Research Nester has released a report titled “Alexa Enabled Devices Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the Alexa enabled devices market in terms of market segmentation by product type, by application, by distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The Alexa enabled devices market is segmented by product type into smart home hub, lights, plugs, thermostats, cameras, locks, TVs, smart speakers, streaming devices and others, out of which, smart speakers segment is anticipated to hold significant market share owing to rise in demand for recreational, entertainment and multifunctional devices. Moreover, the smart speaker market is anticipated to record a CAGR of 22.2% and is expected to attain a total market size of USD 34.4 billion by 2027.
The market is further segmented by distribution channel into online and offline, out of which, online segment is anticipated to hold largest market share on account of rising e-commerce industry and the rising marketing offers and schemes provided by the e-tailers for product promotion and sales. The Indian Brand Equity Foundation stated in one of its statistical reports that e-commerce industry in India is estimated to grow from 38.5 billion USD in the year 2017 to 200 billion USD in 2026.
The Alexa enabled devices market is anticipated to record a significant CAGR during the forecast period, i.e. 2019-2027. Growing trends for smart home solutions and interests for IOT devices, coupled with, ease of control of devices owing to voice control functionalities, all of these factors are estimated to promote the demand for Alexa enabled devices market throughout the forecast period. Additionally, consumer electronics manufacturers are building interests for integration of Amazon Voice Service (AVS) into their products owing to rise in acceptance of Amazon Echo devices amongst consumers, which is also anticipated to propel the growth of the Alexa enabled devices market.
Regionally, the Alexa enabled device market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America is expected to have largest market share on the back of rising demand for technically advanced consumer goods amongst consumers, growing demand for home automation systems by population of the region and growing household disposable income.
Rising Urban Population And Growing Household Disposable Income
The World Bank stated in one of their statistical report that urban population percentage worldwide reached 54.28 in 2017 from 53.46 in 2014, with a growth rate of 1.03x. Moreover, Organisation for Economic Co-operation and Development (OECD) stated in one of their statistical report that household disposable income of USA reached 50291.66 USD/capita from 45967.15 USD/capita in-between 2017-17, with a growth rate of 1.09x.
Urban population is growing at a massive pace, and so is the household disposable income of people. Consumers around the globe are shifting towards lavish lifestyles, thereby raising the demand for ease of use electronic devices, which can also be controlled via the voice. Owing to such factors, consumer electronics manufacturers worldwide are shifting their focus towards the development of products which are AVS enabled, and helps customers to control their favorite devices in their home to be controlled by their voice, at a single command. Combining artificial intelligence (AI) with IOT devices, along with the support of rising internet penetration and advancements in technology, all of these factors are contributing significantly towards the growth of the Alexa enabled device market.
However, concerns for high skepticism of Alexa enabled products is expected to operate as key restraints to the growth of the Alexa enabled devices market during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the Alexa enabled devices market, which includes company profiling of August Home, Belkin International, Inc., Ecobee, Signify Holding (AMS: PHIA), SmartThings Inc., Arlo (NYSE: ARLO), Sonos Inc. (NASDAQ: SONO), SAMSUNG (KRX: 005930), GE Appliances, and iRobot.in (NASDAQ: IRBT). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Alexa enabled devices market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
