Amazon ( AMZN Quick Quote AMZN - Free Report) is working on bolstering its presence in the promising smart speaker market, making daily life easier by handling small but inevitable tasks smartly and efficiently on the back of AI-powered virtual assistants. The latest launches of all-new Echo Dot, Echo Dot, Echo Dot Kids in new Owl and Dragon designs, and Echo Auto are the testaments to the aforesaid statement. The company upgraded Echo Studio with new spatial audio processing technology and frequency range extension feature. Amazon expands its Echo device family on the heels of its latest move. The move is likely to add strength to its device strategy, which has been contributing well to its top-line growth. All the new Echo devices hold the Climate Pledge Friendly badge, which bodes well for the company’s deepening focus on achieving its carbon neutrality goals. More on the New Echo Devices
The all-new Echo Dot and Echo Dot with Clock are equipped with redesigned audio architecture, which delivers clear vocals and high bass. These devices comprise new sensors to deliver contextual Alexa experiences to users.
Echo Dot and Echo Dot with Clock offer quick responses for tap gestures, ultrasound motion detection, and on-device execution for common requests to Alexa on the back of the AZ2 Neural Edge processor. These devices feature eero Built-in, offering greater coverage at home. The all-new Echo Auto comprises five microphones, which can hear users’ requests even in noisy situations. It also comes with roadside assistance hands-free feature that helps drivers or vehicle owners in case of any technical vehicle-related problem. Coming to Echo Dot Kids, the new Owl and Dragon designs, are designed to make Alexa fun for kids. The device comes with a one-year subscription to Amazon Kids+ and easy-to-use parental controls. Growing Market Prospects
The latest move is likely to expand Amazon’s footprint in the booming smart speaker market.
The company’s expanding smart speakers, along with smart display offerings, are expected to continue bolstering its prospects in the smart home space. Apart from the company’s wide range of smart speakers, it offers powerful smart displays with the Echo Show series. AMZN’s recent launch, Echo Show 15, is compatible with Alexa and can be paired with other Echo devices to enjoy higher-quality audio. Given the above-mentioned factors, we believe that Amazon is well-poised to capitalize on the growth prospects in the smart speaker and smart display markets. According to a report from Fortune Business Insights, the global smart speaker market is anticipated to reach $34.34 billion by 2028, witnessing a CAGR of 21% between 2021 and 2028. Per a report from Allied Market Research, the smart display market is expected to hit $18.25 billion by 2028, witnessing a CAGR of 21.6% between 2021 and 2028. Given the upbeat scenario, not only Amazon but also companies like Alphabet ( GOOGL Quick Quote GOOGL - Free Report) , Lenovo ( LNVGY Quick Quote LNVGY - Free Report) and Apple ( AAPL Quick Quote AAPL - Free Report) are making strong efforts to capitalize on growth prospects of this market. Alphabet’s Google continues to put strong efforts toward enhancing its smart speaker and smart display offerings. Google recently added a Bluetooth menu in the settings option of Nest Hub Max. Nest Hub and other Google Assistant smart displays recently started featuring lyrics on the Spotify app, while playing songs on smart devices. The search giant also introduced an Air Quality feature in Google Nest Hub that allows users to know the quality of air in the area. Meanwhile, Lenovo’s smart display provides an enhanced visual experience to users. It is enabled with Google Assistant and designed for smart home applications. The underlined smart display runs on a simplified version of Google's Android mobile OS, Android Things. Apple remains a notable player in the smart speaker space on the back of its advanced voice assistant – Siri. The iPhone maker has gained popularity for its HomePod mini. Its loyal customer base and brand loyalty are major positives.