Global Smart Speaker Market

Global Smart Speaker Market Size, Share, Growth Analysis, By Intelligent Virtual Assistant(Amazon Alexa, Google Assistant), By End-User(Personal, Commercial), By Distribution Channel(Online, Offline), By Type(virtual assistant, wireless speakers) - Industry Forecast 2023-2030


Report ID: SQMIG25E2084 | Region: Global | Published Date: February, 2024 | Pages: 165 | Tables: 117 | Figures: 77

Global Smart Speaker Market Insights

Global Smart Speaker Market size was valued at USD 8.6 billion in 2021 and is poised to grow from USD 10.8 billion in 2022 to USD 84.02 billion by 2030, growing at a CAGR of 25.6% in the forecast period (2023-2030).

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.

US Smart Speaker Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2023-2030

Global Market Size

USD 8.6 billion

Largest Segment

Amazon Alexa

Fastest Growth

Amazon Alexa

Growth Rate

25.6% CAGR

Global Smart Speaker Market 2021-2028 ($Bn)
Country Share for North America Region- 2021 (%)
Global Smart Speaker Market Size By Intelligent Virtual System, 2021-2028 ($ Bn)
Global Smart Speaker Market Size By Intelligent Virtual System, 2021-2028 (%)

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Global Smart Speaker Market Segmental Analysis

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.

Global Smart Speaker Market By Intelligent Virtual System, 2021(%), 2021 (%)

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Global Smart Speaker Market Regional Insights

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.

Global Smart Speaker Market By Geography, 2021-2028, 2023-2030
  • Largest
  • Fastest

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Global Smart Speaker Market Dynamics

Smart Speaker Market Driver

  • The soaring sales of smart speakers are being fuelled by the growing popularity of smart home gadgets

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.

  • Display-Based Smart Speaker Devices are gaining traction

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.

Smart Speaker Market Restraint

  • The data-steered innovations have posed a threat to security and privacy.

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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Global Smart Speaker Market Competitive Landscape

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.

Smart Speaker Market Top Players Company Profiles

  • Amazon, Inc
  • Google LLC
  • Apple Inc.
  • Alibaba Group Holding Ltd.
  • Baidu, Inc.
  • Xiaomi Corporation
  • Sonos, Inc.
  • Bose Corporation
  • Harman International Industries, Inc.
  • Lenovo Group Limited
  • Panasonic Corporation
  • LG Electronics Inc.
  • Yamaha Corporation
  • Onkyo Corporation
  • Pioneer Corporation
  • Sony Corporation
  • SK Telecom Co., Ltd.
  • Huawei Technologies Co., Ltd.
  • Libratone A/S
  • Anker Innovations Limited

Smart Speaker Market Recent Development

  • In May 2022, Xiaomi announced its innovative project “own my voice” which applies Text-To-Speech technology to help people with speech disorders.
  • Tech giant AppleA is planning to launch a new version of its HomePod smart speaker in late 2022 or by early 2023.

Global Smart Speaker Key Market Trends

  • Voice-assistance platforms are preferred by different age groups of smart speaker users in the United States. Apple's Siri is most popular among younger demographics, with 60% of 18- to 24-year-olds utilizing it. Amazon Alexa, on the other hand, is far more popular among voice assistant users 35 and older. More than 135 million individuals in the United States utilize voice assistants, including those not accessed through smart speakers. In the United States, the most typical activities done by smart speakers are asking general queries, receiving weather, traffic, travel, and sports updates, and listening music via built-in streaming services.
  • Smartly controlled devices majorly depend on internet connectivity which is paving way for research and development of high-speed internet. The rise in the proliferation of the Internet of Things, 5G technology, and Artificial intelligence is expected to propel the global smart speaker market. Along with this the rising innovative methods to use advanced AI-directed technologies are revolutionizing the Internet of Things devices. NLP, allows computer systems to comprehend human voice instructions by processing and generating output accordingly.

Global Smart Speaker Market SkyQuest Analysis

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.

Report Metric Details
Market size value in 2021 USD 8.6 billion
Market size value in 2030 USD 84.02 billion
Growth Rate 25.6%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Intelligent Virtual Assistant
    • Amazon Alexa, Google Assistant, Siri, Cortana, Others
  • End-User
    • Personal, Commercial
  • Distribution Channel
    • Online, Offline
  • Type
    • virtual assistant, wireless speakers, and others
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)
Companies covered
  • Amazon, Inc
  • Google LLC
  • Apple Inc.
  • Alibaba Group Holding Ltd.
  • Baidu, Inc.
  • Xiaomi Corporation
  • Sonos, Inc.
  • Bose Corporation
  • Harman International Industries, Inc.
  • Lenovo Group Limited
  • Panasonic Corporation
  • LG Electronics Inc.
  • Yamaha Corporation
  • Onkyo Corporation
  • Pioneer Corporation
  • Sony Corporation
  • SK Telecom Co., Ltd.
  • Huawei Technologies Co., Ltd.
  • Libratone A/S
  • Anker Innovations Limited
Customization scope

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  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Smart Speaker Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Smart Speaker Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

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.

Analyst Support

Customization Options

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:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Smart Speaker Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

Global Smart Speaker Market size was valued at USD 8.6 billion in 2021 and is poised to grow from USD 10.8 billion in 2022 to USD 84.02 billion by 2030, growing at a CAGR of 25.6% in the forecast period (2023-2030).

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. 'Amazon, Inc', 'Google LLC', 'Apple Inc.', 'Alibaba Group Holding Ltd.', 'Baidu, Inc.', 'Xiaomi Corporation', 'Sonos, Inc.', 'Bose Corporation', 'Harman International Industries, Inc.', 'Lenovo Group Limited', 'Panasonic Corporation', 'LG Electronics Inc.', 'Yamaha Corporation', 'Onkyo Corporation', 'Pioneer Corporation', 'Sony Corporation', 'SK Telecom Co., Ltd.', 'Huawei Technologies Co., Ltd.', 'Libratone A/S', 'Anker Innovations Limited'

The soaring sales of smart speakers are being fuelled by the growing popularity of smart home gadgets

Voice-assistance platforms are preferred by different age groups of smart speaker users in the United States. Apple's Siri is most popular among younger demographics, with 60% of 18- to 24-year-olds utilizing it. Amazon Alexa, on the other hand, is far more popular among voice assistant users 35 and older. More than 135 million individuals in the United States utilize voice assistants, including those not accessed through smart speakers. In the United States, the most typical activities done by smart speakers are asking general queries, receiving weather, traffic, travel, and sports updates, and listening music via built-in streaming services.

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.

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Global Smart Speaker Market

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