USD 9.46 billion
Report ID: SQSG25E2003 | Region: Global | Published Date: December, 2022 | Pages: 165
Global Smart Speaker Market was valued at USD 9.46 billion in 2021, and the market size is estimated to reach USD 35.93 billion by 2028, at a CAGR of 21% over the forecast period (2022-2028).
The growing demand for smart speaker display, the increasing number of smart homes, rising disposable income, and the rapid proliferation of multifunctional devices are all factors driving the growth of the smart speaker market.
Furthermore, the emergence of new technologies such as automated speech recognition technology, and natural language processing (NLP) has shifted the market of manually controlled speakers to AI-controlled speakers. These technologies allow the speakers to process the commands given by the user. Alexa, Amazon Echo virtual assistant, Google Home powered Google Assistant work on Artificial Intelligence and NLP along with the integration of machine learning and several other technologies. These are enabled by wireless transmission mediums such as Bluetooth, and Wi-Fi, handled by a virtual assistant and are steered by artificial intelligence.
Increasing internet usage and digitalisation have paved the way for technological innovation and gaining popularity among Millennials. These AI-driven devices are capable of performing tasks based on voice commands. From listening to music to ordering food searching, location, news, and movies are just a voice command away. The advancement of digitalisation and consumer acceptance of newer technologies have elevated consumers' living standards to smart living standards, and the all these factors are anticipated to proliferate the global smart speaker market.
Global Market Size
USD 9.46 billion
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Global smart speaker market is segmented based on intelligent virtual assistant, end user, distribution channel and region.Based on type, the market is segmented into virtual assistant, wireless speakers, and others. Based on intelligent virtual assistant it is segmented into Amazon Alexa, Google Assistant, Siri, Cortana, and others. Based on end user it is segmented into personal and commercial. Based on the distribution channel it is segmented into online and offline. Based on the region it is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Amazon Alexa recorded around 40% market share of the global smart speaker market in 2021
In 2021, Amazon Alexa dominated the global smart speaker market and is anticipated to maintain its dominance throughout the forecast period. Amazon Alexa is very popular among consumers and has the first-mover advantage. Amazon Alexa integration with various other smart home appliances and the craze for IoT devices among millennials is expected to retain its popularity and project a rising market share.
Furthermore, Google Assistant is estimated to showcase significant growth over the forecast period. It is the closest competitor for Amazon Alexa. Other intelligent virtual assistant-centered smart speaker manufacturers, such as Xiaomi, Alibaba, and Baidu, is expected to show steady market growth during the forecast period.
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North America dominated the global smart speaker market in 2021 and is expected to maintain its dominance throughout the forecast period. Due to early acceptance of cutting-edge technologies and a robust economic environment, North America has seen a significant growth in smart speakers. In 2018, the popularity of smart speakers remained high, maintaining a rapid rate of consumer adoption. By the end of the year, 66.4 million American adults had smart speakers, up from 47.3 million in January 2018. That indicates that 26.2% of all adults in the US have access to a smart speaker.
Moreover, the Asia Pacific region is expected to showcase surging figures simultaneously projecting an average growth rate of over 55% by 2025. The rising prevalence of digitalisation and the emergence of advancements in the region is expected to fuel the market demand for smart speakers.
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Owing to tech-driven innovation and emerging data-directed advancements the global smart speaker market is experiencing a shift from the era of information technology to artificial intelligence. This is leading to change in consumer habits and they are more inclined to replace traditional manually controlled devices with new-age smart devices.
The rising demand for Display-Based Smart Speaker Devices are anticipated to fuel global smart speaker market growth over the forecast period. The increasing popularity of display devices is assisting in the market's expansion. Due to evolving use cases such as social networking, streaming online content, and video call features, market leaders are progressively shifting to display-based devices. In addition, significant manufacturers offer a diverse range of smart display device products. For instance, a few gadgets having display capabilities include the Amazon Echo Show 5, Google Nest Hub (2nd Gen), Facebook Portal, Redmi Touch Screen Speaker 8, Xiaodu Zai Jia 1C (Baidu), Lenovo Smart Display 7, Alibaba Tmall Genie CC8, and JBL link view. Additionally, these products are regularly updated and improved in accordance with end-user needs.
Data is a crucial element for an individual pertaining to privacy and safety and so it is for commercial purposes for advertising and marketing. There is a concern related to misuse of data which is a restrain for the market. All the speakers are activated by voice commands such as “OK Google”, “Alexa”, and “Siri” there is a threat posed to preserve the voice patterns and misemploying the data for various purposes is becoming a fearing factor for consumers.
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Major players are implementing numerous tactics, including mergers and acquisitions, strategic agreements and contracts, and the development to upgrade the existing versions by employing various tech innovations and leveraging ways to generate the highest market revenue.
Top Players Company Profiles
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, current initiatives and innovations to upgrade smart speakers and the prevalence of smart home devices are paving way for the global smart speaker market. The rise in digitalization and acceptance of smart home devices owing to upgraded living standards owing to increased discretionary earning and spending is opening prospects for smart devices. The prevalence of online activities for entertainment, shopping, education, and information is fueling the global smart speaker market growth.
|Market size value in 2021||USD 9.46 billion|
|Market size value in 2028||USD 35.93 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global Smart Speaker Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Smart Speaker Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Smart Speaker Market:
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Product ID: SQSG25E2003