Apple HomePod Vs. Amazon Echo: Analyst Prediction Fuels Rivalry - Apple (NASDAQ:AAPL), Amazon.com (NASDAQ:AMZN)

A prominent analyst predicts that Apple Inc. AAPL will release a redesigned HomePod featuring a panel next year — and it might threaten Amazon.com Inc.‘s AMZN reign. 

What Happened: On Friday, Ming-Chi Kuo, an analyst at TF International Securities, shared some predictions saying Apple is planning to unveil a revamped HomePod in the first half of 2024 featuring a 7-inch panel. 

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Kuo stated, “HomePod, which equips a panel, could enable tighter integration with Apple’s other hardware products, marking a significant shift in the company’s smart home strategy.” 

He added that Tianma Microelectronics Co., Ltd. would be Apple’s exclusive panel supplier as it is set to benefit from the tech giant’s revamped smart home strategy. 

Apple did not immediately respond to Benzinga’s request for comments.

Why It’s Important: In 2022, Statista conducted an online survey in the U.S. and found that 67% of consumers own Amazon Echo (Alexa), followed by Google Home (Google Assistant) and Apple Homepod (Siri). 

Apple, headquartered in Cupertino, has lost a considerable portion of its market share in the home space sector to rivals like Amazon and Google. Moreover, the voice-control service of Siri is noticeably lagging behind in terms of features compared to Amazon’s Alexa and Google Assistant. 

In January earlier this year, Apple unveiled its second-generation HomePod after discontinuing the original in 2021. The device came with Siri and advanced computational audio, including Spatial Audio tracks and some exciting new features. 

With the aforementioned prediction, new device innovations and reports about Siri getting updates, Apple might be trying to turn the tables in the smart home space. 

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