Amazon.com Inc. (AMZN - Free Report) has already witnessed a huge success owing to its Fire TV Stick, which was launched last year in India.
Now, it has released an upgraded version of its streaming media stick, Fire TV Stick 4K, along with Alexa-powered voice remote in the country. The remote will be compatible with all Fire TV devices available in India.
Priced at INR 5,999, the users of TV Stick will have an access to Amazon Prime Video, Hotstar, Netflix, Sony LIV and Zee5, among others. On the hardware front, the new Fire Stick 4K features a quad core 1.7GHz processor and comes with support for 4K content, Dolby Vision and HDR10+ for an improved picture quality.
The device is available for preorder and Amazon expects to start shipment of the same on Nov 14.
The move will help the company to further penetrate into Indian home automation market.
Shares of Amazon have steadily trended upward on a year-to-date basis. The stock has returned 61.6% compared with the industry’s growth of 25% during the said period.
India Holds Promise
With the latest move, Amazon has expanded its product offering in India. India’s internet user base is increasing rapidly, which will open new opportunities for the company.
Per a report from Research and Markets, the home automation market in India is expected to reach INR 30,000 crore by 2022.
We believe India remains an important market for Amazon and many other global technology firms for expansion of their businesses, attributable to the country’s ongoing digital revolution.
Recently, Amazon has been approached by Samara Capital to form a special purpose vehicle along with the cooperation from Goldman Sachs to acquire Aditya Birla Retail owned More. This will boost its market share in the grocery retail market of India.
Further, the company has already forayed into the department store chain space by acquiring 5% stake in Shoppers Stop last year.
All these endeavors, including the recent launch of Fire TV Stick 4K, will further help Amazon to reap benefits from this rapidly growing market.
The vast growth opportunities in the smart home automation market are enticing enough to attract other tech companies like Apple (AAPL - Free Report) , Alphabet’s (GOOGL - Free Report) Google, Microsoft (MSFT - Free Report) and Samsung.
All these companies are leaving no stone unturned to bolster their presence in the world of virtual assistants and smart speaker, driven by artificial intelligence (AI) and machine learning techniques (ML).
Nevertheless, with the flurry of smart devices and ever growing Alexa skills, Amazon will continue to gain competitive advantage against these players. Further, the combination of Alexa and Echo will help the company maintain its dominance in the market.
Currently, Amazon carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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