Market Trends of Smart Sound and Gateway Industry
This section covers the major market trends shaping the Smart Sound & Gateway Market according to our research experts:
Google Assistant to witness a Significant Market Share
- With google assistant’s accessibility to users spanning in more than 90 countries, it has been assisting over 500 million people every month to get things done across smart speakers and smart displays, phones, TVs, and cars, to name a few. The company has been benefiting from its mandatory availability across all the android smartphones. Additionally, its early advancements in speech recognition have enabled a better understanding of vernacular languages, and thus a wider acceptability of the same.
- Some of the current key trends that the Google assistance has been banking on or is expected to feature later in 2020, are based on personalization, specialized end-use applications, and security, to name a few. For instance, in June 2020, the company announced that all Google Assistant-enabled devices would be able to tell who is talking to them.
- With consumer requirements shifting, it is also reflective of how Google Assistant is being used. Based on the same, Google Assistance has been on a continuous improvement spree to help people get accurate information on Search and Maps. In addition, it leveraged Duplex conversational technology to contact businesses and update over half a million business listings.
- More recently, Google and French retail chain, Carrefour launched a voice-based grocery shopping service. Customers need to use Google Assistant to search for and purchase groceries using their personal profile. The voice shopping arrangement is reflective of retailers’ larger e-commerce strategy, by investing EUR 2.8 billion across 2020.
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Market Share of China to increase significantly
- The high rate of product innovation in the studied market, low manufacturing cost achieved by local vendors, and increased domestic consumption are some of the major factors making China as one of the major emerging countries in the global smart sound and gateway market globally. The market vendors are in the country are offering a wide range of products, mostly at an affordable price, which is further fueling the adoption rate in the country.
- According to Qualcomm, in 2019, the Chinese consumers looked for better sound quality, ability to play at loud volumes without distortion, voice assistant enabled long standby hours on battery, and affordable price and the Chinese smart speakers fit best for these demands. In China, speakers, such as Alibaba Tmall Genie (connectivity: Wi-Fi 2.4 GHz, Bluetooth 4.0) and Xiaomi Xiao Ai (connectivity: Bluetooth Mesh Gateway technology) nearly account for more than half of the smart speakers share in the Chinese market.
- Advanced technologies such as AI-assisted devices are an emerging trend in the' market. For instance, in September 2019, Xiaomi has launched two new AI-powered smart speakers under the XiaoAI series. The speakers are enabled with Hi-Fi audio processors and feature DTS audio tuning along with a 360-degree sound field. According to the company, these smart speakers can also act as a smart hub for smart home appliances and can be used to control up to 5,000 smart home products. Recently, in 2020, Xiaomi also announced that its smart speaker shipments had crossed 22 million units to date.
- The establishment of 5G network and advancement in Natural Language Processing (NLP) are further supporting the demand for smart sound and gateway in the country.
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