May 10, 2018

Americans will spend $40 billion per year on smart speakers by 2022

An Amazon Echo dot. Photo: Smith Collection/Gado via Getty Images.

Americans already spend $2 billion annually on smart speakers like Amazon's Alexa, but that number is expected to multiply to $40 billion annually in just four years, reports CNN.

The big picture: Amazon and Google are dominating the branding field, but other brands like General Mills and Hershey are "racing to understand the technology and make their products stand out."

Retailers are getting in on smart speakers because Americans are using the speakers to do more of their shopping. As Amazon and Google's smart assistants move into additional households, they take American dollars through e-commerce and ad revenues. Retailers can regain that revenue through Smart speakers.

Yes, but: Amazon in particular is far ahead of its competition. Alexa recognizes specific products users want while other speakers are not that advanced yet. Amazon also has smart speakers in 10% of households across the country and continues to grow.

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Coronavirus dashboard

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Global: Total confirmed cases as of 12 p.m. ET: 1,365,004— Total deaths: 76,507 — Total recoveries: 292,467 — Map.
U.S.: Total confirmed cases as of 12 p.m. ET: 369,069 — Total deaths: 11,018 — Total recoveries: 20,003 — Map.
Trump administration latest: Peter Navarro warned White House colleagues in late January about the massive potential risks from the coronavirus.
Federal government latest: The public wants the federal government, not states, in charge of coronavirus — Testing capacity is still lagging far enough behind demand.
States update: New York death toll surged to its highest one-day total as state predicts a plateau in hospitalizations.
2020 update: Wisconsin Supreme Court blocks the governor's attempt to delay in-person primary voting until June.
What should I do? Pets, moving and personal health. Answers about the virus from Axios experts — What to know about social distancing — Q&A: Minimizing your coronavirus risk.
Other resources: CDC on how to avoid the virus, what to do if you get it.

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