Smart Voice Assistant Speaker Market - Global Outlook and Forecast 2017-2022

The global smart voice assistant speaker market will cross $4 billion, growing at a majestic CAGR more than 30% during the forecast period 2016−2022. The market is majorly driven by the fast-paced and advanced lifestyle in developed countries such as the US, Canada, the UK, and Germany. Though the North America will remain as the largest market, the European region is also witnessing tremendous growth and likely to be the second largest market for smart voice assistant speakers. Connected devices are witnessing a high popularity in the European market, and smart voice assistant speakers are also gaining popularity.

View report: https://arizton.com/reports/smarttech-market-analysis/smart-voice-assistant-speaker-market

Many vendors are expected to enter the market during the forecast period

As the global smart voice assistant speaker market presents a lucrative revenue growth potential, many vendors are expected to enter the market during the forecast period, which is expected to make it highly fragmented. Chinese manufacturers will expand their presence in Europe and North America, which are likely to lead the price war among vendors, and the increased commoditization can also lead to low-quality products being manufactured. Major vendors mentioned in the report Alphabet (Google), Amazon

The other prominent vendors included in the report are Beijing LingLong, Fabriq, Jam Audio, HARMAN, Invoxia, Lenovo, Mattel, Mycroft, NVIDIA, and Sony.

Other emerging vendors are Swan Solutions, Cubic Robotics, Silk Labs, Protonet, Interactive Voice, and SPACO.

Increased penetration in developed countries to drive the market

The global smart voice assistant speaker market is likely to witness an increase in revenue during the period 2016−2022. However, Arizton expects that the YoY growth will relatively slowdown continuously after that. The major reason being increased penetration of smart voice assistant speakers globally, especially in developed countries such as the US, Germany, and the UK. In 2016−2022, in value terms, the YoY growth of smart voice assistant speakers will be in double digits due to the high demand from North America and Europe coupled with the rise in awareness about these devices in developing countries of APAC and RoW.

Increasing popularity of voice-first technology and growing push for digital economy in developing economies are among the latest trends that are likely to drive the market growth. The usage of voice search is witnessing an unprecedented growth among consumers worldwide. There has been a sudden rise in the volume of voice searches in the recent past. Voice searches will have a large anticipated impact on the marketplace in terms of advertising, payment, and processing among others. Increasing dominance of voice searches demonstrates the ongoing widespread popularity of voice-first technology. With an increasing influx of these devices on the consumer mainstream household equipment category, the market is witnessing a major spurt in the demand for smart voice assistant speakers in the US and other parts of the world.

North America is likely to account for market shares of 42.87% and 49.74% in terms of unit shipment and revenue, respectively, in 2022.

The penetration of smart voice assistant speaker in the US is increasing rapidly. For instance, about 13 million US households had purchased at least one smart voice assistant speaker until December 2016. This number of households is expected to increase 2.5 times by the end of 2017 from the same in 2016. However, North America will lose a major chunk of its share in the global market to Europe and APAC during the forecast period.

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About Arizton Advisory & Intelligence

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