Smart Home Industry, Market Share Leaders
The market leaders in smart speakers are Amazon Echo and Google Home, while leaders in smart security are Google Nest and Amazon Ring. Additionally, the market leader in smart Vacuums is iRobot.
OVERALL SMART HOME MARKET SIZE IN THE UNITED STATES
SMART SPEAKERS: AMAZON ECHO AND GOOGLE ASSISTANT
Amazon Echo
- Company Name: Amazon.
- Overview of their smart home product offerings: Amazon has Amazon Echo in the smart speaker category. Because of its successful introduction to the market, Amazon made the new Echo product line up such as Echo Dot and Echo Plus.
- The original Echo Dot looked like a plastic hockey puck. However, the company redesigned the product to be rounder and covered in fabric such as Google Home mini. It is available in black or white and engineered to sound louder and clearer.
- Smart Home Revenue: We were unable to determine Amazon Echo's revenue (details in research strategy).
- Market share in 2019: 61.1%.
- Market share in 2018: 71.9%.
Google Home
- Company Name: Google.
- Overview of their smart home product offerings: Google Home is WiFi smart speaker that is connected to Google Assistant and smart home control.
- This is the Google version of Amazon Echo. It can be used as entertainment in the home and to manage everyday tasks effortlessly.
- Smart Home Revenue: In 2018, Google home contributed to $3.4 billion.
- Market share in 2019: 23.9%.
- Market share in 2018: 18.4%.
SMART SECURITY: AMAZON RING AND GOOGLE NEST
Google Nest
- Company Name: Google.
- Overview of their smart home product offerings: Google and Nest combine to make Google Nest and produce smart home devices. It has a smart thermostat and smart security camera.
- Smart Home Revenue: $726 million in 2017 and $980 million in 2018.
- Market share in 2018: 41.1%.
Amazon Ring
- Company Name: Amazon.
- Overview of their smart home product offerings: Amazon bought Ring and make Amazon Ring, a security system that works with Alexa. The ring requires a subscription if the customer wants to upload camera and video for security.
- Smart Home Revenue: $415 million in 2018.
- Market share in 2018: 35.93%.
SMART VACUUM: iROBOT
- Company Name: iRobot.
- Overview of their smart home product offerings: iRobot is a smart vacuum that has a mission to alleviate the need for people to clean. It has Roomba for the vacuum space, the Braava series for the wet floor care space, and 10% of total iRobot revenue and Mirra for pool cleaning.
- Smart Home Revenue: $1.28 billion in 2018.
- Market share in 2018: 85%.
RESEARCH STRATEGY
In order to define the top market leaders in smart home technology, we first searched for any information on the smart home industry and its classifications. After this, we searched for gadgets with the highest demand in every classification. To do this, we looked through press releases, news articles, and market analyses from credible publications and experts in the field. Using this strategy, we were able to determine the names of multiple companies, define an overview of their product offerings, provide market share, and establish the revenues for all but Amazon Echo. When searching for Amazon Echo's revenue, we used the following strategies:
Strategy #1
First, we searched through tech, smart home, smart speaker, and business websites such as Voicebot.ai, Forbes, or PCMag. We searched there because these websites will provide information on the leader of smart speakers in the United States. Amazon's revenue in the first quarter of 2019 was $59.7 billion with its future revenue depending on smart home sales.
Strategy #2
Next, we searched through Amazon official websites and its annual revenue on About Amazon. Oftentimes, an official website will provide data on Amazon annual revenue and probably on smart home revenue either. The latest annual report was from 2018. However, we did not locate the revenue on Amazon Echo. Instead, we found this company's annual revenue for that year was $232.887B and there was no explanation further
Strategy #3
Finally, we looked for the answer in smart speaker market size report websites such as MarketsandMarkets. While we were able to find a report with insight on Amazon Echo's revenue, this data is behind a paywall. We are unable to find Amazon Echo market size because the revenue for Amazon isn't available by division. We assume this information is not available because, as a private company, Amazon does not report its revenue breakdowns by division for competitive reasons.