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Global Smart Speaker Market To Be Driven By Increasing Preference For Smart Homes In The Forecast Period Of 2022-2027

12-20-2022 05:49 AM CET | IT, New Media & Software

Press release from: Expert Market Research

Global Smart Speaker Market To Be Driven By Increasing

The new report by Expert Market Research titled, 'Global Smart Speaker Market Size, Share, Price, Trends, Growth, Market Report and Forecast 2022-2027', gives an in-depth analysis of the global smart speaker market, assessing the market based on its segments like intelligent virtual assistant, component, application, and major regions.

The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.

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The key highlights of the report include:

Market Overview (2017-2027)

• Forecast CAGR (2022-2027): 19.54%

Smart speaker market growth is aided by the growing number of smart homes, rising demand for smart displays, and the rapid proliferation of multipurpose and versatile gadgets. Smart speakers like Alexa, Google Assistant, and Siri are equipped with the Internet of Things (IoT) and Artificial Intelligence (AI).

Furthermore, the rise in smart device usage among the younger generation, as well as an increase in consumer willingness to spend on cutting-edge technology, are favourably impacting smart speaker market growth.

Industry Definition and Major Segments

A smart speaker is a wireless speaker with an internet connection that can be operated with voice commands and can play audio content, stream content, transmit information, and communicate with other devices. It works as the control hub for the smart home and provides interactive features via voice commands. It also includes a built-in virtual assistant.

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Based on intelligent virtual assistant, the market can be broadly divided into:

• Alexa
• Google Assistant
• Siri
• Dueros
• Aligenie
• Xiao AI
• Others

The smart speaker market can be broadly divided based on its component segments into:

• Hardware
• Software

Market segmentation on the basis of application:

• Smart Home
• Consumer
• Smart Office
• Others

On the Basis of region, the market can be divided into:

• North America
• Europe
• The Asia Pacific
• Latin America
• Middle East and Africa

Market Trends

Over the forecast period, expansion in the audio technology segment, helped by investments in R&D for the creation of innovative products, is expected to bolster the smart speaker industry's growth. Furthermore, the market is expected to increase due to the upcoming structuring of revolutionary wireless technologies, including 5G, Bluetooth, and wi-fi, as well as the rising market penetration of smartphones. Also, increasing preference for smart homes is supporting smart speaker market growth.

Key Market Players

The major players in the market are, Inc., Alphabet Inc., Alibaba Group Holding Limited, Xiaomi Corporation, Apple Inc., and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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Media Contact

Company Name: Claight Corporation
Contact Person: Ana John, Business Consultant
Toll Free Number: US +1-415-325-5166 | UK +44-702-402-5790
Address: 30 North Gould Street, Sheridan, WY 82801, USA

About Us:

Expert Market Research (EMR) is leading market research company with clients across the globe. Through comprehensive data collection and skilful analysis and interpretation of data, the company offers its clients extensive, latest and actionable market intelligence which enables them to make informed and intelligent decisions and strengthen their position in the market. The clientele ranges from Fortune 1000 companies to small and medium scale enterprises.

EMR customises syndicated reports according to clients' requirements and expectations. The company is active across over 15 prominent industry domains, including food and beverages, chemicals and materials, technology and media, consumer goods, packaging, agriculture, and pharmaceuticals, among others.

Over 3000 EMR consultants and more than 100 analysts work very hard to ensure that clients get only the most updated, relevant, accurate and actionable industry intelligence so that they may formulate informed, effective and intelligent business strategies and ensure their leadership in the market.

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