3.5 Billion Dollar VPA-enabled Wireless Speakers Market Forecasted by 2021

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In recent years, virtual personal assistants (VPA)-enabled wireless speakers such as Kakao Mini and Naver Wave have been trending in South Korea. Globally, the VPA-enabled wireless speaker market, with major players such as Amazon Echo and Google Home, is growing rapidly with an increasing number of devices and applications.

According to Gartner, an American research and advisory firm that provides information technology-related insight, users spending on the VPA-enabled wireless speaking market, which was approximately $720 million last year, will increase to $3.52 billion by 2021. In 2019, third generation VPA-enabled speakers will have artificial intelligence (AI) functionality with non-cloud devices. Gartner further predicts that VPA-enabled speakers implementing AI will be able to take advantage of edgy devices and machine learning to improve latency, mitigate privacy and security issues, and use bandwidth more efficiently.

VPA-enabled speakers are now deemed as consumer devices. By 2019, however, with collaborations with the tourism industry and the telemedicine industry, VPA-enabled loudspeakers in the enterprise market will accelerate the growth of the market through a segmented portfolio of professional devices.

Specifically in the telemedical field, remote diagnostics and elderly care are expected to improve with VPA-enabled loudspeakers, and medical providers are expected to support efficiency and adoption by funding some of the hardware and service costs.

Meanwhile, concerns have been rising since Amazon Echo’s launch in 2014 about eavesdropping on private conversations at home. However, VPA-enabled speakers do not possess the capabilities to process data unless it starts to operate by recognizing trigger words. Gartner expects to mitigation of such concerns by 2020 with better training, expansive adoption, and regulatory approvals for the VPA-enabled speaker product line.

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Sharon is a student at Stanford University, where she studies Economics and Public Policy. During her free time, she likes to travel, drink boba, and be a foodie! Sharon can be reached at sharon.kim@techforkorea.com.

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