Increasing adoption of smart home automation systems, growing demand for smart appliances and devices, and rapid technological advancements in smart devices and wireless technologies are some key factors driving market growth
smart speaker market size is expected to reach USD 23.93 billion in 2028 at a CAGR of 16.9% during the forecast period, according to the latest report by Emergen Research. Increasing demand for smart appliances and devices due to growing trend of smart homes, rising preference for connected devices, and availability of technologically advanced smart devices are key factors expected to drive market revenue growth over the forecast period. In addition, introduction and launch of smart speakers with advanced features, support for popular voice assistants, and reasonable prices are some other key factors expected to further fuel revenue growth of the market going ahead.
The Global Smart Speaker Market report is a detailed study of the different segments of the market, factors driving and restraining the growth of the market, and regional landscape based on the data gathered from both primary and secondary sources of data collection, along with the research methodology employed for analysis provided in the study. The market overview, SWOT analysis, and insights into the strategies adopted by key players operating in the Smart Speaker market help understand the market forces and how those can be exploited to benefit from future opportunities.
Smart speakers are internet-connected devices that can be controlled by voice commands and can seamlessly stream audio content, provide information, and communicate and connect with other devices. Growing trend of smart homes has led to a significant increase in the demand for smart speakers and other connected devices. Today, a wide range of house appliances, electronic devices, and systems are available in the market that can be accessed and controlled remotely via connected devices and smartphones. In addition, smart home designers have actively collaborated with smart speaker manufacturers for the seamless integration of smart speakers in smart home automation systems and this trend is expected to continue going ahead. Rapid advancements in wireless technologies and deployment of robust security software along with smart devices are expected to boost their adoption and further contribute to the revenue growth of the market.
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However, increasing concerns surrounding privacy, safety, and connectivity range of smart speakers and other smart devices owing to rising incidence of cyberattacks and misuse of IoT infrastructure are some key factors expected to restrain growth of the market to a certain extent over the forecast period.
In market segmentation by manufacturers, the report covers the following companies-
Apple, Inc., Alphabet, Inc., Amazon.com, Inc., Sony Corporation, Lenovo Group Ltd., Xiaomi Corporation, Altec Lansing, Inc., SK Telecom Co. Ltd., Onkyo Corporation, and Baidu, Inc.
The research study gives a comprehensive analysis of the market with the help of several analytical tools and helps identify and capitalize on the growth prospects existing in the Smart Speaker Market. It also offers accurate insights into the prevalent business strategies. The market overview gives growth estimations based on historical analysis and a detailed evaluation of the gross revenue, demand and supply dynamics, volume, market share, pricing structure, and profit margin for each market segment. The regional analysis takes into consideration the overall sales and CAGR to underline the leading companies in each regional market based on product types and product applications.
Some Key Highlights in the Report:
Hardware segment revenue is expected to expand at a robust revenue CAGR over the forecast period owing to increasing advancement in hardware of smart speaker and integration of advanced sensors for enhanced and accurate voice recognition.
Smart home segment is expected to account for largest revenue share in the global market during the forecast period owing to increasing integration of smart speakers in smart home devices such as lights, thermostats, and televisions, and other devices.
Alexa segment accounted for a significant revenue share in the global market in 2020 and is expected to register robust revenue growth over the forecast period owing to its easy availability and affordability. Alexa has been the most preferred voice assistant for a wide range of smart speakers and is available in over 80 countries across the globe.
The personal use segment is expected to dominate other end-use segments in terms of revenue over the forecast period owing to rising adoption of smart home systems across the globe, increasing integration of smart speakers with various devices, and rising use of smart speakers to for various personal applications such as making phone calls, tracking user activity, and scheduling appointments, among others.
The report provides an in-depth study of the product, application, and regional segments of the global Smart Speaker industry. As part of the regional analysis, the report includes an assessment of the leading regions of North America, Europe, India, China, and the EMEA.
For the purpose of this report, Emergen Research has segmented the global smart speaker market on the basis of component, application, intelligent virtual assistant, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018-2028)
Application Outlook (Revenue, USD Billion; 2018-2028)
Intelligent virtual assistant Outlook (Revenue, USD Billion; 2018-2028)
End-use Outlook (Revenue, USD Billion; 2018-2028)
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The report offers three types of Smart Speakers and uses analytical tools like Porter’s Five Forces analysis, SWOT analysis, and both qualitative and quantitative assessment of the market. It estimates the market size in the forecast duration by studying its value, volume, market share, growth rate, and other market essentials. It gives extensive company profiles, wherein the analysts explain the expansion tactics adopted by market leaders, including both long- and short-term strategies, and other vital competitive factors of significant businesses in the global Smart Speaker market.
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Reasons to buy this report:
It evaluates a comprehensive structure and overview of the Smart Speaker Industry.
It provides accurate insights into critical factors like drivers and constraints, growth rate, value, volume, market share, and overall revenue.
It studies the growth prospects, challenges, drivers and restraints operating in the market.
It allows the reader to understand the Smart Speaker market competition by assessing the top vendors, with elaborate company profiles, gross revenue, profit margin, import-export status, and global market share.
It brings to light the pricing structure, demand and supply dynamics, value chain analysis, SWOT analysis to support the formulation of lucrative business strategies.
It lists the data sources referred to during the study, detailed research methodology and other vital findings.
The Smart Speaker Market report also includes an investment analysis and growth trend analysis to help readers maximize their return on investment. It highlights the growth opportunities existing in the global Smart Speaker market segments. It offers an extensive investigation of the import-export status and the rates of production and consumption. The Smart Speaker Market report also provides some of the essential market aspects to draw a forecast for the coming years based on the information derived as part of the historical analysis and an analysis of the current market scenario.
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