The smart home technology industry has grown incredibly in the last decade with homes becoming more and more interconnected than ever before. The most popular smart home device by far is the smart speaker, with Amazon’s Echo dominating its competitors. According to data presented by Trading Platforms, 20% of Americans surveyed indicated owning Amazon’s Echo with Google Nest as its closest competitor at only 8%.
The smart home trend has been on the rise in recent years as more and more household gadgets become interconnected. The industry’s strength is reflected by revenue projections for 2021, with the smart home market projected to record just under $1 billion in revenue for the coming year.
Smart speakers, specifically those with voice-integrated assistants like Amazon’s Echo, are the most popular form of smart home devices. It is estimated that in 2020 there were 128 million voice assistant users in the US with that number projected to grow to close to 136 million by 2022.
Of those who said they owned a smart home device in the US 28% indicated that they owned a smart speaker – the biggest share among the different types of smart home devices. This popularity is not limited to the US, similarly, in the UK 29% of smart home device owners owned a form of a voice-assistant smart speaker.
Amazon’s Echo was first released in 2014 and quickly became the standard-bearer for the smart speaker market. The Echo makes use of Amazon’s voice assistant system, Alexa. In January 2019 the company announced that it had sold over 100 million Echo smart speakers, passing an important milestone. In a survey from Q3 of 2020, over 20% of 4000+ respondents in the US indicated that they owned Amazon’s Echo.
This number is even made more impressive by comparing it to its two main competitors, Google’s Nest (formerly Google Home) which uses the Google Assistant system and Apple’s HomePod which uses its Siri voice assistant system. In the same survey, only 8.1% indicated owning Google’s Nest while only 2% owned Apple’s HomePod.
Amazon’s dominance over its two main competitors is even more apparent with a further breakdown of the smart speaker market share. 74% of 1000+ smart speaker owners in the US, owned the Amazon Echo, while in the UK a similar 77% of 600+ smart speaker owners indicated that they owned the Echo.
Rex is an online writer and researcher informed by a global perspective that allows him to uniquely analyse numbers and convey them in a relatable way. He specialises in the area of Sports, Esports and the CBD industry as well as having an eye for the latest financial and technological trends. Well versed in SEO and other aspects of digital marketing, he uses his skills to good use on freelancing platforms while being based in the Netherlands.
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