Press release
Smart Speakers Market: Global Industry Growth Factors, Trends, Demand Status And Forecast To 2033
Smart Speakers Market
Smart Speakers Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $35.59 billion In 2028 At A CAGR Of 25.0% :
The smart speakers market size has grown exponentially in recent years. It will grow from $10.93 billion in 2023 to $14.56 billion in 2024 at a compound annual growth rate (CAGR) of 33.2%. The growth in the historic period can be attributed to voice assistant integration, smart home control, music streaming, information retrieval, ecosystem integration.
The smart speakers market size is expected to see exponential growth in the next few years. It will grow to $35.59 billion in 2028 at a compound annual growth rate (CAGR) of 25.0%. The growth in the forecast period can be attributed to multi-modal interfaces, improved voice recognition, localization and language support, health and wellness features, business and enterprise adoption. Major trends in the forecast period include voice commerce (v-commerce), privacy and data security, customizable wake words, personalized content, ai and contextual understanding.
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Smart Speakers Market Major Segments
The smart speakers market covered in this report is segmented -
1) By Intelligent Virtual Assistant: Amazon Alexa, Google Assistant, Siri, Cortana, Other Intelligent Virtual Assistants
2) By Distribution Channel: Online, Offline
3) By Application: Smart Home, Smart Office, Consumer, Other Applications
4) By End User: Personal, Commercial
Key Driver - Rising Consumer Demand For Smart Devices Fuels Growth In Smart Speakers
With increasing consumer preference for technologically advanced products, there is a rise in the penetration of smartphones and smart devices. The enhanced personal use of smart devices points to the integration of smart devices with devices such as smart lightbulbs, thermostats, and TVs. For instance, in February 2023, according to Uswitch Limited, a UK-based financial conduct authority, beginning in 2022, the UK population is expected to grow to 68.3 million by 2025, of which 95% (or around 65 million individuals) will own a smartphone. Regional manufacturers are being encouraged to produce innovative and advanced products with customer interest to accept and adopt emerging technology which is expected to drive the smart speakers market.
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Prominent Trend - Development Of AI-Powered Virtual Assistants In The Smart Speaker
Virtual assistant devices are powered by artificial intelligence which offers ultimate luxury to the owner. They keep on listening to the command, analyze the needs, and perform the task when necessary. The Amazon Echo with smart assistant Alexa can be activated with a voice command of one hot word "Alexa". Siri, the Apple voice assistant provides hands-free activation with deep integration technology and high-quality virtual surround sound and exhibits features like setting the timer, managing calendar events, and more. Google assistant activated with "Ok Google" provides instant access to all of the Google services and the data associated with the Google account. For instance, according to Voicebot.ai, a US-based firm for voice assistance and artificial intelligence report 2021, Amazon sold 16.5 million smart speakers and smart displays followed by Google with 13.2 million, Baidu with 6.6 million, Alibaba with 6.3 million, and Apple with 4.6 million smart speakers in the fourth quarter of the year 2020. The proliferation of virtual assistance is, in turn, driving the smart speaker market.
Smart Speakers Market Players
Major companies operating in the smart speakers market include Amazon.com Inc., Apple Inc., Xiaomi Corporation, Alibaba Group Holding Limited, Sonos Inc., Harman International Industries Incorporated, Bose Corporation, Sony Corporation, ONKYO CORPORATION, Panasonic Corporation, Alphabet Inc., Baidu Inc., Plantronics Inc., Pioneer Corporation, SK Telecom Co. Ltd., Lenovo Group Limited, Samsung Electronics Co. Ltd., Avnera Corporation, Fabriq, Invoxia, LG Electronics Inc., Libratone A/S, Mobvoi Inc., Mojo, Ultimate Ears, Yamaha Corporation, Edifier International Limited, Meta Platforms Inc., Jam Audio, Kakao Corporation, KitSound by Kondor Ltd., Koninklijke Philips N.V., Logitech International S.A., Beijing LingLong Electronics Co. Ltd., Deutsche Telekom AG, Anker Innovations, JBL, Marshall Amplification plc
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the smart speakers market in 2023. Africa is expected to be the fastest-growing region in the smart speakers market during the forecast period. The regions covered in the smart speakers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Smart Speakers Market Report Structure
3. Smart Speakers Market Trends And Strategies
4. Smart Speakers Market - Macro Economic Scenario
5. Smart Speakers Market Size And Growth
…..
27. Smart Speakers Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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