A smart speaker is generally a wireless and smart audio playback speaker with in-built voice control. It works on the voice commands by using artificial intelligence (AI) to play music. The other key feature of smart speakers in addition to voice recognition and control is as a home assistant. The features included access to TV, lighting control, message dictation, audio book playback, language translation, shopping, and hands-free phone calling but may require upgrades, or integration with external devices with an additional purchase. Smart speakers market ranges from Wi-Fi-enabled boxes to adjustable RGB LED smart speakers. It enhances ease of use and can be connected to various types of audio sources.

Increasing adoption for smart speaker across the globe is the ongoing trend observed, which is expected to support market growth in the near future. The consumer electronic market is rapidly changing. Companies continue to announce new product with advanced features and roadmaps. Voice control is the top trend in the IoT and smart home. With continuous integrations and partnerships, new entrants, are growing in the voice-enabled technologies segments. The personal assistance technology segment comprises of both devices and applications that enables voice feature as the primary input and output. Increasing demand of voice-first technology and smart home is the key driver for the growth of the smart speaker market. In addition, rising investment on Internet of Things (IoT) by vendors, growing demand for digital economy are the other key factors expected to fuel the growth of the global smart speaker market over the forecast period.

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However, rising concerns about security is a major factor restraining the growth of the smart speaker market. As vocal commands are the primary focus of the smart speakers. Therefore, personal data can be registered without the knowledge of the user microphone within the systems through commanded keywords even when the system is not in use leading to cyber-threats.

The global smart speaker market report has been segmented on the basis of connectivity, virtual assistant and region. On the basis of region, the global smart speaker market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Key players in the global smart speaker market are Apple Inc., JBL, Sony Corporation, Bose Corporation, Amazon.com, Inc., Google LLC, Sonos Inc., Harman Kardon Invoke, LG Electronics, Samsung Electronics Co., Ltd.

 

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