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 2024-2031

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 2019 and is poised to grow from USD 10.8 billion in 2023 to USD 84.02 billion by 2031, growing at a CAGR of 25.6% in the forecast period (2024-2031).

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.

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Global Smart Speaker Market size was valued at USD 8.6 billion in 2019 and is poised to grow from USD 10.8 billion in 2023 to USD 84.02 billion by 2031, growing at a CAGR of 25.6% in the forecast period (2024-2031).

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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