Global smart speaker chip market is anticipated to witness an exponential growth in the forecast period. Factors such as the growing trend of personalization, rising disposable income, increasing number of smart homes, increased acceptance of multifunctional devices, and increased focus of market players to improve customer experience are likely to drive the market in the forthcoming period.

On the other hand, issues associated with connectivity range, power and compatibility and the high cost of smart speaker chip are anticipated to hinder smart speaker chip market growth in the future. However, rising demand is likely to create lucrative opportunities for the market. Globally, market is anticipated to expand at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe.

Smart speaker chip market could be explored by product type, application, distribution channel, and geography. Market by product type could span Single Chip, Multi-Chip, and Others. The key applications that could be explored in the market include Residential, Electronic Equipment, and Others. The “Electronic Equipment” segment accounted for a prominent share in the market. It is likely to witness substantial growth in the years to come.

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The market could be explored based on distribution channel as Online and Offline distribution. The “Offline” segment accounted for a prominent share in the market. It is likely to witness substantial growth in the years to come. North America is a leading region in the market. It is likely to maintain its dominance in the forecast period owing to factors such as the presence of a huge number of foremost manufacturers, rising disposable income and increasing demand from the populace. North America is followed by Row region in the years to come owing to developing economies and rising disposable income.

Key players operating in the smart speaker chip market include Intel Corporation, MediaTek, Conexant, Apple, Qualcomm, Fuzhou Rock chips Electronics CO., Ltd, All winner Technology and Xiaomi Inc. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.

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Global Smart Speaker Market is predicted to grow significantly in the coming years owing to the increasing number of smart homes, increasing disposable income and speedy proliferation of multinational devices. Smart speakers are the wireless devices that use different types of connectivity for additional functions. They have special features like enhance ease of use, compatibility to multiple types of audio sources and offer additional functionality.

The smart speakers can perform several tasks like performing personal assistant tasks (reciting to-dos and calendar events), control smart home devices and home entertainment systems. Smart speakers are not only the new way to control music but they also act as voice assistant and smart home controllers that make them optimal command centers for smart home.

The market is projected to witness significant growth owing to the increasing penetration of smart home worldwide. Factors like growing network connectivity and need for optimal customer satisfaction are expected to drive the market growth. Leading firms are incorporating these devices with intelligent home appliances like Ikea tube lights, humidifiers, saltshakers and thermostats.

Due to increasing demand for personalization, smart speakers market is expected to witness surge in demand. Majority of early adopters of these devices are affluent and are well aware of such innovations. However, the devices are also gaining attraction in other demographic groups like young generation X and children. These devices allow higher rate of personalization that appeals the end-users and thereby impact the smart speaker market growth.

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The growing concerns regarding compatibility are predicted to hamper smart speaker market in the years to come. New products like Samsung Bixby, Sonos One are facing comparability issues with devices like Belkin’s WeMo range of switches, LIFX and Philips Hue. Numerous devices only support one system, for instance, Amazon Eco is not compatible with casting technology by Google and Google Home is not compatible with Amazon Fire TV.

On the other hand, advertising these devices will propel smart speaker market in the next few years. Market players are progressively experimenting with advertising of these devices due to their increasing popularity. Companies like Burger King, Oprah’s Favorite Things, and Voice Labs have debuted these IVA-enabled devices.

The growing use of IVA-enabled devices in healthcare industry is estimated to open new opportunities to smart speaker market. These devices are integrated in the patient’s room in that helps in forwarding constant updates and requests to doctors and nurses via voice controls. Incorporation of these devices with platforms like building management systems will enable the adjustment of lighting and window blinds. Most businesses are also partnering with technology giants to manufacture such devices with improved security.

The market is categorized on the basis of intelligent virtual assistant, application and geography. On the basis of intelligent virtual assistant, smart speaker market is divided into Alexa, Google Assistant, Siri, Cortana, and others. In terms of application, smart speaker market is classified into commercial, professional and personal.

Geographically, the market is segmented as North America, Latin America, Europe, Asia Pacific and Middle East & Africa. Owing to the high adoption of smart speakers, North America is expected to lead position in the coming years. The prominent players in smart speaker market comprise Amazon.com, Apple, Google, Harman International, and Sony.

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