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

The Amazon Echo dot
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."