NEW YORK, Sept. 24, 2024 /PRNewswire/ — Report on how AI is driving market transformation- The global smart speaker market  size is estimated to grow by USD 50.8 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  34.28%  during the forecast period.  Rapidly increasing unit sales of smart speakers is driving market growth, with a trend towards increasing popularity of voice commerce. However, privacy and security threats associated with smart speakers  poses a challenge. Key market players include Alphabet Inc., Amazon.com Inc., Apple Inc., Bang and Olufsen Group, Belkin International Inc., Bose Corp., Edifier International Ltd., Imagine Marketing Pvt. Ltd., Lenovo Group Ltd., LG Electronics Inc., NXP Semiconductors NV, Onkyo Corp., Portronics Digital Pvt. Ltd., Qualcomm Inc., Samsung Electronics Co. Ltd., Sonos Inc., Sony Group Corp., Xiaomi Communications Co. Ltd., Zebronics India Pvt. Ltd., and Zound Industries International AB.

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Key Market Trends Fueling Growth

The voice commerce market is experiencing significant growth due to the convenience and ease of use it offers. With voice commerce, consumers can place orders and make purchases online using only their voice, eliminating the need for keyboards, mice, or smartphones. Smart speakers, such as those with Google Assistant or Amazon Alexa, enable this technology. For instance, Amazon’s Alexa can suggest products based on a user’s past purchases and complete transactions with simple voice commands. This hands-free functionality and ability to multitask are major advantages of voice commerce, making it increasingly popular. As a result, the demand for smart speakers is expected to rise in the global market during the forecast period. 

The smart speaker market is booming with the rise of digital technology and wireless voice-enabled devices. Intelligent virtual assistants like Siri, Alexa, and Google Assistant are leading this trend, enabling users to control their homes and appliances using voice commands. Smart homes are becoming more commonplace, with smart home products and appliances integrating with Wi-Fi and Bluetooth-enabled speakers. Data-steered innovations are driving advancements in voice patterns and artificial technology, but concerns over data misuse and security risks persist. Baidu and other speaker manufacturers are investing in AI to enhance virtual assistant capabilities, with display-based devices and virtual assistants for TVs, radios, and even smart locks on the horizon. Online platforms are also integrating with smart speakers for seamless control of smart home devices and hubs. However, it’s essential to prioritize data security and privacy in this rapidly evolving market. IOT and smart devices are transforming our lives, and smart speakers are at the forefront of this revolution. Sensors and voice assistance are making our homes smarter and more convenient, but it’s crucial to stay informed about the latest trends and potential risks. 

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Market Challenges

The global smart speaker market faces challenges due to privacy and security concerns. Many consumers are apprehensive about potential threats to their conversations and personal data. Manufacturers employ staff to review voice recordings for speech improvement, increasing privacy worries. Smart speakers are susceptible to various cyberattacks, including DDoS, MiTM, data breaches, APTs, and ransomware. These vulnerabilities can deter users and provide attackers access to IT infrastructure. Mass-produced, identical smart speakers make them easy targets for hackers using weak passwords. Compromised devices could disrupt networks or spread malware. Despite manufacturers’ efforts to protect customer data, the absence of stringent privacy policies and regulations heightens the risk, potentially hindering market growth.The smart speaker market is booming with the rise of digital technology and wireless voice-enabled devices like smart speakers. These devices, powered by intelligent virtual assistants, offer convenience through voice commands and control over various smart home products and appliances. Wi-Fi and Bluetooth connectivity enable seamless integration with other data-steered innovations. However, challenges include data misuse, voice patterns recognition, and security risks. Speaker manufacturers must prioritize data security, ensuring user privacy. Smart homes, IOT, and smart devices are driving the market, with smart speaker usage expanding to include virtual assistants, wireless speakers, and even display-based devices. Baidu’s entry into the market intensifies competition. Smart home hubs, sensors, and integration with smart locks, TVs, radios, and online platforms are key considerations. AI and virtual assistants are essential, but so is addressing concerns around data security and privacy.

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Segment Overview 

This smart speaker market report extensively covers market segmentation by

End-user 1.1 Residential1.2 CommercialDistribution Channel2.1 Offline2.2 OnlineGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Residential-  The residential segment of the global smart speaker market is experiencing notable growth due to the increasing popularity of smart speakers in households. The convenience of voice control and the ability to connect with various digital streaming platforms and devices make smart speakers a necessity in modern homes. The recent trend of digital content consumption through services like Amazon Prime, Netflix, and YouTube has further the importance of smart speakers. In the US, the number of households owning more than one smart speaker is on the rise. Additionally, the increasing investment in home renovation projects, particularly in living spaces, has led to a strong correlation between home improvements and the adoption of smart speakers. As a result, the residential users segment of the global smart speaker market is projected to expand at a rate during the forecast period.

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Research Analysis

The Smart Speaker Market is experiencing rapid growth as more households integrate digital technology into their homes. Smart speakers, also known as wireless voice-enabled devices, are becoming essential components of IoT-enabled smart homes. These devices use Wi-Fi or Bluetooth connectivity to link with other smart home devices and hubs, enabling voice-activated control of various smart home appliances and products. Smart speaker usage extends beyond playing music and includes setting alarms, controlling lights, adjusting thermostats, and accessing information through intelligent virtual assistants. Sensors integrated into smart speakers and other smart home devices collect data, leading to data-steered innovations that enhance user experience and convenience. The market for smart speakers is expected to continue expanding as more consumers embrace the benefits of a connected and voice-controlled home.

