Increased adoption of IoT, smartphones, and other wireless technology among the potential customers have driven the smart speaker market growth. Increasing number of smart homes owing to rise in per capita income is another factor boosting market growth. Also, additional features such as GPS navigation, camera, digital assistance, gaming, etc. are further fueling the market growth. Moreover, the benefits associated with smart speakers such as better audio technology and low energy consumption is again pushing the market growth uphill.
As per the latest report by Value Market Research, the Global Smart Speaker Market was valued USD 4.5 billion (by revenue) in 2017 and is anticipated to reach USD 30 billion by 2024 with a CAGR of 30%.
ALEXA EMERGED AS THE LEADING SEGMENT
In 2017, Alexa dominated the segment by accounting for over X.X% of the total market share. Owing to relatively inexpensive and better compatibility with smartphones is driving the segment growth.
COMMERCIAL SECTOR DOMINATED THE APPLICATION SEGMENT
Commercial sector led the application segment and has accounted for over 25% of the total market share in 2017. Rising trend of bank-by-voice to check account balance, pay bills and for other financial transaction is driving the segment growth.
NORTH AMERICA LED THE REGIONAL MARKET
In 2017, North America dominated the geographical market. Rising per capita income along with increased adoption of smart home is driving the regional market growth.
KEY PLAYERS OF THE MARKET
Prominent players of smart speaker market are Amazon, Google Inc., Apple Inc., Harman International Industries, Panasonic Corporation, Sonos Inc., Sony Corporation, LG Electronics Inc., Logitech International S.A. and Samsung Electronics
As per this study, the Global Smart Speaker Market was valued at USD XX BN (by revenue) in 2021 and is anticipated to reach USD XX BN by 2027 with a CAGR of XX%. By volume, the market was estimated XX MN Units in 2021 and is expected to reach MN Units by 2027 with a CAGR of XX%.
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, provide real-time information and much more. The main purpose of smart speakers is to deliver audio content through wireless technology from a media library, which may be on the different platform and from online services. Each smart speakers have its own labeled interface and features, generally controlled via applications.
Growing penetration of smartphones and IoT technology is expected to drive the smart speaker market growth over the forecast period. Advancement in audio technology and the rising number of smart homes along with rising disposable income is another factor that propels the market growth. Product innovation with new technology and services also acts as a supporter of the market growth. However, lack of standardization and privacy issue are likely to hinder the market growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of smart speaker.
The broad smart speaker market has been sub-grouped into intelligent virtual assistant and application. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Intelligent Virtual Assistant
- Google Assistant
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for smart speaker in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Smart Speaker Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the smart speaker market includes Amazon.com, Inc., Google Inc., Apple Inc., Harman International Industries, Panasonic Corporation, Sonos Inc., Sony Corporation, LG Electronics Inc., Logitech International S.A. and Samsung Electronics. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
A combination of primary and secondary research has been used to determine the market estimates and forecasts. Sources used for secondary research include (but not limited to) Paid Data Sources, Company Websites, Technical Journals, Annual Reports, SEC Filings and various other industry publications. Specific details on methodology used for this report can be provided on demand.