Chart of the Day: Smart Speaker Market Trends – “Alexa, Are You Useful?”

“Alexa, Are You Useful?” Some have been asking this very question. The Smart Speaker market has exploded in recent years, despite privacy and security issues. In this article, we will explore the Smart Speaker Voice Assistant market.

What is a Smart Speaker? A Smart Speaker Voice Assistant is a digital assistant developed with the aid of artificial intelligence, voice recognition, and machine learning. Smart voice assistance speakers are smart speakers that have voice recognition technology built into them. The speaker makes use of artificial intelligence (AI) to find information, play music, and control other connected devices such as lights, air conditioners, and others in the house. Such technology combines the elements of interactive voice response and other artificial intelligence projects to deliver virtual identities that converse with users.

So just how big is the Smart Speaker? Global smart speaker market revenues reached an estimated 11.8 billion U.S. dollars in 2018, more than doubling the tally from the previous year. By 2022, forecasts suggest that this annual figure could grow to nearly 28 billion, representing continued rapid growth within the market. See this in the chart below and learn more here.

Smart Speaker Revenue 2021In 2021, 41.9% of US households will use a smart home device, expanding to 48.4% by 2025. While the growth of smart home households may slow in the next few years, existing households will continue to adopt new devices. It should be noted that market growth is slowing. See the following chart and learn more here.

Smart Speaker Market Trends 2021Who are the major Smart Speaker companies? Smart Speaker Market by Intelligent Virtual Assistant is – Amazon Alexa, Google Assistant, Siri, Cortana, and Others. Here is the breakdown by companies in the chart below and learn more here.

Smart-Voice-Assistant-Speaker-Market-ComapniesWhat are the top activities users do with Smart Speakers? Smart speakers are most commonly used for general knowledge, with 31.4% of US internet users asking these devices general questions. Getting updates on the weather, traffic, travel, or sports is the second-most popular use for smart speakers (26.7%), while third place goes to streaming music via built-in services (24.5%). See this in the chart below and learn more here.

Smart Speaker Activity Trends 2021

Have no idea what these Smart Speakers can do? See below 100 funny things to ask Alexa.

There are Privacy and Security concerns. The potential of smart speaker manufacturers to misuse the private data collected by the smart speaker poses a threat to the privacy of the data. Smart speakers are activated when they hear the wake word. For instance, Alexa in the case of Amazon Echo smart speakers or Ok Google in the case of google home Smart Speakers. Then the queries sent to the server are processed and stored in digital logs for further analyzing voice patterns; although users have the option to delete the data later.

Other speakers in the smart speaker market have a similar methodology to be activated. Thus, there is a fear in the minds of the consumers regarding manufacturers having the potential to exploit their private data for targeted advertising or even other nefarious uses. This is one of the factors, which limits the market growth from the consumer side.

So do you have a Smart Speaker in your home, or will be considering one in the future? Give us your thoughts in the comment section below.

See more #chartoftheday posts.

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 RWR original article syndication source.

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Written by Tom Williams

Born down on the farm in America's Midwest, my early life was spent climbing the ladder via a long career in information technology. Starting as a technician, and after earning a degree going to night school, I eventually found a place working at ATT Bell Laboratories as a software engineer.

Later moving into management and then a long stint in a major management consulting firm working with major banking, telecommunications, and retail companies. Working in various states in America, I also spent considerable time living and working in several European countries - currently expat in France. As a side career, I was heavily involved in real estate development and an avid futures trader. This experience can give one a unique view of the world.

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