Value Market Research recently released a market forecast study on the Global Smart Speaker Market. It is expected to grow at a CAGR of 34.50% from USD 2.65 Billion in 2017 and reach USD 15.69 Billion by 2024. Smart speakers are the advancement in the audio technology which offers exceptional superior features such as voice assistant, set alarms, make the to-do list, and provide real time information and much more. Moreover, they can work equivalently to the smartphone.
Internet of things (IoT) is the prime factor serving as the key driver of the market. The advent of the internet has reached to everyday task and has raised the demand for smart gadgets that offers a wide range of features. Growing acceptance of wireless technology and smartphone along with the high disposable income, industry automation trends and growth in the smart home is again expected to fuel the market growth. Moreover, the rising penetration of LTE and 3G/4G coupled with low usage costs will lead to the high adoption of the product, thereby contributing towards the growth of the market. The innovation in audio technology, growing smart homes along with the growing number of smart speaker’s provider in developed economies is again pushing the market growth uphill.
The report "Global Smart Speaker Market Report By Technology (Smart Speaker, Bluetooth, Wi-Fi, NFC, and Others) And Product (Single-room speakers, Double-room speakers, and Multi-room speakers) And By Regions - Industry Trends, Size, Share, Growth, Estimation and Forecast, 2017-2024" has recently updated with latest statistical data which can be used for the market evolution to explore new opportunities.
On the basis of technology the market of smart speaker is bifurcated into smart speaker, Bluetooth, Wi-Fi, NFC, and others. Among which Wi-Fi devices are gaining momentum in the market owing to their ability to offer a direct connection to the home network and allow users to access the internet and also provide longer range, which is a major contributing factor to the growth of the market.
By product the market is segregated into single-room speakers, double-room speakers, and multi-room speakers. In products, the single-room smart speaker is likely to dominate the market due to high adoption of a single system as people are more likely to buy a single speaker which can be accessed in a single room in the house.
From the geographical point of view, the North America is dominating the global smart speakers due to high acceptance of wireless technology and smartphones among consumer in the region. Whereas, Asia Pacific is the fastest growing region due to increasing usage of internet & smartphones and other smart gadgets in the region is propelling the market growth.
Altec Lansing, Amazon.com, Inc., Apple Inc., Bose Corporation, Creative Technology Ltd., Edifier, Google Corporation, JBL, Logitech International SA, Philips, Samsung Electronics, Sonos Inc., Sony Corporation, and Terrate.