Smart Speakers Market - Current Trends, Opportunities & Challenges

A smart speaker is a wireless playback devices which often features digital voice assistant. It utilizes Bluetooth, Wi-Fi or other means to extend the usage beyond playback. The global smart speakers market has witnessed numerous trends which support its massive expansion. The industry participants are actively seeking to capitalize the growth opportunity in the competitive landscape.

Internet of Things (IoT) is expected to be the major supporting base of the industry. IoT trends particularly in telecommunication and electronic industry have witnessed vibrant advancements over the past few years. The smart speaker market has established its presence across developing geographies owing to the potential contribution of internet in the smart evolution era. Increasing demand for wireless connectivity and rising production of consumer electronics are the two major factors supporting the smart speakers market.

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Technological advancements have allowed manufacturers to introduce speakers which are not limited only to playing music but have ability for setting reminders, problem-solving applications, and streaming of news and music with single voice commands. Integration of virtual assistant has played a vital role in reshaping the growing business model. The smart speaker encompasses various wireless connectivity alternatives such as Wi-Fi, Bluetooth, NFC or all while considering the technical integration in manufacturing of these speakers. Compactness, portability, built-in battery makes the smart speakers excellent choice for use in travel and outdoor activities. Rising commercialization for Wi-Fi based smart speakers is supported by its longer range benefits and feasibility of direct connection with homes.

The global smart speaker industry is highly consumer driven which observes widespread product varieties thereby increasing the consumer convenience. Growing consumer inclination towards single room smart speakers is expected to dominate its position in the global industry. Easy access from a single room is anticipated to be the major driving factor of the smart speaker’s adoption. Multi-room smart speakers provides greater service range than single-room speakers. These speakers offer more convenience in terms of signal resilience, connectivity range, and user acceptance thus supporting the demand for multi-room speakers over the forecast timeline.

The North America smart speakers market is expected to continue its dominance over period 2017 to 2025 owing to increasing adoption of these speakers in the U.S. The country is prominent in terms of technological acceptance and penetration thus supporting the highest market share in the global industry. Rising IoT applications and increasing regional demand of the speakers is expected to support the U.S. industry growth over the forecast period.

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Asia Pacific smart speakers market is anticipated to have the quickest CAGR from 2017 to 2025 supported by the strong regional growth in China, Japan and India. Rising disposable income, increasing per capita expenditure, has increased the consumer’s purchasing power and improved their living standards. Low labor costs, favorable macroeconomic conditions, decreasing raw material prices and improving automation trends are the major factors attracting the manufacturing of the speakers in the developing regions such as India, South Korea, and Taiwan.

Some of the prominent developers of the smart speakers are Amazon, Google, Apple and Facebook along with other vendors as Bose, JBL, Harman, and Sony. The smart speaker industry was initially dominated by the Amazon which launched its Echo interactive speakers in 2014. With entrance of new players in this business exploiting the potential growth opportunities, the industry is expected to reach inflection point in near future. Since 2014, the entrance of Chinese competitors in smart speaker industry has diversified the product portfolio while adding advanced features. The recent announcement of Alibaba’s entrance into this industry is expected to add new dimension to the ongoing trends changing the fact that participation of renowned industry players from various domains is expected to disrupt the market consolidation.

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