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Smart Home Speaker Market in the US - Drivers and Forecasts by Technavio
[July 25, 2017]

Smart Home Speaker Market in the US - Drivers and Forecasts by Technavio


Technavio analysts forecast the smart home speaker market in the US to grow at a CAGR of more than 38% during the forecast period, according to their latest report.

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Technavio has published a new report on the smart home speaker market in the US from 2017-2021. (Gra ...

Technavio has published a new report on the smart home speaker market in the US from 2017-2021. (Graphic: Business Wire)

The research study covers the present scenario and growth prospects of the smart home speaker market in the US for 2017-2021. The market is segmented on technology (wi-fi-enables smart home speaker and Bluetooth-enabled smart home speaker).

In recent years, rapid urbanization has led to major changes in the lifestyle of people in the US. The increase in disposable income has resulted in an increase in per capita expenditure, which has increased the consumers' purchasing power and improved their standard of living. Consumers are spending more on connected products. Vendors depict the perceived benefits of each product to influence consumers' purchase decisions. Thus, rising urbanization and per capita expenditure in developing countries are the key drivers contributing to the growth of the smart home speaker market in the US.

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Technavio consumer and retail research analysts highlight the following three factors that are contributing to the growth of the smart hoe speaker market in the US:



  • Increase in buying power of millennials
  • Innovations in features and user interface
  • Greater adoption of smart homes and smart connected devices

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Increase in buying power of millennials

Millennials form a significant percentage of the population in the US and earn high incomes even though most of them are in their twenties. Thus, millennials have become a major target segment for a wide range of businesses, including smart connected products such as smart home speakers.

Sharan Raj, a lead retail goods and services research analyst at Technavio, says, "Millennials are more tech savvy compared with other generations. They have the ability to adapt quickly to technology and can access just about any service they could need with a click of a button. Most of the millennials use two to three tech devices at least once daily. The increase in adoption of smartphones and internet penetration among the millennials are driving the market for smart home speakers."

Innovations in features and user interface

Currently, only a few players in the market are offering smart home speakers that work with a voice-controlled intelligent personal assistant. Smart home speakers available in the market come with voice control, calling and messaging through a personal assistant, cloud connection, and music from Prime Music, Pandora (News - Alert), iHeartRadio, and TuneIn.

"Amazon.com offers Amazon Echo that works on Alexa, a personal assistant developed by Amazon.com. It plays music from Amazon Music, Pandora, Spotify (News - Alert), iHeartRadio, and TuneIn using just the voice of the user. Alexa answers questions, reports traffic and weather, reads the news, gives information on local businesses, reads audiobooks from Audible, and provides sports scores and schedules," adds Sharan.

Greater adoption of smart homes and smart connected devices

Smart homes are residential dwellings that use internet and digitization in categories such as security and control systems, energy management systems, home appliances, and other assisted living appliances and equipment. It is estimated that by 2020, over 70 million homes in North America and Europe will be smart, with most household and kitchen activities controlled, monitored, and executed digitally and through the internet.

The constant need for convenient and comfortable lifestyle among homeowners has led to the rapid development of the smart products. The number of smart products introduced in the market has increased steadily since 2012. The ability to control home products with just an internet connection and a mobile device is attracting consumers.

Top vendors:

  • Alphabet
  • Amazon.com (News - Alert)
  • HARMAN International
  • Invoxia
  • Lenovo

Browse Related Reports:

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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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