Amazon Expands its Smart Speaker Offering With Echo Devices

Amazon NASDAQ:AMZN

Amazon (NASDAQ:AMZN) is working on expanding its presence in the potential smart speaker industry to make daily life easier by managing tiny but inevitable activities smartly and efficiently with the help of AI-powered virtual assistants.

The recent debuts of the all-new Echo Dot, Echo Dot Kids in new Owl and Dragon designs, and Echo Auto attest to the fact mentioned above.

Echo Studio has been improved with new spatial audio processing technologies and frequency range extension functionality.

Following its most recent move, Amazon expanded its Echo device family. The move is anticipated to strengthen its device strategy, contributing significantly to its top-line growth.

All of the new Echo devices bear the Climate Pledge Friendly badge, indicating the company’s increasing focus on attaining its carbon neutrality goals.

Amazon stock has dipped more than 30% since the start of the year.

More Information on the New Echo Devices

The new Echo Dot and Echo Dot with Clock have improved audio architecture that delivers crisp vocals and deep bass. These gadgets include new sensors that allow Alexa to provide consumers with contextual experiences.

On the back of the AZ2 Neural Edge processor, the Echo Dot and Echo Dot with Clock provide rapid answers for tap gestures, ultrasound motion detection, and on-device execution for popular Alexa queries. These gadgets include eero Built-in, which offers higher coverage at home.

The new Echo Auto features five microphones that can hear users’ requests even in busy environments. It also has a hands-free roadside assistance feature that assists drivers or car owners in the event of a technical vehicle-related problem.

The new Owl and Dragon designs for Echo Dot Kids are intended to make Alexa more appealing to children. The device includes a one-year subscription to Amazon Kids+ and simple parental controls.

Amazon’s Prospects for the Growing Market

The latest move will likely increase Amazon’s presence in the burgeoning smart speaker sector.

The company’s growing smart speaker and display capabilities will likely boost its prospects in the smart home area.

The Echo Show series and the company’s extensive line of smart speakers provide powerful smart displays. Amazon’s new Echo Show 15 is Alexa-compatible and can be linked with other Echo devices to enjoy higher-quality audio.

Given the preceding, we believe Amazon is well-positioned to capitalize on the market growth prospects for smart speakers and smart displays.

According to Fortune Business Insights, the global smart speaker market is expected to reach $34.24 billion by 2028, growing at a 21% CAGR between 2021 and 2028.

According to Allied Market Research, the smart display market will reach $18.25 billion by 2028, growing at a CAGR of 21.6% between 2021 and 2028.

Given the positive outlook, not only Amazon but also companies such as Alphabet (NASDAQ:GOOGL), Lenovo (NASDAQ:LNVGY), and Apple (NASDAQ:AAPL) are all making significant attempts to capitalize on this market’s growth prospects.

Alphabet’s Google continues investing heavily in improving its smart speaker and display solutions.

Google introduced a Bluetooth menu to the Nest Hub Max’s settings menu. Nest Hub and other Google Assistant smart displays have lately begun to display lyrics in the Spotify app while playing music on smart devices. In addition, Google Nest Hub now has an Air Quality function that lets users know the air quality in their neighborhood.

Meanwhile, Lenovo’s smart display gives users a better visual experience. It is Google Assistant-enabled and intended for smart home applications. The highlighted smart display is powered by Android Things, a simplified version of Google’s Android smartphone operating system.

Apple remains a significant competitor in the smart speaker space thanks to its powerful speech assistant, Siri. The iPhone maker’s HomePod mini has been gaining appeal. Its loyal consumer base and brand loyalty are significant advantages.

Featured Image-  Megapixl @ M-sur

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About the author: Stephanie Bedard-Chateauneuf has over four years of experience writing financial content for various websites. Over the years, Stephanie has covered various industries, with a primary focus on consumer stocks, cannabis stocks, tech stocks, and personal finance. This stock lover likes to invest for the long-term. Stephanie has an MBA in finance.