Press release
Smart Speaker Market by Intelligent Virtual Assistant, end user & key players: Amazon.com, Inc., Apple, Inc., Alibaba Group, Alphabet Inc.
Smart Speaker Market
Smart Speakers are activated through a voice command and can perform different tasks such as listening to music, ordering food, and online shopping. They also perform other activities, such as obtaining weather information, latest news, listing day to day activities, and easier integration with the smart home appliances. These multiple features provide an edge to smart speakers over other substitute technological products and services.
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Proliferation of smart home devices, increase in demand for multifunctional devices, rise in disposable income, and inclination toward technological products among younger generation are the factors that drive the growth of the market. However, privacy and security concern and localization of language spoken by intelligent virtual assistant restrain the market growth. Moreover, establishment of wireless 5G infrastructure and advancement in natural language processing (NLP) are expected to create growth opportunities for the market.
Among the analyzed geographical regions, North America is expected to account for the highest revenue in the global market throughout the forecast period (2018-2025) followed by Europe, Asia-Pacific, and LAMEA. However, Asia-Pacific is expected to develop at a higher growth rate, predicting a lucrative market for smart speakers.
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The global smart speaker market size was valued at $4,358 million in 2017, and is projected to reach $23,317 million by 2025, registering a CAGR of 23.4% from 2018 to 2025. North America constituted the highest smart speaker market share of 36.9%. The smart speaker market growth rate is highest in Asia-Pacific delivering a CAGR of 24.93%.
Key Benefits for Stakeholders
This study comprises of the analytical depiction of the global smart speaker market analysis along with current trends and future estimations to depict the imminent investment pockets.
The overall smart speaker market potential is determined to understand the profitable trends to gain a stronger foothold.
The report presents information related to key drivers, restraints, and opportunities of smart speaker industry with a detailed impact analysis.
The current smart speaker market is quantitatively analyzed from 2017 to 2025 to benchmark the financial competency.
Porter’s Five Forces analysis illustrates the potency of the buyers and suppliers in the smart speaker industry.
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The key players operating in the smart speaker market are Amazon.com, Inc., Apple, Inc., Alibaba Group, Alphabet Inc. (Google Inc.), Sonos, Inc., Bose Corporation, Xiaomi, Samsung Electronics Co. Ltd., Baidu Inc., and Plantronics, Inc. (Altec Lansing/AL Infinity, LLC).
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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