In 2017, China's tech industry saw a surge in interest surrounding smart speakers, inspired by the success of Amazon Echo. Following Amazon's lead, both established tech giants like BAT (Baidu, Alibaba, Tencent) and emerging players such as JD.com, Xiaomi, and Cheeta Mobile have jumped on the bandwagon, releasing or planning to release their own smart speaker products. Despite the lack of an official consensus on labeling 2017 as the "first year" of smart speakers, the increasing number of companies investing in this sector suggests that smart speakers are being viewed as the next big frontier.
Roobo, a company focused on intelligent hardware, isn't solely driven by the potential profits of smart speakers but rather sees them as a gateway to the broader smart home ecosystem. The competition among tech giants in this space is heating up, with each player eager to establish itself as the central hub for smart home devices.
The smart speaker market has experienced significant growth. Alibaba was one of the early movers, launching the Tmall Genie X1 in July. Meanwhile, Tencent has also announced plans to develop its own smart speaker, dubbed "Ear." JD.com, another early entrant, launched its Shu smart speaker back in January 2016. The Shu series has since evolved through two generations, offering voice control integration with JD's ecosystem of smart appliances, including TVs, lights, air conditioners, and more. JD claims that since the launch of its smart speakers, these products have reached millions of consumers annually.
Baidu also entered the fray with its DuerOS-powered "Xiaoyu At Home," a video intercom robot that combines smart speaker functionality with additional features like video calls. This product leverages Baidu’s artificial intelligence capabilities to provide users with a range of services, from music streaming to controlling smart home devices.
Amazon's Echo was the pioneer in the smart speaker space, introducing the concept globally in 2014. Its success prompted competitors like Google, Apple, and Samsung to follow suit. Echo’s impressive sales figures—1.7 million units in 2015 and 6 million in 2016—are expected to surpass 10 million units in 2017. This growth trajectory is encouraging for tech companies looking to capitalize on the burgeoning smart home market.
Echo’s success has sparked a race among tech giants to capture the potential of smart speakers. For instance, Apple’s HomePod is positioned at a premium price point of $349, while Echo starts at around $90, and Google Home is estimated to retail at $129. JD’s latest model tops out at 399 yuan, and Alibaba’s Tmall Genie X1 costs 499 yuan. These competitive pricing strategies make smart speakers accessible to a wider audience, fueling their popularity.
According to market research firm StrategyAnalytics, global smart speaker shipments reached 5.9 million units in 2016 and are projected to grow tenfold by 2022, reaching a market value of $55 billion. This exponential growth is driven by advancements in voice recognition technology and the growing demand for smart home solutions.
Beyond hardware sales, smart speakers represent a strategic opportunity for tech companies. They serve as potential gateways to new user interactions and data streams, providing valuable insights into consumer behavior. Additionally, smart speakers offer an entry point into the smart home ecosystem, which is expected to reach $122 billion globally by 2022. In China alone, the smart home market is projected to expand to 139.6 billion yuan by 2018.
Amazon’s latest Echo Show exemplifies how smart speakers are evolving. By adding a screen, Amazon has enhanced the device's functionality, allowing users to interact visually while maintaining the core voice interaction capabilities. This hybrid approach ensures that users gradually adapt to smart voice operations, paving the way for more advanced smart home integrations.
As smart speaker technology continues to evolve, it promises to enhance everyday life by simplifying interactions within the home. With more players entering the market and innovative features being introduced, 2017 marks the beginning of a transformative period for smart speakers and the broader smart home industry.
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