Amazon’s (NASDAQ:AMZN) new product revealing event display’s the company’s ability to dominate the smart home market.
Alexa-enabled voice products exhibited at the event included car gadgets, an amplifier, and a microwave. The echo devices reflect Amazon’s desire to take over the smart home sphere, with features such as Alexa Hunches which make specialized assumptions based on user’s daily schedules, such as when to turn the lights off before sleeping:
CNBC provides more details on the event:
The potential reward is huge. The smart home market is expected to grow into a $53 billion industry by 2022, according to Zion Market Research. With Amazon taking an early lead in this space, it could open up a massive new revenue channel for the company going forward. The new microwave and amplifier bring Amazon into the home appliance and entertainment system space for the first time.
Another big take away from the event is the superior level of excitement generated from Amazon’s event versus Apple’s new product showcase last week. While Apple’s event left many analysts underwhelmed, Amazon’s saw an audience that repeately “oohs” and “aahs” as new products were revealed.
Amazon,Inc. shares were trading at $1,929.28 per share on Friday afternoon, down $15.02 (-0.77%). Year-to-date, Amazon.com, Inc. (AMZN - Get Rating) has gained 64.97%, versus a 10.54% rise in the benchmark S&P 500 index during the same period.