"Smart speakers are here to stay, but they won't be a fad like the early days of smartphones," said Weng Zhi, Vice President of Jingdong, in an interview with Billion Europe. The rise of Amazon Echo has sparked the smart speaker market globally. In 2016, Amazon sold over 6.5 million units of its Echo devices, and projections suggest this figure could surpass 10 million in 2017. Following Amazon's lead, Google launched Google Home, and Apple debuted the HomePod. Domestic giants such as Jingdong, Lenovo, Himalaya, and Alibaba have also joined the race.
Despite the overseas fervor, the domestic Chinese smart speaker market remains lukewarm. The highest-selling Jingdong smart speaker has only reached sales of around 100,000 units. Why is the smart speaker struggling to gain traction in China? Billion Europe delved into the supply chain and identified several factors contributing to its challenges.
The smart speaker industry encompasses traditional acoustics-related Original Design Manufacturers (ODMs), chip suppliers, voice technology providers, content providers, and distribution channels. Key players include Sannuo, Guoguang Electric, Fenda Technology, and Harman International. In terms of chip suppliers, MediaTek leads the pack with a significant head start in the smart speaker market. MediaTek Chairman Cai Mingjie stated that the company supplies over half of the chips for Amazon's Echo devices. Qualcomm and Apple are also making strides in this space.
Voice technology companies such as Infofly, Scipto, and Yuncunzhisheng offer comprehensive solutions for smart speakers. Yuncunzhisheng, for instance, has developed Pandora, an integrated smart control solution that combines far-field speech recognition and semantic understanding. Meanwhile, AAC Technologies and Sonic Intelligence Technology provide essential hardware and software components.
Content providers range from music streaming services like NetEase Cloud Music to third-party content platforms. The richness of content significantly impacts user experience. Long Mengzhu, Chief Marketing Officer of Scipto, noted that content providers fall into two broad categories: those actively seeking partnerships and those adopting a wait-and-see approach.
Distribution channels play a pivotal role. While online platforms like Taobao and Jingdong dominate, offline channels such as retail stores and supermarkets are equally important. Additionally, partnerships with home appliance manufacturers and real estate developers can create a robust ecosystem for smart speakers.
However, the domestic smart speaker market faces unique challenges. User habits differ significantly from those in Western markets. Chinese users are often pressed for time and rely heavily on mobile devices for daily tasks. Moreover, the fragmented nature of domestic music copyrights and the lack of standardized interoperability among smart home devices pose additional hurdles.
Looking ahead, Weng Zhi envisions smart speakers evolving into indispensable personal assistants. While it's uncertain whether they will follow the explosive growth trajectory of the Echo, smart speakers remain a promising direction for the burgeoning smart home industry. Long Mengzhu believes the future depends on consumer adoption, channel accessibility, and effective user education. Despite current obstacles, smart speakers hold immense potential as gateways to smarter living."
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