A 63% market share
In the United States, Amazon’s (AMZN) Echo devices make up 63% of the smart speaker market, according to Strategy Analytics. Meanwhile, Google’s (GOOGL) Home devices make up 17% of the market, and Apple’s HomePod devices make up 4.0%.
Sonos (SONO) and other smart speaker vendors hold 16% of the market combined. Sonos speakers use Amazon’s Alexa technology. These smart speaker devices are being adopted as smart home hubs, through which households can control lights and a wide array of other connected devices through voice commands.
A $53.5 billion commercial opportunity
The global smart home market was worth $24.1 billion in 2016 and is on track to hit $53.5 billion by 2022, according to forecasts by Zion Market Research. Amazon is one of the companies pursuing this commercial opportunity. In May, the company teamed up with homebuilder Lennar (LEN) on a smart home program. The program involves converting select Lennar model homes into smart home showrooms using Amazon technologies.
Comcast serves over 26 million broadband customers
With 63% of the US smart speaker installed base in the United States, Amazon has a strong hold on a central technology in the country’s smart home market. However, it’s also exposed to a lot of competition. Comcast (CMCSA) is reportedly planning to challenge Amazon’s dominance with a smart home hub of its own aimed at its broadband customers. The company exited the third quarter with 26.9 million broadband customers.