Disruption in Global Manufacturing and Distribution Impact Sales During COVID-19 Crisis
The increased spending time at home during the COVID-19 outbreak has resulted in the boom of the “at-home economy”. This has led to the popularity of smart home speakers. Companies in the smart home digital assistant (voice) market are capitalizing on spiked interest toward smart home devices. As such, voice-enabled devices are being highly publicized for minimizing the transmission of COVID-19 pathogens. Hence, manufacturers in the smart home digital assistant (voice) market are increasing the availability of products that cater to smart locks and connected video doorbells to reduce face-to-face interactions.
Analysts at the Transparency Market Research opine that the pandemic is expected to push global voice control device shipments in 2024. However, adverse forces such as disruption in global manufacturing and distribution are anticipated to inhibit market growth. Hence, companies should help people get comfortable with hands-free interactions in public places to drive sales of smart home speakers.
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Data Security Concerns in Devices Likely to Affect Market Growth
Amazon and Google are aggressively innovating in their respective voice-enabled devices. However, there is an increased awareness about data security concerns as to how these tech giants collect and share their data. Hence, companies in the smart home digital assistant (voice) market are making improvements in devices that can automatically delete recordings of users on a routine basis, thus limiting a user’s access for prior voice commands.
The concept of fun-to-have gadgets for checking weather, playing music, and answering trivia questions is gaining prominence worldwide. In order to enhance user experience, companies are increasing efforts to eliminate the need for wake words such as Ok Google or Alexa in devices. Such innovative devices are bolstering the growth of the smart home digital assistant (voice) market, which is anticipated to cross the valuation of US$ 13.5 Bn by 2030.
Individualized Experiences Help Manufacturers Leverage Business Opportunities in Voice-based Advertising
Providing a more user-centric experience has become the key focus point for companies in the smart home digital assistant (voice) market. Emerging market players such as Samsung Bixby and Microsoft Cortana are focusing on integrating the voice technology with other products to boost sales. This involves compatibility and integration with refrigerators, thermostats, and other commodities. Manufacturers are gravitating to the idea of making custom devices that serve specific functions of users. They are tapping opportunities in voice-based advertising since many people are conducting voice search through mobile Apps.
Smart home digital assistants will continue to offer individualized experiences to users. Companies in the smart home digital assistant (voice) market are increasing the availability of devices that support multiple user accounts and are capable of detecting unique voices. On the other hand, voice push notifications are an efficient way to remind users of mobile Apps that are related to calendar appointments and the likes.
Growing Demand for On-the-Go Entertainment Boosts Product Uptake
Choosing smart home speakers has become an easy task for customers since various information outlets compare and review the pros and cons of devices. This can either build or break the credibility of manufacturers in the smart home digital assistant (voice) market. Hence, companies can take the opportunity to constantly improvise in technologies in order to gain a competitive edge in the global market landscape. For instance, Sonos One is increasing efforts to gain an edge over Amazon and Google to deliver superior sound quality and voice assistance to users.
The growing demand for news consumption on the go, listening to podcasts, and music is likely to bolster the growth of the smart home digital assistant (voice) market. As such, artificial intelligence (AI) is acquiring prominence in smart home speakers to enhance user experience.
Safety and Touch Interactions in Devices Add to Credibility of Manufacturers
The smart home digital assistant (voice) market is predicted to advance at a striking CAGR of ~17% during the forecast period. However, it has been found that the features in latest smart home speakers are more or less the same. This indicates that manufacturers have reached their peak in technological innovations for smart home digital assistants. Thus, in order to stand out in the competitive landscape, manufacturers should focus on innovative touch interactions and security features to boost product sales. They are now increasing efforts to merge voice and visual displays into one seamless experience for users.
Moreover, more than 40% of the users of voice assistants are concerned about trust and privacy pertaining to devices. Hence, manufacturers in the smart home digital assistant (voice) market are enabling features to turn off the microphone of speakers in order to maintain privacy of the user.
Voice and Visual Capabilities Enable Users to Better Interact with Devices
Simple user demands such as finding local movie times, buying travel tickets, and making reservations for restaurant are fueling the demand for smart home speakers. Since manufacturers in the smart home digital assistant (voice) market are increasing efforts to combine voice and visual displays, they are increasing production capabilities for devices that display local traffic info, calendar events, and weather forecasts. Thus, visual and voice capabilities help users to better interact with the assistant.
In addition, companies are developing devices that can manage payments and sensitive information. The trend of voice payments is gaining popularity in the market landscape where voice assistants are becoming more secure and ID verification plays a pivotal role.
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Smart Home Digital Assistant (Voice) Market: Overview
- The global smart home digital assistant (voice) market is projected to cross US$ 13.5 Bn by 2030. The smart home digital assistant (voice) market is projected to expand at a CAGR of ~17% from 2024 to 2030
Smart Home Digital Assistant (Voice) Market: Key Drivers
Advancement in Artificial Intelligence and Growth in Usage of Smartphones Driving Smart Home Digital Assistant (Voice) Market
- Adoption of voice-powered smart speakers has seen huge increase across the globe. In a report published by Capgemini, the years 2017 and 2018 saw a 145% increase in the installed base of smart speakers in the top six countries across the globe (U.S., U.K., China, Germany, Canada, and South Korea). Over the past 2-3 years, customer segments, which are actively using voice assistants has also increased.
- According to Conversational Commerce Survey, in the U.S., the U.K., Germany, and France, approximately 51% of the respondents said they are actively using voice assistants. According to a report by voicebot.ai, in the year 2018, smart speakers have an installed user base of nearly 1 in 4 U.S. adults. It is also observed that Generation Y (millennial) holds the largest share within users of voice technology.
- Adoption by this segment plays a critical role in driving the demand for smart voice assistants. Smartphones have seen immense increase in adoption across the globe. In 2024, the number of smartphone users in the world stands at 3.5 billion, which translates to 44.87% of the world’s population possessing a smartphone; it is also estimated that 50% of searches could be by voice by the end of the year 2024. Increased adoption of NextGen technology as well as the penetration of smartphones, which will enable 50% of searches by voice is driving the smart home digital assistant (voice) market.
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