Press Release
Press Release
North America holds a significant market share due to the incorporation of technologies into speakers. The USA is the hub of technological centres, with leading IT giants such as Alphabet, Inc., Amazon.com, Intel Corporation, and others.
According to industry sources, 63.43 million homes in the United States actively use smart home devices. As a result, consumer electronics with advanced features are gaining popularity in the region. Additionally, strong urbanisation, high per capita income, and growing demand for convenient and comfortable lifestyles support the smart speaker market expansion.
Reportedly, 50% of Americans welcome at least one guest into their home once a month and 21% do so every day, which positively influences smart speaker demand among Americans. Additionally, consumers' growing willingness to invest in cutting-edge technologies is driving the demand for smart speakers.
The incorporation of AI in smart speakers also drives the market growth. In September 2023, Amazon.com, Inc. (NASDAQ: AMZN) launched a smarter and more conversational Alexa, driven by generative AI. Its foundation is a brand-new, massive language model that has been specially designed and tuned for voice interactions. It also incorporates features like real-time information retrieval and effective smart home control, hence optimising home entertainment.
Through its eye gaze mode, customers with speech or movement impairments can use their tablet to execute pre-programmed Alexa tasks like playing music and shows, controlling their home environment, and even making phone calls, all without using their hands or voices. By incorporating such smart features, the company anticipates a significant improvement in Alexa's capacity to reason, deduce user intent, and comprehend complex requests.
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The major players in the global smart speaker market are Amazon.com, Inc., Alphabet Inc., Alibaba Group Holding Limited, Xiaomi Corporation, and Apple Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Intelligent Virtual Assistant |
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Breakup by Component |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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