Smart Speaker Market to 2025 ( 23.3% of CAGR Expected) Prominent Industry Players Profiled Analyzed Amazon, Apple, Alibaba, Alphabet, Sonos Inc., Bose Corporation, Xiaomi
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The growth in demand for smart home and multifunctional devices, increase in consumer readiness to invest in trending technologies, the rise in disposable income, the greater inclination of tech-crazy young consumers, and growing adoption of advanced 5G network technology are aiding in the fast expansion of the smart speaker industry. On the other hand, the market growth is hampered by privacy and security concerns and localization of language spoken by intelligent virtual assistants. Moreover, 5G infrastructure and advancement of natural language processing (NLP) are likely to pave way for new opportunities in the market.
Siri segment expected to grow at the highest rate by 2025
The intelligent virtual assistants majorly discussed in the study include Alexa, Google Assistant, Siri, and Cortana among others. The Amazon's Alexa generated the highest revenue in 2017, contributing to nearly two-thirds of the total market share. However, the Siri would grow at the highest rate in future, growing at a CAGR of 27.9% during the forecast period.
Low-price range to hold the highest market share by 2025
The report is classified based on price range into low, mid, and premium. The low-price range segment currently accounted for the highest market share of nearly half of the total market share and is expected to continue its lead position through 2025, followed by the mid-price segment.
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The online segment to lead in terms of revenue and growth by 2025
The study classifies the distribution channel segment based on online and offline. The former generated the highest market share of nearly 80% and contributed to the revenue of $3.53 billion in 2017. This segment is expected to remain dominant by 2025, contributing the revenue of $19.14 billion.
The personal segment currently accounts for the highest revenue
The study discusses the end-user segment based on personal and commercial. The personal segment is currently leading the commercial segment in terms of revenue along with market share of around 82%. However, the commercial segment is likely to grow at the highest CAGR through 2025.
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