A new report from Transparency Market Research (TMR) says the global smart speaker market depicts the presence of an exceedingly competitive landscape attributable to an expansive number of players working all over the globe. 

Harman International, Xiaomi, Amazon, Google, Sonos, and Apple are the leading players present in the global smart speaker market. TMR report says the g market is expected to generate revenue of $18,472.1 million until 2026. This grow is foretold to occur at a compound annual growth rate (CAGR) of 18.01% during the forecast period from 2018 to 2026.

TMR says the U.S. smart speaker market will boom because of an increasing number of smart homes. Customers are increasingly focused on purchasing smart homes owing to their advantages such as luxury, convenience, security, energy efficiency, and entertainment. Buyers are increasingly demand advanced gadgets that will provide a sophisticated sense of recreation in these homes, says the research group. With more services and products being Internet-enabled, the number of smart homes is substantially increasing.

There’s a rise in the adoption of multifunction gadgets as they offer diverse utility choices, per the research group. For example, the smart speaker market experienced major growth lately, as the associated products offer various features along with basic communication. 

Also, the speakers provide other functionalities such as an ability to order food online, book event tickets, gain information from the internet, and schedule tasks. Such high-tech features are majorly increasing demand for the products, thus driving the smart speaker market. 

TMR says that controlling smart gadgets through a simple voice command offers a greater utility to the buyer as compared to alternatives. This utility could be available at minimal expenses when compared to other substitute products like wearable gadgets. Thus, there is a rise in the demand of smart speakers among the customers due to their apparent low costs