Alphabet
’s
GOOGL
division Google has been consistently working toward strengthening its smart audio devices.
According to
9TO5Google
, Google is gearing up to run the Nest audio smart speaker on the Fuchsia operating system.
Previously, Google switched the operating system of its Nest Hub smart displays to the Fuchsia operating system.
Google’s efforts to run smart audio speakers with its own operating system aim at providing an enhanced experience to customers.
This is expected to boost the adoption rate of smart audio speakers in the days ahead.
Efforts to Boost Market Prospects
The recent move is expected to continue helping Google capitalize on its presence in the booming smart speaker market.
Smart speakers control various smart home devices, such as smart TVs, thermostats, smart lights, smart locks, security cameras and smart kitchen appliances. Thus, the growing adoption of these devices is driving the smart speaker market.
The demand for smart speakers is continuously rising as they support video calling, watching online content and social networking. This is propelling the smart speaker market and leading to the smart display market’s growth.
According to a Research and Markets
report
, the global smart speaker market is expected to progress at a CAGR of 20.2% during the forecast period 2022-2028.
Competitive Scenario
We believe that Google’s growing prospects in this booming market are likely to aid its parent company, Alphabet, in winning investors’ confidence in the near and long terms.
Shares of Alphabet have been down 34.5% in the year-to-date period, outperforming the
Computer and Technology
sector’s decline of 35%.
However, Alphabet faces intense competitive pressure from
Apple
AAPL
and
Amazon
AMZN
, which are leaving no stone unturned to expand their presence in the market.
Apple smart speakers, namely HomePod and HomePod mini, offer high-quality audio as well as the ability to adapt to their location. The speakers are compatible with smart home accessories and can be controlled with the Siri virtual assistant. Shares of AAPL etched down 20.6% in the same time frame.
Amazon’s Echo devices offer high-quality audio, music playing, audiobooks and podcasts from various music streaming services like Apple Music, Amazon Music, and Spotify, to name a few. Amazon Echo smart speakers support Alexa and can be controlled by smart home devices. AMZN lost 46.9% in the year-to-date period.
Zacks Rank & Stocks to Consider
Currently, Alphabet carries a Zacks Rank #4 (Sell).
Investors interested in the broader Zacks Computer & Technology sector can consider
Asure Software
ASUR
, which sports a Zacks Rank #1 (Strong Buy) at present. You can see
the complete list of today’s Zacks #1 Rank stocks here
.
Asure Software has gained 6.8% in the year-to-date period. The long-term earnings growth rate for ASUR is currently projected at 23%.
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