Market Research Overview

The smart speaker market is experiencing rapid growth as more consumers embrace the concept of a connected home. Smart speakers, wireless voice-enabled devices that use Intelligent Virtual Assistants (IVAs) like Amazon Alexa, Google Assistant, and Apple Siri, are at the forefront of this trend. These devices integrate seamlessly with other smart home devices, such as thermostats, lights, and security systems, creating a network of interconnected IoT devices. Smart speakers can control smart home hubs, activate sensors, and even unlock smart locks through voice commands. However, the increasing use of smart speakers raises concerns about data security and potential misuse of voice patterns and personal information. Digital technology companies and speaker manufacturers continue to innovate, introducing data-steered innovations like AI-powered TVs, radios, and even refrigerators. Online platforms offer a range of smart home products and appliances, from wireless speakers to virtual assistants, creating a vast ecosystem of connected devices. While the benefits of a smart home are numerous, it is essential to consider the potential security risks and ensure that data is protected. Baidu’s DuerOS and other voice assistance platforms are also gaining popularity in the market, adding to the competition.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

End-userResidentialCommercialDistribution ChannelOfflineOnlineGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

Study Highlights Need for Employers to Disclose Salaries to Attract Top Talent and Comply with Evolving Regulations

CHICAGO, Sept. 24, 2024 /PRNewswire/ — New research from CareerBuilder, in partnership with Morning Consult, reveals a significant disconnect between employers and job seekers regarding pay transparency. As the job market evolves, job seekers now expect salary information to be included in job postings. Yet, many employers remain hesitant to share this crucial detail upfront.

Based on a survey of 415 hiring decision-makers, the study found that 55% of employers do not reveal salaries until the interview phase. Only 8% of employers are sharing specific salary information at the outset, while 37% share a range. This year, the Society for Human Resource Management (SHRM) found that 80% of U.S. workers are more likely to consider applying for a position if the salary is listed.

“This lack of transparency is impacting employers’ ability to attract and retain the best candidates,” said Jeff Furman, CEO at CareerBuilder. “Considering shifting candidate expectations, the adoption of state-level pay transparency mandates and growing concern over equitable pay, now is the time for employers to lift the veil on salaries.”

Employers that embrace pay transparency experience several benefits, including increased job visibility and better candidate matches. Job postings that include salary information tend to perform better in search engine algorithms, and CareerBuilder posts featuring salaries perform 30% better than those without.

“Given the competitive job market and evolving candidate expectations, the ‘first one to say a number loses’ strategy has become outdated,” added Furman. “Including salary details not only aligns expectations but also reduces drop-offs during the interview process, helping employers save time and resources.”

For detailed insights and tips for employers, download the infographic here.

About CareerBuilder:

CareerBuilder is a two-sided marketplace providing talent acquisition solutions to help employers find, hire and onboard great talent, and helping job seekers build new skills and progressive careers as the modern world of work changes. CareerBuilder is majority-owned by funds managed by affiliates of Apollo Global Management, Inc. For more information, visit careerbuilder.com, and to learn more about our solutions for employers, visit hiring.careerbuilder.com.

About Morning Consult:

Morning Consult is a global decision intelligence company delivering insights and custom market research on what people think in real-time.

For media inquiries, contact media@careerbuilder.com.

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SOURCE CareerBuilder

MENOMONEE FALLS, Wis., Sept. 24, 2024 /PRNewswire/ — Saothair Capital Partners (“Saothair”), a private equity firm focused exclusively on investing in middle-market manufacturing and industrial companies, announced today that its portfolio company Arandell Corporation (“Arandell”) has acquired the business and assets of the Maple Grove, MN, facility (“Maple Grove“) from the CJK Group.

Arandell is one of the nation’s leading providers of high-quality catalog and brochure printing, mailing and logistics.

Maple Grove was previously acquired as part of CJK Group’s acquisition of Kodi Collective from LSC Communications in February of 2024.

Arandell’s existing facility and corporate office are based in Menomonee Falls, WI, and for over 100 years, Arandell has built a reputation in the marketplace for providing exceptional service and print quality along with effective solutions for postal optimization and logistics for many leading brands, retailers and other clients.

Already one of the largest printers in the country, by the addition of the Maple Grove facility, Arandell significantly increases its available capacity – complementing the ongoing expansion at the Menomonee Falls facility – and provides an even wider range of print and binding solutions to its customers to support their needs and help manage costs. With over 200 employees, the Maple Grove operations include a large double-web press platform that can efficiently run lightweight paperstocks and a bindery that offers significant capacity for both flat and letter marketing mail.

Sandy L. Ford, President and CEO of Arandell, said, “We are tremendously excited to welcome the Maple Grove team to Arandell. Maple Grove has a great reputation for quality and reliability, and their capabilities are a perfect complement to our Menomonee Falls facility, allowing us to grow across both locations. Arandell is committed to being the leading provider of print mail solutions in the marketplace, and this acquisition represents a milestone for our organization in that mission.”

Kevin Madden, Managing Partner of Saothair, added, “We are thrilled to provide the necessary support for Sandy and the Arandell team as they expand their capabilities in the marketplace and provide our customers with the quality and reliability they expect from Arandell.”

Legal counsel to Saothair and Arandell was provided by Jenner & Block.

About Saothair Capital Partners

Saothair is a private investment firm focused exclusively on investing in middle-market manufacturing and industrial businesses facing unique financial or operational challenges. Saothair makes controlling equity investments in companies across various industries, including paper & packaging, plastics, metals processing, automotive, building products, healthcare-related products, food & beverage, and other manufacturing. Saothair works in partnership with each key stakeholder invested in the business’s long-term success.  For more information, please see www.saothair.com.

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SOURCE Saothair Capital Partners, LLC