characterized by the presence of a large number of players with intense competition.
Despite having associated risks such as security breaches and data threats, the smart speaker industry is certain to witness a phenomenal demand over the coming years. The projected growth curve of this market aptly justifies that this vertical holds a tremendous set of opportunities for application developers, component suppliers, network operators, and several other vendors. Global Market Insights, Inc., projects the overall smart speaker market to register a massive CAGR of 33% over 2018-2024, in terms of shipments.
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