The "Next Generation Search Engines Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The next-generation search engine market was valued at USD 14.87 billion in 2019, and it is expected to reach USD 55.68 billion by 2025, registering a CAGR of 25.5% during the forecast period (2020-2025).
Over the last few years, the number of voice searches witnessed an exponential growth rate. Also, it is becoming less of a novelty and more like a new standard. Therefore, the next-generation search engines are more oriented toward voice-based search engines.
Google LLC (Alphabet Inc.)
Harman-Kardon Inc. /JBL
Key Market Trends
Personal Segment to Witness the Highest Growth
Smart speakers in personal end-user verticals are expected to hold the majority share. The characteristics expected from a smart speaker nowadays include playing music and controlling smart home devices consisting of voice assistants ready to answer every question.
The technological enhancements in the development of consumer applications resulted in the integration of smart homes or connected homes. Smart homes' development pushed end users to adopt mobile internet and fast broadband connections across households in the market.
Voice-activated speakers have become part of people's routines. They provide the ability to use the technology while multi-tasking, as people speak more quickly than they can type (speed), and the increasingly "human" interfaces.
Voice users turn to their assistants to accomplish many tasks along their buying journeys, such as product research, price comparison and adding to cart. A study from Adobe announced the consumer's usage of voice throughout their shopping journeys. The top three activities included product search/research (47%), creating shopping lists (43%), and price comparison (32%).
The most well-known smart speakers are the Amazon Echo and Google Nest ranges of products, but there are plenty of third-party speakers, like the Sonos One, which come with both Alexa and Google Assistant built-in.
The United States remains a key market for smart speaker adoption. According to the latest Smart Audio Report from NPR, 24% of Americans aged 18 years or above own at least one smart speaker. The average owner has more than one. A majority of Americans owns Alexa. Since Amazon first introduced the Echo, it has become popular in the United States, and it continues to challenge top competitors.
Asia-Pacific Occupies the Largest Market Share
The Asia-Pacific region currently holds the largest market share for the market studied. The demand for the products in the region, which is primarily from the emerging economies, is expected to remain high. The major players are expected to focus chiefly on this region, with the youth as the target audience.
China, India, Japan, South Korea, Singapore, and other populous nations, with consumer product-based demand, are expected to remain the target market, as product demand in these countries continues to drive the market.
Moreover, the growth of e-commerce across the world in countries like China and India is anticipated to drive the online distribution channel's growth for the sale of smart speakers. For instance, according to IBEF, the Indian e-commerce market is expected to grow to USD 200 billion by 2026. The growth of the industry is driven by increasing internet and smartphone penetration.
The latest marketing trend is companies implementing voice SEO to attract possible inbound traffic. For instance, China's iFlytek has a speech recognition system with an accuracy rate of 98%. The system accurately translates English to Mandarin and Mandarin to English, Korean, Japanese, and 22 different Chinese dialects. Its team predicts that it will achieve 99% accuracy within three years.
Also, the major vendors in this region are expected to target the price-sensitive consumer group by offering products in different price segments. Therefore, they create an opportunity for vendors who offer products at a low price. Vendors with expensive products may target a different customer segment by offering products as a package, in collaboration with other electronic products, such as notebooks and tablets.
Key Topics Covered:
1.1 Study Assumptions? and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHT
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.3 Impact of COVID-19 on the Next Generation Search Engine Market
5 MARKET DYNAMICS
5.1 Introduction to Market Dynamics
5.2 Market Drivers?
5.2.1 Increasing Focus to Improve Customer Experience Across Professional Services
5.2.2 Growing Demand for Self-service Options
5.3 Market Restraints
5.3.1 Increasing Preference for Live Person Interaction
6 MARKET SEGMENTATION
6.1 By Distribution Channel
6.2 By End-user
6.3.1 North America
6.3.4 Latin America
6.3.5 Middle East & Africa
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/ub3tpt
View source version on businesswire.com: https://www.businesswire.com/news/home/20201110005917/en/
Laura Wood, Senior Press Manager
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