Technavio has announced the top five leading vendors in their recent global smart speaker market report that covers a time period through 2021. Apple’s on the list. Since the tech giant doesn’t make smart speakers, I’m assuming that the company makes the list based on expected sales of the HomePod when it debuts.
Apple’s HomePod is expected to go on sale in December and cost $349. The device is just under seven inches tall and looks like a piece of furniture. It will be available in both space gray and white, and also acts as a hub for HomeKit devices to provide remote access to home automation.
The global smart speaker market is likely to experience high growth during the forecast period, which is attributed to the growing number of smart homes across the globe that is continuously increasing the demand for the speaker, according to Technavio. Smart speakers allow the users to operate the device with the help of voice and hence offers virtual assistance.
Another major reason for this growth is the convenience offered by this type of device to operate the speaker wireless through mobile devices such as smartphones and laptops, says Technavio. It also allows the users to carry the speaker from one place to another without having to struggle with wires.
The global smart speaker market is highly competitive because of the presence of many large vendors. During the forecast period, Technavio says the competition will become more intense among vendors with an increase in product extensions. Organizers will compete to gain competitive advantages in the market, adds the research group. Service providers are competing based on pricing, technology, features, sound quality, design, and size.
“Technological innovations and creativity play a significant role in driving the market growth,” Ujjwal Doshi, an industry expert at Technavio for research on consumer electronics, says. “To sustain in the competitive market, vendors have to develop new ideas and technologies and stay up-to-date with the emerging trends and advanced technologies that could influence service lines. Amazon.com, Apple, Google, Harman International, and Sony are some of the major vendors operating in the market.”