The smart speaker market is competitive with the presence of big and small players. The market is largely dominated by the companies in North America, followed by those in Asia Pacific. While the big companies dominate the market through their brand image, small players offer innovative smart speakers in the market. As of 2017, the overall smart speaker market was dominated by key players such as Amazon (US), Harman International (US), Apple (US), Sonos (US), Alphabet (US), Bose (US), Sony (Japan), Onkyo (Japan), Panasonic (Japan), Alibaba (China), Pioneer (Japan), Altec Lansing (US), Lenovo (US), Xioami (China), and SK Telecom (South Korea).
These top players have strong presence in the smart speaker market, along with strong R&D facilities and presence in both mature and emerging markets. The smart speaker market was valued at USD 2.68 billion in 2018 and is expected to reach USD 11.79 billion by 2023, at a CAGR of 34.44% between 2018 and 2023. Increasing number of smart homes, rising disposable income, rapid proliferation of multifunctional devices, and growing trend of personalization are the major drivers for the smart speaker market.
Product launches and developments were the key stratesgies adopted by players to achieve growth and stay competitive in the smart speaker market. These strategies collectively accounted for 80% of all the growth strategies adopted by players in this market to expand their product portfolio, increase sales and distribution networks, and strengthen their share and position in the overall smart speaker market. Besides product launches and developments, companies adopted the strategies of partnerships, agreements, and collaborations. Increasing consumer preference for technologically advanced products, especially in smart home Speaker and automotive applications, is encouraging companies to offer smart devices inbuilt with advanced technologies.
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Amazon (US) held the leading position in the global smart speaker market in 2017. It is an e-commerce and cloud computing company offering a range of products and services through its websites. Amazon has been following the strategy of reducing the cost of its old products after introducing a new version of the product into the market. This strategy allows the company to capture high margins with early adopters and brand-conscious consumers. The company’s continuous innovation and forward focus have allowed it to stay ahead of its competitors. The company has displayed impressive top-line growth through its innovative product lines. In September 2017, the company launched Echo (2nd Gen.), Echo Plus, and Echo Spot.
Harman International (US) is one of the key players in the global smart speaker market. The company has adopted the strategy of developing new products and solutions to achieve growth in the smart speaker market. The company is continuously innovating and developing new products in the smart audio device segment and improving its leadership position through robust R&D. The company’s global approach to R&D enables it to compete in the smart audio device market. In September 2017, the company launched JBL Link series—the LINK 10, LINK 20, and LINK 300 set of smart speakers.
