Global Next Generation Search Engines Market to Exceed $44 Billion by 2024 - Key Market Trends & Competitive Strategies - ResearchAndMarkets.com

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.

Competitive Landscape

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.

Recent Developments

• 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 INTRODUCTION

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

5.1.1 Online

5.1.2 Offline

5.2 By End-user Vertical

5.2.1 Personal

5.2.2 Commercial

5.3 Geography

5.3.1 North America

5.3.2 Europe

5.3.3 Asia-Pacific

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20190611005765/en/