Integrated Smart Devices Driving The Growth Of Smart Home Speakers And Virtual Assistants
The smart speaker market is estimated to grow from $400 million presently to more than $13 billion by 2024, as per a research by Global Market Insights, Inc. Factors such as the need to increase the convenience of the consumers and high network connectivity are driving the market. Many manufacturers are investing heavily in improving the functionality of these speakers. Integrated devices like Logitech Harmony Elite, Wink Hub, and Philips Hue Bulbs have been developed by the companies to satisfy the growing demand.
Consumer demand for smart speakers with virtual personal assistants has created a better public image. This lets the user stream audiobooks and music along with performing many other actions with a single command. Amazon broke the market with the release of its Amazon Echo devices, which was closely followed by Apple and Google’s releases. Countries in the Asia Pacific, like Japan, South Korea, and China are expected to see high market demand.
Factors such as connectivity range, compatibility, and power are expected to restrain smart speaker market growth. To address the issue of connectivity and sound quality, companies have developed multi-room systems, that enables users to connect to multiple speakers around the house to a single device.
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