According to new data from Transparency Market Research (www.transparencymarketresearch.com), the global smart speaker market is projected to witness healthy growth in the forthcoming years, as a large number of players are foraying into the business landscape, offering unique functions with the end-user’s demands in mind.
Vendors in the global smart speaker market are seen focusing on some smart organic as well as inorganic growth strategies in order to gain an edge over their competitors, adds the research group.
The key players in the smart speaker market are seen investing their resources in intuitive voice technologies. Several companies are involved in the process of utilizing artificial intelligence in their products, and offering smarter product portfolio. A key strategy adopted by vendors in the global smart speaker market are strategic mergers and acquisitions. This move is expected to help vendors retain their position in the market, as well as enhance their product portfolio.
Key vendors in the global smart speaker market are Apple, Amazon, Xiaomi, Harman International, and Sonos. According to Transparency Market Research, the global smart speaker market is projected to expand at an 18.01% compound annual growth rate (CAGR) over the forecast period of 2018 to 2026. The market is projected to rise to $18 million by the end of the forecast period.