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The Global Smart Speaker Market is estimated to grow at a CAGR of more than 20% during the forecast period 2021-2027.
Constant growth in the number of smartphones and the rising adoption of smart devices are gaining traction owing to increasing consumer preference for technologically advanced products globally. Ease of use and integration of smart devices with other devices such as thermostats, smart lightbulbs, and TVs are further boosting the demand for smart technology. Hence, the rising interest of users towards technologically advanced products resulted in the growth of 91 million installed speakers in 2019, considering 2018 as the base year of calculation; with the same growth rate, companies are expecting a tremendous growth by the end of 2021—resulting from long stay at home and growth in work from home practice due to COVID-19. The pandemic has boosted the uptake of home-based, voice-controlled devices. In the US alone, the smart speaker-installed user base is now 87.7 million adults in 2020, up by ~33% from 2019.
The smart speaker market growth is attributed to various growth factors such as growth in penetration of IoT technologies across the world, rising demand of smart homes, increasing customer focus towards connected technologies, and growth of wireless infrastructure in large consumer base countries such as India and China. Whereas, the high cost of smart speakers and reported incidences of security threats due to connected devices will hamper the smooth growth of the smart speaker market.
The Global Smart Speaker Market is segmented on the basis of components, Intelligent Virtual Assistant (IVA), and application. These major market segments are further fragmented into numerous sub-segments to study the market in detail.
By Intelligent Virtual Assistant (IVA):
Geographically, the global smart speaker market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. As per the studies, the North America smart speaker dominates the global marketplace owing to high penetration of smart speakers in the US owing to early-adopting user-base coupled with the presence of key smart speaker companies in the region such as Amazon, Google, Apple, and Bose that are based in the US.
Key Players Insights
Amazon, Inc., Harman International, Apple Inc., Alibaba Group, Alphabet Inc., Altec Lansing, Baidu, Inc., Bose Corporation, Lenovo Group Ltd., LG Electronics, Onkyo Corporation, Panasonic Corporation, Sony Corporation, Samsung Electronics, SK Telecom Co., Ltd. and Sonos, Xiaomi Inc. among others are some major players included in the research study of the global smart speaker market. The industry witnesses intense competition among the players to develop products with innovative functionalities. Companies are investing in product development on a large scale to cater to the increasingly rising consumer demand in the market. For instance, Google refreshed its baseline Home devices with new hardware Nest Audio and Apple introduced a technologically advanced smart speaker HomePod mini in recent times.
Research Report on the Global Smart Speaker Market Include: