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Tech Giants' Smart Home Race Heats Up With Amazon Rollouts
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On Sep 20, Amazon.com, Inc. (AMZN - Free Report) launched more than a dozen hardware products along with a range of new services and Alexa updates. The new products will surely give Amazon greater reach into the fast-growing smart home market. At the same time, it also proves that the company is increasingly focusing on the smart home space, with the goal of projecting Alexa voice assistant as an indispensible product in daily lives.
A number of tech giants like Apple, Inc. (AAPL - Free Report) and Google-parent Alphabet, Inc. (GOOGL - Free Report) too are fast trying to explore the space with their array of smart home products. However, the new range of hardware products will definitely place Amazon ahead in the race.
Amazon Leads the Race
On Thursday, Amazon announced 15 new Alexa-enabled products that include redesigned Echo speakers, a microwave, an amplifier, car gadgets and a clock. Besides this, the e-commerce giant also launched a slew of new services like Alexa Hunches, which makes suggestions based on users’ daily behavior.
Undoubtedly, the aim of the company is to make Alexa voice assistant an indispensible part of one’s life. The new microwave is perhaps the biggest example of this. The Alexa-enabled microwave doesn’t have inbuilt microphones or speakers but pairs with a nearby Echo speaks. Incidentally, the microwave and amplifier launch also marks Amazon’s entry into the home appliance space.
With a wide array of product launches, Amazon wants more people to get into its ecosystem. Clearly, Amazon has big goals. Earlier this month, Amazon became the second publicly traded U.S. company to reach $1 trillion in market capitalization.
Amazon has been trying to revolutionize the space for quite some time now given the immense potential in the area. Per Zion Market Research, the smart home market is anticipated to grow to $53 billion by 2022. This has made other tech giants aggressively explore the space as well.
Apple’s recent smart watch has attracted a lot of attention given that it is also works as a medical device that can detect heart problems. Moreover, Apple recently said that its wireless smart speaker HomePod will be adding new features that will allow customers do even more with its voice-controlled personal assistant Siri on HomePod.
Similarly, Sonos, Inc. (SONO - Free Report) too has been trying to penetrate the smart home space with its smart home audio device Sonos One. Alphabet too has been developing its own ecosystem with a wide range of smart home products.
The company’s voice assistants Google Home and Google Home Mini have become a hit with customers. In fact, Amazon’s the new Echo Dot, which has been redesigned and launched on Thursday, looks more like a larger Google Home Mini.
Summing Up
The smart home market definitely is poised to grow at a rapid pace. Amazon’s marathon rollout definitely proves the company’s increased focus on the fast-growing smart home market and competitive advantage. However, other tech giants like Apple and Google too are aggressively trying to expand in the space.
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Tech Giants' Smart Home Race Heats Up With Amazon Rollouts
On Sep 20, Amazon.com, Inc. (AMZN - Free Report) launched more than a dozen hardware products along with a range of new services and Alexa updates. The new products will surely give Amazon greater reach into the fast-growing smart home market. At the same time, it also proves that the company is increasingly focusing on the smart home space, with the goal of projecting Alexa voice assistant as an indispensible product in daily lives.
A number of tech giants like Apple, Inc. (AAPL - Free Report) and Google-parent Alphabet, Inc. (GOOGL - Free Report) too are fast trying to explore the space with their array of smart home products. However, the new range of hardware products will definitely place Amazon ahead in the race.
Amazon Leads the Race
On Thursday, Amazon announced 15 new Alexa-enabled products that include redesigned Echo speakers, a microwave, an amplifier, car gadgets and a clock. Besides this, the e-commerce giant also launched a slew of new services like Alexa Hunches, which makes suggestions based on users’ daily behavior.
Undoubtedly, the aim of the company is to make Alexa voice assistant an indispensible part of one’s life. The new microwave is perhaps the biggest example of this. The Alexa-enabled microwave doesn’t have inbuilt microphones or speakers but pairs with a nearby Echo speaks. Incidentally, the microwave and amplifier launch also marks Amazon’s entry into the home appliance space.
With a wide array of product launches, Amazon wants more people to get into its ecosystem. Clearly, Amazon has big goals. Earlier this month, Amazon became the second publicly traded U.S. company to reach $1 trillion in market capitalization.
On Thursday, shares of Amazon gained 0.9%. Year to date, Amazon’s shares have gained 63.5%. Amazon has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Apple, Google in the Race
Amazon has been trying to revolutionize the space for quite some time now given the immense potential in the area. Per Zion Market Research, the smart home market is anticipated to grow to $53 billion by 2022. This has made other tech giants aggressively explore the space as well.
Apple’s recent smart watch has attracted a lot of attention given that it is also works as a medical device that can detect heart problems. Moreover, Apple recently said that its wireless smart speaker HomePod will be adding new features that will allow customers do even more with its voice-controlled personal assistant Siri on HomePod.
Similarly, Sonos, Inc. (SONO - Free Report) too has been trying to penetrate the smart home space with its smart home audio device Sonos One. Alphabet too has been developing its own ecosystem with a wide range of smart home products.
The company’s voice assistants Google Home and Google Home Mini have become a hit with customers. In fact, Amazon’s the new Echo Dot, which has been redesigned and launched on Thursday, looks more like a larger Google Home Mini.
Summing Up
The smart home market definitely is poised to grow at a rapid pace. Amazon’s marathon rollout definitely proves the company’s increased focus on the fast-growing smart home market and competitive advantage. However, other tech giants like Apple and Google too are aggressively trying to expand in the space.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana. Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
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