The global smart speaker market to grow at a CAGR [compound annual growth rate] of 24.02% during the period 2017-2021, according to new data from Research and Markets (www.researchandmarkets.com).
According to the research group, one of the major drivers for this market is increase in number of smart homes. A large number of homes in developed countries such as the U.S. and the UK are being renovated into smart homes. In a smart home, smart electronics, consumer electronic devices, and media and entertainment gadgets are connected to the home network and can interact with each other.
The demand for smart homes is highly driven by energy saving requirements, convenience, and connectivity among the home devices, according to Research and Markets. It is also fueled by government initiatives to promote smart homes for a better living. Among the common examples of solutions in this market are the introduction of smart meters to conserve energy and the assistance of power line communication, adds Research and Markets.