Smart Sound and Gateway Market Size

Smart Sound & Gateway Market Analysis

The global market for industrial films is expected to register a CAGR of over 29.24% during the forecast period. The major factor driving the market studied is the increasing demand for speakers and headphones.

• The global demand for smart speakers is growing at an exponential rate, owing to the growing access to smartphones and high-speed internet. In 2019, the demand for smart speakers built with virtual voice assistants was significantly higher in English-speaking nations, such as the United States and the United Kingdom, since then, the demand shifted to other non-English speaking nations, such as China, Germany, and India.
• Among the overall demand for digital voice assistants, overall market demand was led by Apple's Siri and Google Assistant, owing to their penetration in the smartphone market. However, in terms of smart speakers, the market was led by Amazon's Alexa. Alexa commands a prominent share of the smart speaker market, owing to the growing product queries made via voice searches.
• The US market currently commands a prominent share of the demand, owing to the growing awareness and increasing compatible smart home devices with a virtual assistant. Furthermore, according to a study by Loup Ventures, the US smart speaker household penetration in 2019 was valued at 35%, and it is expected to reach 75% by 2025. Thus, the US is one of the major focal points for prominent vendors.
• Smart speakers are expected to be the primary control devices of various smart home devices over the coming years. With this in mind, various prominent vendors in the market are looking to spread their presence in the segment. Furthermore, over the coming years, the smart speakers with a display are expected to gain traction, as they can offer a centralized platform to control various other devices.
• In addition to this, the global demand for hearable is gaining traction, with growing consumer's propensity toward using headphones. JBL, Sony, and Bose are the top vendors of hearable devices across the world, and various smartphone vendors are partnering with these firms to enhance their hearables offerings.
• Since the outbreak of Covid-19, people are increasingly spending time at their homes; during the initial days of quarantine, consumers spent nearly 3-4 months confined to their homes, resulting in increased media consumption and internet usage across the world, especially in the North America, Europe, and Asia-pacific regions. Owing to an increased usage of the voice assistants and smart speakers, the shipments increased during the first quarter of 2020 for vendors such as Amazon, Google, and Apple, with Amazon maintaining its top position and Google retaining its second position.