DUBLIN--(BUSINESS WIRE)--The "Next Generation Search Engines Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The next generation search engines market was valued at USD 11.85 billion in 2018, and it is expected to reach USD 44.37 billion by 2024, registering a CAGR of 25.5% during the forecast period (2019-2024).
The ongoing advancements in the voice-activated capabilities of devices are making voice searches by the user even more commonplace, hence, developing the opportunities for the market, over the forecast period.
- The rapidly increasing need for semantic search capabilities, the reduction of value in traditional keyword strategies, and the emergence of long-tail phrase optimization are some of the major factors that will drive the market for next generation search engines, over the forecast period.
- Intelligent virtual assistant (IVA) smart speakers are experiencing substantial growth in the market, and are playing a very significant role in the evolution of the voice user interface, in smart homes. The current growth in the smart homes and smart office markets is also expected to boost adoption for next generation search engines.
- In a modern house installed with a set of connected gadgets, connectivity issues are bound to happen. Connection problems arising with the voice-based search engine devices may require the user to first repeat the power cycle of the speaker, as well as the modem and the router, which presents a challenge to the market.
Scope of the Report
Next generation search engines are considered as advanced search engines incorporated with New technologies like embedded AI capabilities. Voice-based (Google Assistant, Alexa) and Image based (Google Lens) searches are considered as next generation search engines.
Key Market Trends
Personal Segment to Witness the Highest Growth
- Smart speakers in the personal end-user vertical are expected to hold the majority share in the market owing to the growing usage of the devices in smart homes. The integration of smart speakers with smart home devices, such as TVs, thermostats, and smart lightbulbs is encouraging consumers to adopt these devices for personal uses.
- According to Google, Google Assistant, which works on the Google Home line of smart speakers and displays, is integrated with more than 1,600 home-automation brands and more than 10,000 devices.
- Furthermore, according to the Voicebot Smart Speaker Consumer Adoption Report, January 2019, the most popular smart home devices by a wide margin are smart TVs with 33.3%., followed by smart lighting at 21.2%, voice interactive game consoles and cable boxes at 14.4% and smart thermostats at 12.4%.
- Moreover, with the increasing sales of smart home devices in the United States The market is expected to drive the market further in that region.
Asia-Pacific Occupies the Largest Market Share
- Asia Pacific region currently holds the largest market share for the market studied and the demand for the product in the region which is primarily from the emerging economies is expected to remain high and the major players are expected to focus primarily on this region with the target audience being youths.
- China, India, Japan, South Korea, Singapore, and other populous nations are the nations with consumer product based demand, are expected to remain the target market as the product demand here is driving the market.
- Also. the major vendors in this region are expected to target the price sensitive consumer group by offering products in different price segments and therefore create an opportunity for vendors that offer products at a low price. Vendors with costly products may target the different customer segment by offering products as a package in collaboration with other electronic products, such as notebooks, tablets.
- The presence of a vast population with different regional languages spoken has prompted the market vendors to offer a language-based search capacity in the regional language.
The competition prevailing in the market is quite high. Technological Innovativation has been the most important augmenting factor for the competition prevailing in the market. The market is moderately concentrated with the presence of many players. Some of the major players are Amazon.com Inc., Alphabet Inc. (Google), Alibaba Group, Baidu Inc. among others.
- April 2019 - Amazon launched Echo Show in India at a price of INR 22,999. The product is powered by Alexa and features a 10-inch HD display, along with a 5MP camera and built-in smart hub.
- February 2019 - Google added real-time translation capabilities to its Google Home smart speakers, the Home Hub screened speaker, as well as other screened devices from third parties.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Focus of Companies on Enhancing Customer Experience
4.3.2 Emerging Applications and Personalization of Smart Speaker
4.4 Market Restraints
4.4.1 Issues Related to Connectivity Range, Compatibility, and Power
4.5 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Distribution Channel
5.2 By End-user Vertical
5.3.1 North America
5.3.4 Latin America
5.3.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Amazon.com Inc.
6.1.2 Alphabet Inc. (Google)
6.1.3 Alibaba Group
6.1.4 Sonos Inc.
6.1.5 Harman-Kardon Inc./JBL
6.1.6 Apple Inc.
6.1.7 Bose Corporation
6.1.8 Xiaomi Inc.
6.1.9 Baidu Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/ln4cot