The global smart speaker market has increased at a significant compound annual growth rate [CAGR] during the years 2013-2017 and projections are made that the market will rise tremendously over the next four years (2018-2022), according to Research and Markets (www.researchandmarkets.com).
The smart speaker market is expected to increase due to rising disposable income, increasing demand for smart home devices, escalating internet users, surging urban population, increasing adoption of Internet of Things (IoT) technology, etc., adds the research group. Yet the market faces some challenges such as, high security and privacy risk, lack of compatibility, high prices of smart speakers, localization of language spoken, etc., adds Research and Markets.
The global speaker market is generally dominated. Many competitors have established worldwide reputation with the multinational consumers while there are some local players selling their smart speakers to the domestic market. Smart speaker vendors provide smart speakers based on the different type of Intelligent Virtual Assistant (IVA).
However, the competition in the global smart speaker market is dominated by few smart speaker vendors. Further, Research and Markets says that key players of the smart speaker market are also profiled with their financial information and respective business strategies.