Amazon Boosts Smart Speaker Footprint With New Echo Devices
Amazon AMZN is making all efforts to bolster its presence in the promising market for smart speakers, which make daily life easier by handling small but inevitable tasks smartly and efficiently on the back of AI-powered virtual assistants.
The latest launch of Echo, Echo Dot, Echo Dot with clock, Echo Dot Kids Edition, and Echo Show 10 is the testament to the aforesaid statement.
Notably, Echo, Echo Dot, Echo Dot with clock, and Echo Dot Kids Edition are designed in new spherical shapes.
Amazon expands its Echo family of smart speakers on the heels of its latest move. Moreover, the move is likely to add strength to its device strategy, which has been contributing well to top-line growth.
Additionally, all the new Echo devices hold the Climate Pledge Friendly badge, which bodes well for the company’s deepening focus toward achieving its carbon neutrality goals.
All these are expected to help the company in winning investors’ confidence further.
Coming to the price performance, Amazon has returned 71.7% in the year-to-date period, outperforming the industry’s rally of 56.6%.
More on the New Echo Devices
The all-new Echo smart speaker, which is priced at $99.99, comes with a bright LED light ring at the base of the sphere for more visibility. Further, it features Dolby stereo sound and Sidewalk Bridge.
Additionally, it has a built-in Zigbee Hub, which will deliver an enhanced smart home experience. Also, the device is based on Amazon’s first-generation AZ1 Neural Edge processor,which is known for accelerating machine learning applications.
Echo Dot is well-equipped to produce crisp vocals and balanced bass for full sound with the built-in 1.6-inch, front-firing speaker. The device is priced at $49.99.
Meanwhile, Echo Dot with clock comes with a simple LED display with the help of which viewing time, temperature, and setting timers and alarms become easier. The device is priced at $59.99.
Further, Echo Dot Kids Edition, which is priced the same as Echo Dot with clock, comes with strong parental controls. Additionally, the device enables kids to command Alexa to set animal sound alarms, ask for help in homework and ask other questions. Also, Alexa’s new feature called Reading Sidekick is integrated into it.
The all-new Echo Show 10,which is priced at $249.99, is powered by AZ1 Neural Edge processor and leverages advanced computer vision algorithms.
Smart Speaker Market Holds Promise
The latest move is likely to expand Amazon’s footprint in the booming smart speaker market further.
According to a report from MarketsandMarkets, the global smart speaker market is anticipated to reach $7.1 billion in 2020 and $15.6 billion by 2025 by witnessing a CAGR of 17.1% between 2020 and 2025.
The rapid proliferation of virtual assistants and improving AI skills are aiding these speakers to become more advanced with each passing day, which is increasing their adoption rate in this fast-paced world.
Given this upbeat scenario, not only Amazon but also companies like Alphabet’s GOOGL Google, Apple AAPL, Samsung, Alibaba BABA, Yandex and Xiaomi are making strong efforts to capitalize on growth prospects of this particular market.
Nevertheless, Amazon’s aggressive efforts toward bolstering its smart speaker offerings are expected to keep it ahead of the pack.
Currently, Amazon sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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