Smart home technology industry has grown incredibly in the last decade with homes becoming more and more interconnected than ever before. The most popular smart home device by far is the smart speaker, with the Amazon Echo dominating its competitors.
According to data presented by Trading Platforms, 20% of Americans surveyed now own an Amazon Echo with Google Nest its next closest competitor with around 8% market share.
The smart home trend has been on the rise in recent years as more and more household gadgets become interconnected. The industry’s strength is reflected by revenue projections for 2021, with the smart home market projected to record just under $1 billion in revenue for the coming year.
Smart speakers, specifically those with voice-integrated assistants like Amazon’s Echo, are the most popular form of smart home devices. It is estimated that in 2020 there were 128 million voice assistant users in the US with that number projected to grow to close to 136 million by 2022.
Of those who said they owned a smart home device in the US, 28% indicated that they owned a smart speaker – the biggest share among the different types of smart home devices. This popularity is not limited to the US, similarly, in the UK 29% of smart home device owners possess a form of a voice-assistant smart speaker.
Amazon Echo Dominates
Amazon’s Echo was first released in 2014 and quickly became the standard-bearer for the smart speaker market. The Echo makes use of Amazon’s voice assistant system, Alexa. In January 2019 the company announced that it had sold over 100 million Echo smart speakers, passing an important milestone. In a survey from Q3 of 2020, over 20% of 4000+ respondents in the US indicated that they owned Amazon’s Echo.
This number is even made more impressive when comparing it to its two main competitors, Google’s Nest (formerly Google Home) which uses the Google Assistant system and Apple’s HomePod which uses its Siri voice assistant system. In the same survey, only 8.1% indicated owning Google’s Nest while only 2% owned Apple’s HomePod.
Amazon’s dominance over its two main competitors is even more apparent with a further breakdown of the smart speaker market share. 74% of 1000+ smart speaker owners in the US, owned the Amazon Echo, while in the UK a similar 77% of 600+ smart speaker owners indicated that they owned the Echo.
You can read more about the story with more statistics and information at: https://tradingplatforms.com/