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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 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

Product ID: SQMIG25E2084

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