Why LG's new Google-powered speaker is a key market development by Peter Newman on Jan 2, 2018, 11:56 AM Advertisement
 This story was delivered to BI Intelligence IoT Briefing subscribers hours before it appeared on Business Insider. To be the first to know, please click here. LG announced a new line of home audio products headlined by the ThinQ Speaker, a smart speaker powered by Google Assistant. The new speaker is part of its newly rebranded ThinQ line of smart-home products. While there are some devices on the market that also feature Google Assistant, this is the highest-profile speaker to be released by a third party powered by the voice assistant, and the one most integrated into an existing ecosystem of devices. Moving to these third-party speakers is a key step for Google in competing with Amazon — and soon Apple — in the smart speaker market. LG worked with Google to integrate Google Assistant into the device and allow hands-free operation. Consumers will be able to activate the speaker using a wake-up phrase, ask the artificial intelligence (AI) powered assistant general questions, play music, and control smart home devices — both from LG’s ThinQ line as well as others compatible with Google Assistant. The speaker will feature most of the capabilities of Google’s own Home line of smart speakers. While Google and Amazon are the biggest names in smart speaker hardware right now, they’re both taking steps to get other companies to make speakers powered by their voice assistants. Amazon has been pursuing this strategy for over a year, with companies — including LG and Lenovo — announcing smart speakers and other connected devices featuring Amazon’s Alexa voice assistant at CES last year. In May, Google releaseda software development kit (SDK) to allow developers to start testing out ways to incorporate its Assistant into speakers and other smart home devices. Getting a variety of devices at various price points onto the market is critical for Google if it wants to compete with Amazon for the smart speaker market. Amazon sold millions of Echo devices over the holiday season, and 61% of smart speakers owners said they plan to buy more speakers as well — most likely powered by the same voice assistant. Google introduced the Home Mini and Home Max smart speakers last fall, but it will likely follow the strategy it pursued in other sectors like the smartphone market and only offer a limited hardware lineup, leaving room for partners like LG to help it offer a wider variety of devices that can push more consumers to buy Google Assistant-powered speakers. There’s also further opportunity for other hardware companies to work with Google and Amazon to incorporate the voice assistants into their connected home devices. Peter Newman, research analyst for BI Intelligence, has put together a Smart Speaker report that analyzes the market potential of the Echo Look, Echo Show, and HomePod. Using exclusive survey data, this report evaluates each device's potential for adoption based on four criteria: awareness, excitement, usefulness, and purchase intent. Finally, the report draws some inferences from our data about the direction the smart speaker market could take from here. Here are some of the key takeaways: - Amazon's new Echo Show is the big winner — it has mass-market appeal and looks like it will take off. The combination of usefulness and excitement will drive consumers to buy the Echo Show. The Echo Look, though, seems like it will struggle to attract that same level of interest.
- Apple’s HomePod looks likely to find a place in the smart speaker market but won’t dominate its space like the iPhone or iPad did.
- The smart speaker market will evolve rapidly in the next few years, with more devices featuring screens, a variety of more focused products emerging, and eventually, the voice assistant moving beyond the smart speaker.
In full, the report: - Showcases exclusive survey data on initial consumer reactions to the Echo Look, Echo Show, and HomePod.
- Highlights the aims and strategies of major players in the smart speaker market.
- Provides analysis on the direction this nascent market will take and the opportunity for companies considering a move into the space.
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