Press release
Smart Speakers Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends
Smart Speakers Market Size
The market size of smart speakers has witnessed a significant upsurge in the past few years. The projected growth is from $14.36 billion in 2024, escalating to $19.01 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 32.4%. Factors such as the incorporation of voice assistant, regulating smart home, streaming of music, fetching of information, and ecosystem integration have been pivotal in driving this outstanding growth during the historic period.
We anticipate a substantial surge in the market size of smart speakers in the coming years, predicted to hit $42.95 billion by 2029, with a compound annual growth rate (CAGR) of 22.6%. Factors contributing to this projected growth during the forecast period include the advent of multi-modal interfaces, enhanced voice recognition, localization and language support, and notable features for health and wellness, as well as increased adoption in businesses and enterprises. The forecast period also reveals key trends such as voice commerce (v-commerce), privacy and data security, the option to customize wake words, personalized content, and artificial intelligence with a focus on contextual understanding.
What Factors Are Propelling the Expansion of the Smart Speakers Market?
Increasing inclination towards technologically evolved products has resulted in greater infiltration of smartphones and smart gadgets. The personal usage of these smart devices has extended to integration with other gadgets like smart lightbulbs, thermostats, and TVs. For instance, Uswitch Limited, a Financial Conduct Authority from the UK, reported in February 2023 that the UK's population is projected to reach 68.3 million by 2025. Out of this, an estimated 95% (or about 65 million people) are expected to have a smartphone. This surge in smartphone ownership encourages local manufacturers to devise innovative and progressive products. The eagerness of customers to embrace and adapt to emerging technology is projected to be a major driver of the smart speakers market.
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Which Businesses Are at the Forefront of Smart Speakers Market Development?
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
What Are the Latest Innovations in the Smart Speakers Market?
Powered by artificial intelligence, virtual assistant devices provide their owners with the ultimate convenience, continuously listening for commands, evaluating requirements, and executing tasks. The Amazon Echo, featuring smart assistant Alexa, can be activated by simply saying "Alexa". Apple's Siri offers a hands-free operation with in-depth integration technology and high-grade virtual surround sound. It also has capabilities like timer setting and managing calendar events, among others. Similarly, the Google Assistant, which is activated by saying "Ok Google", allows immediate access to all associated Google services and linked Google account data. Amazon, an American technology firm, launched Echo Pop in May 2023. This revised Echo speaker range includes a fresh $40 model boasting a semi-spherical design. Amazon's latest inexpensive Alexa-enabled device, Echo Pop exhibits a half-dome design with a forward-facing speaker that emits a full sound, suitable for compact spaces. It houses the AZ2 Neural Edge processor for in-built machine learning and can pair with Eero mesh routers to boost network coverage by as much as 1,000 square feet. The Echo Pop is available in four colors: charcoal, white, lavender bloom, and midnight teal.
How Is the Smart Speakers Market Segmented?
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
Subsegments:
1) By Amazon Alexa: Echo Devices, Third-party Alexa-enabled Smart Speakers
2) By Google Assistant: Google Nest Devices, Third-party Google Assistant-enabled Smart Speakers
3) By Siri: Apple HomePod, Siri-integrated Third-party Smart Speakers
4) By Cortana: Microsoft Cortana-enabled Smart Speakers, Enterprise-focused Cortana Devices
5) By Other Intelligent Virtual Assistants: Samsung Bixby-enabled Smart Speakers, Baidu DuerOS-powered Smart Speakers, Alibaba Tmall Genie, Xiaomi XiaoAI Speakers
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Where Is the Smart Speakers Market Growth Most Prominent?
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
What Is Covered In The Smart Speakers Global Market Report?
- Market Size Analysis: Analyze the Smart Speakers Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Smart Speakers Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Smart Speakers Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Smart Speakers Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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