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Amazon (AMZN) Launches 2nd Generation Echo Show 8 in India
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Amazon (AMZN - Free Report) has unveiled the second-generation Echo Show 8 in India in a bid to cater to the rising demand for smart speakers in the country.
The speaker comprises a 13-megapixel camera, dual stereo speakers and an 8-inch HD screen infused with adaptive color.
The device helps in controlling Wi-Fi-connected and Alexa compatible smart home appliances like AC, fan, TV, lights and geyser. It gives access to the live video of the home, which helps in monitoring the house remotely.
Echo Show 8 also allows users to stream music from Prime Music, Spotify, Gaana, Apple Music, JioSaavn and Hungama music. It plays TV series or movies from Prime Video and Netflix (NFLX - Free Report) as well.
Apart from this, the smart speaker comprises built-in covers to close the camera. It is well-equipped to view and delete voice recordings, and features several microphone and camera controls in order to ensure users’ privacy.
The latest move will help Amazon to bolster its footprint in the booming smart speaker market of India.
Per a report from techARC, smart speaker shipment in 2020 exceeded the mark of 1 million for the first time in the country.
Smart speakers, which make daily life easier by handling small but inevitable tasks smartly and efficiently, form a significant part of the smart and connected appliances market, which is gaining traction in India, owing to the ongoing digitization in the country.
Per a Statista report, the smart appliances market in India is expected to generate $2.05 billion in revenues in 2021. The figure is anticipated to see a CAGR of 19.7% between 2021 and 2025 to reach $4.2 billion by 2025.
The growing adoption of virtual assistants, embedded with Artificial Intelligence (AI) technology, is fueling the demand for smart speakers in the country
Competitive Scenario
Amazon, which currently carries a Zacks Rank #4 (Sell), is facing strong competition from players like Alphabet’s (GOOGL - Free Report) Google, Xiaomi and Apple (AAPL - Free Report) , who are also making concerted efforts to gain a solid foothold in the promising smart speaker market of India.
Google and Apple are leaving no stone unturned to innovate the skills of Google Assistant and Siri, respectively, in order to advance their smart speakers.
Nevertheless, Amazon’s expanding smart speaker offerings are likely to aid its dominance in the India smart speaker space.
The techARC report shows that the company acquired a share of 79% in this market in 2020, whereas Google, Xiaomi and Apple held a share of 11%, 8% and 2%, respectively.
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Amazon (AMZN) Launches 2nd Generation Echo Show 8 in India
Amazon (AMZN - Free Report) has unveiled the second-generation Echo Show 8 in India in a bid to cater to the rising demand for smart speakers in the country.
The speaker comprises a 13-megapixel camera, dual stereo speakers and an 8-inch HD screen infused with adaptive color.
The device helps in controlling Wi-Fi-connected and Alexa compatible smart home appliances like AC, fan, TV, lights and geyser. It gives access to the live video of the home, which helps in monitoring the house remotely.
Echo Show 8 also allows users to stream music from Prime Music, Spotify, Gaana, Apple Music, JioSaavn and Hungama music. It plays TV series or movies from Prime Video and Netflix (NFLX - Free Report) as well.
Apart from this, the smart speaker comprises built-in covers to close the camera. It is well-equipped to view and delete voice recordings, and features several microphone and camera controls in order to ensure users’ privacy.
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Launch Holds Promise
The latest move will help Amazon to bolster its footprint in the booming smart speaker market of India.
Per a report from techARC, smart speaker shipment in 2020 exceeded the mark of 1 million for the first time in the country.
Smart speakers, which make daily life easier by handling small but inevitable tasks smartly and efficiently, form a significant part of the smart and connected appliances market, which is gaining traction in India, owing to the ongoing digitization in the country.
Per a Statista report, the smart appliances market in India is expected to generate $2.05 billion in revenues in 2021. The figure is anticipated to see a CAGR of 19.7% between 2021 and 2025 to reach $4.2 billion by 2025.
The growing adoption of virtual assistants, embedded with Artificial Intelligence (AI) technology, is fueling the demand for smart speakers in the country
Competitive Scenario
Amazon, which currently carries a Zacks Rank #4 (Sell), is facing strong competition from players like Alphabet’s (GOOGL - Free Report) Google, Xiaomi and Apple (AAPL - Free Report) , who are also making concerted efforts to gain a solid foothold in the promising smart speaker market of India.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Google and Apple are leaving no stone unturned to innovate the skills of Google Assistant and Siri, respectively, in order to advance their smart speakers.
Nevertheless, Amazon’s expanding smart speaker offerings are likely to aid its dominance in the India smart speaker space.
The techARC report shows that the company acquired a share of 79% in this market in 2020, whereas Google, Xiaomi and Apple held a share of 11%, 8% and 2%, respectively.