Research On Global Markets
Syndicated Market Research Report
If you were getting overwhelmed switching between Alexa, Siri and Cortana to navigate through your day to day life, then here’s some news for you. That day is not far when voice assistants used to control devices and applications will grow to over 500. Thanks to smart home solutions, it appears that voice assistants are going to be ruling the smart home solutions. As per a report published on the official website of market intelligence firm, Research on Global Markets, the global smart home market is expected to reach a value of nearly USD 151 Bn by 2023, growing at a compound annual growth rate (CAGR) of 24.6% year on year from 2018 to 2023. And riding on this wave of growth, the number of voice assistants used to access smart home devices will reach 555 million by 2024, up from 105 in 2019. At present, the three voice assistants that control the global smart home market devices are Alexa from Amazon, Siri from Apple and Cortana from Microsoft. Amazon’s Alexa currently rules the market due to its advanced hub features included in the EchoPlus. Recent high-profile acquisitions by Amazon for Blink, Ring and Eero is believed to further strengthen its ability to control global smart home market devices. In this game, Google is still not playing hard. However, with the acquisition of Nest, it is going to capitalise the smart home solutions market. But as we inch closer to more innovations from these top companies, news reports suggest that Chinese manufacturers are gearing up to launch hundreds of voice assistants in the Global Smart Home Market to control home applications. The devices from China are not only going to be reasonably priced in comparison to products from Amazon and Google, they will be able to penetrate the market at a much faster rate.
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