Smart Speaker Market Key Vendors, Topographical Regions, and Industry Segmentation 2032

As per the report published by The Brainy Insights, the global smart speaker market is expected to grow from USD 8 billion in 2022 to USD 49.53 billion by 2032, at a CAGR of 20% during the forecast period 2023-2032. Asia Pacific emerged as the most prominent global smart speaker market, with a 44% market revenue share in 2022. The growing population with rising disposable income drives the demand for smart home appliances, which will bode well for the market. Furthermore, the rising internet penetration with improved data connectivity infrastructure has accelerated the adoption of smart home technologies like smart speakers. The significant consumer market, given the rising young population of India, has contributed to the expansion of the smart speaker market as several key market players are entering the market to exploit its potential, thereby offering consumers a wide variety of affordable and accessible choices.

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Global Smart Speaker Market Size by Intelligent Virtual Assistant (Alexa, Siri, AliGenie, Google Assistant, DuerOS, Xiao AI and Others), Component (Hardware and Software), Application (Residential and Commercial), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Leading companies in the industry include Alphabet, Amazon Inc., Apple Inc., Baidu Inc, Bose Corporation, Harman International, Lenovo, Panasonic Corporation, Sonos, Inc., and Sony Corporation AZ, among others, are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

The intelligent virtual assistant segment is divided into Alexa, Siri, AliGenie, Google Assistant, DuerOS, Xiao AI and others. The Alexa segment dominated the market, with a market share of around 45% in 2022. Amazon is the most known, used, trusted and popular brand worldwide. Alexa can be paired with suitable smart home appliances, which can then be controlled through voice commands. The component segment is divided into hardware and software. The software segment dominated the market, with a market share of around 59% in 2022. Software is the foundational basis for voice assistants integrated with speakers, which is why the segment dominates the market. The application segment is divided into residential and commercial. The commercial segment dominated the market, with a market share of around 60% in 2022. Commercial application of smart speakers is on a larger scale than residential applications, which require a higher number of hardware and software components, thereby driving the smart speakers demand in the market. Smart speakers at airports, railway and metro stations, bus stands, malls, theatres and public parks will continue to drive the segment's growth. Smart speakers for security and building management will also contribute to the segment's development.

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The development and integration of intelligent virtual assistants with speakers have led to the expansion of the smart speaker market. According to Business Insider, Alexa has 71.6 million users, placing it third in popularity behind Google Assistant with 81.5 million users and Apple's Siri with 77.6 million users. However, Alexa is highly popular in the smart speaker market, given the wide range of products Amazon offers. Furthermore, the expansion of 4G and 5G services has improved accessibility to internet services, positively contributing to smart speaker expansion. The busy schedules of today's population have contributed to the rising popularity and adoption of smart, convenient devices that can remind, schedule and work on voice commands.

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