Smart Speakers Take Off

S&P Global Market Intelligence
Written By: Mike Paxton
S&P Global Market Intelligence
Written By: Mike Paxton

As the smart home market continues to develop in fits and starts, one device has definitely managed to catch the attention of consumers: the smart speaker.

Smart speakers, also called virtual assistants or smart home speakers, have become increasingly popular over the past eighteen months, with total unit shipments surpassing 31 million in 2017, up from just 6.5 million in 2016.

While smart speakers can function like a traditional speaker, allowing users to play music from a smartphone or the cloud, they also offer myriad other capabilities. One of their most popular features is the ability to respond to voice commands. This allows users to receive hands-free information about the weather, local traffic or the latest sports scores. Voice commands can also do things such as turn on a coffee maker, adjust the thermostat, read an audio book, and even change the channel on the TV.

All smart speakers rely on artificial intelligence, or AI, to carry out tasks, although the responsiveness and raw intelligence offered by smart speakers varies by product. A basic function of AI in a smart speaker is that it permits the smart speaker to learn about a user’s habits and preferences over time, thus allowing the speaker to refine and improve its search responses over time.

Read the full blog post to learn about the following aspects of the smart speakers market:

  • Market drivers
  • Market challenges
  • vendor market shares
  • Forecasts
  • Shipments
  • Revenues

Read the full blog post on spglobal.com/marketintelligence