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Segment Evaluation and Major Growth Areas in the Smart Speakers Market
Smart Speakers
Projected Size and Growth of the Smart Speakers Market by 2029
The smart speakers market is anticipated to reach an impressive valuation of $42.61 billion by 2029, growing at a robust compound annual growth rate (CAGR) of 22.2%. This surge is largely fueled by enhancements in multi-modal interfaces, better voice recognition capabilities, expanded localization and language support, health and wellness integration, and increased adoption by businesses and enterprises. Key trends expected to influence growth include voice commerce (v-commerce), heightened attention to privacy and data security, customizable wake words, tailored content, and advances in artificial intelligence and contextual understanding.
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Leading Companies Shaping the Smart Speakers Industry
Several prominent corporations are driving innovation and competition within the smart speakers market. These 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, and Marshall Amplification plc.
Notably, in April 2022, Sonos, a US-based company specializing in wireless speakers and home sound systems, acquired Mayht, a Netherlands-based audio technology company. Although the acquisition amount was not disclosed, Sonos aims to broaden its range by adding compact, light-powered Bluetooth speakers to its portfolio.
View the full smart speakers market report:
https://www.thebusinessresearchcompany.com/report/smart-speakers-global-market-report
Emerging Trends That Will Influence the Smart Speakers Market
Artificial intelligence plays a central role in the functionality of virtual assistant devices, offering users a seamless and convenient experience. These devices constantly listen for commands, interpret user needs, and execute tasks efficiently. For example, Amazon's Echo, powered by Alexa, activates with the simple wake word "Alexa" and offers a wide range of hands-free functions. Apple's Siri provides deep integration across Apple devices, enabling users to manage timers, calendar events, and more through voice commands. Google Assistant, triggered by "Ok Google," offers quick access to Google's suite of services and user data.
In May 2023, Amazon introduced the Echo Pop, a new addition to its Echo lineup designed for small spaces. Priced at $40, this semi-spherical device features a front-facing speaker for full-bodied sound. Equipped with the AZ2 Neural Edge processor for on-device machine learning, the Echo Pop can also pair with Eero mesh routers to extend Wi-Fi coverage up to 1,000 square feet. It is available in four colors: charcoal, white, lavender bloom, and midnight teal.
Segment Analysis of the Smart Speakers Market
This report divides the smart speakers market into several key segments for comprehensive understanding:
1) Intelligent Virtual Assistant: Amazon Alexa, Google Assistant, Siri, Cortana, and Other Intelligent Virtual Assistants
2) Distribution Channel: Online and Offline
3) Application: Smart Home, Smart Office, Consumer, and Other Uses
4) End User: Personal and Commercial
Further subcategories include:
- Amazon Alexa: Echo Devices and Third-party Alexa-enabled Smart Speakers
- Google Assistant: Google Nest Devices and Third-party Google Assistant-enabled Smart Speakers
- Siri: Apple HomePod and Siri-integrated Third-party Speakers
- Cortana: Microsoft Cortana-enabled Smart Speakers and Enterprise-focused Cortana Devices
- Other Intelligent Virtual Assistants: Samsung Bixby-enabled Smart Speakers, Baidu DuerOS-powered Smart Speakers, Alibaba Tmall Genie, and Xiaomi XiaoAI Speakers.
This detailed segmentation highlights the diverse product offerings and distribution methods shaping the smart speakers market today and into the future.
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