Trust is the main barrier to smart speaker adoption – here's what companies can do about that

This is a preview of a research report from Business Insider Intelligence, Business Insider's premium research service. To learn more about Business Insider Intelligence, click here. Current subscribers can read the report here.

trust smart speaker makers Smart speakers comprise one of the fastest-growing device segments in the consumer technology market today. Ownership levels have nearly doubled from early 2017 to summer 2018.

With this rapid growth, there are a few pivotal questions that both companies looking to develop and sell smart speakers as well as those looking to sell products, deliver media, and offer access to services like banking over these devices need answers to in order to craft successful strategies. In particular, they need to know who is and isn’t buying smart speakers, and what consumers who own smart speakers are actually doing with them.

To offer these stakeholders insight, Business Insider Intelligence asked more than 500 US consumers about their knowledge of smart speakers, the devices they do or don’t own and what led them to their purchase decisions, as well as the tasks they’re using their smart speakers for.

In this report, Business Insider Intelligence will look at the state of the smart speaker market and outline how each of the major device providers approaches the space. We will then focus on the key factors that affect whether or not someone owns one of these devices. Next, we will use our survey data to outline the reasons why people don’t own devices in order to offer guidance for who to target and how. Finally, we will discuss what consumers are actually doing with their smart speakers — specifically looking at how the devices are used and perceived in e-commerce, digital media, and banking — which can help companies determine how well they’re publicizing their smart speaker services and capabilities.

The companies mentioned in this report are: Amazon, Google, Apple, Samsung, Facebook, Sonos, LG, Anker, Spotify, Pandora, Grubhub, Netflix, Hulu, Instagram, Snap.

Here are some key takeaways from the report:

Despite their growing popularity, nearly half of respondents still don't own a device — which presents a long runway for adoption. Our survey data reveals a number of key factors that impact whether or not someone owns one of these devices, including income, gender, and age.
Smart speakers are establishing themselves as a key platform for e-commerce, media, and the smart home.
The introduction of a screen to some smart speakers will expand the possibilities for companies developing for the device — but developers will need to resist the compulsion to use speakers to accomplish too much.

In full, the report:

Provides an overview of the key players and products in the smart speaker market.
Highlights critical adoption rates broken out by key factors that define the segment.
Identifies how consumers are using devices in important areas where companies in various industries are trying foster greater use of the voice interface.

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