Have Amazon, Google, Apple and Sony Destroyed the Smart Speaker Market?
Are there too many smart speakers? Are prices set to plunge as a result?
Sony (SNE) - Get Report is entering the market with a new speaker that recognizes your gestures that also uses Google's voice assistant. Amazon (AMZN) - Get Report became the first company to release a smart speaker with the Echo. Alibaba's (BABA) - Get Report Tmall Genie X1 costs just $73. That's less than most of Amazon's Echo devices.
Alphabet (GOOG) - Get Report jumped in with Google Home powered by its own virtual assistant. Apple (AAPL) - Get Report is releasing the Homepod featuring Siri. It also maps out the layout of your room to optimize sound quality. Samsung ( (SSNLF) ) is also using its own Bixby voice assistant in its smart speaker.
These top names in tech have reason to be chasing smart speakers.
The smart speaker market is seen reaching $13 billion in size, with shipments of over 100 million units by 2024, according to research from Global Market Insights, Inc. Such heady growth is expected to be fueled by people seeking out ways to make decisions hands free, such as ordering a pizza.
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