Global Smart Speaker Market

By Author: Rupali Dagade
Total Articles: 446
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Global Smart Speaker Market size was estimated at US$ 5,387.80 Mn in 2019 and is expected to reach US$ XX Mn by 2027, at a CAGR of XX % during the forecast period.

The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.

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Global Smart Speaker Market Dynamics:

The smart speaker is a wireless speaker enabled by Bluetooth, WI-Fi, or other wireless protocols and powered artificial intelligence. The primary function of AI in a smart speaker is that it allows the smart speaker to learn about a user’s habits and preferences over time, thus permitting the speaker to process and improve its search responses over time.

It is ...
... the latest technological revolution dominating the consumer technology market. It also performs other activities, such as acquiring weather information, latest news, listing day to day activities, and integrating with the smart home devices. These multiple features of smart speaker provide an edge to smart speaker market over other substitute technological products and services.

The rise in demand for smart home devices, increase in consumer preparation to invest in present technologies and a rise in the usage of smart devices between the younger generations. These are the significant factors that drive the growth of the smart speakers market. Also, the development of partnerships between smart home manufacturers and creators of smart speakers enables smooth integration of smart home devices with the smart speaker. This proves to be a key factor in the adoption of smart speakers.

The smart speaker gives personalized service to its users by collection and examination of the user data. The main restraint of the global smart speaker market is the capacity of exploitation of user’s private data by the makers and the threat of illegal cyber-attacks. This restricts the demand for smart speakers from the consumers. Also, difficulty in training the virtual assistants with different languages spoken around the world restrict the growth of the global smart speaker market.

The key factors of growing the global smart speaker market are an expansion of smart home devices, Increase in demand for multifunctional devices, Rise in Disposable Income and Greater Inclination toward technological products among Millennial. The major challenges in the global smart speaker market are especially for appearing players in the smart speaker market is the challenge of localization and Privacy and Security Concern.

Formation of 5G infrastructure is expected to drive the growth of smart speakers and other smart devices. The delivery of quick and efficient response by the smart speakers is possible with high-speed internet since this wireless standard is anticipated to provide explosive data transfer speed up to 10 GBPS.

Global Smart Speaker Market Segment Analysis:

The Alexa smart speakers are expected to dominate during the forecast period. Growing due to its low cost and compatibility with many smart devices and apps, such as smart switches, garage doors, sprinklers, locks, and security cameras.

The personal end-user segment is expected to hold the largest market share during the forecast period due to the increasing usage of the devices in smart homes.

Global Smart Speaker Market Regional Insights:

North America is currently leading the smart speaker market and is expected to be in the leading position for the next few years owing to the high adoption of smart speakers. The penetration of smart speakers is more in this region owing to the presence of early adopters.

Among the companies, Amazon.com, Inc. captured the highest smart speaker market size. In September 2017, Amazon launched Echo (2nd Gen.) and Echo Plus. Echo Plus has a built-in smart home hub that can be connected to smart devices to perform operations such as control lights and locks. In October 2017, Harman united with Microsoft to integrate Cortana, a personal digital assistant in implore smart speaker.

Global Smart Speaker Market, Key Highlights:

• Global Smart Speaker Market analysis and forecast, in terms of value.

• Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the Global Smart Speaker Market

• Global Smart Speaker Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided.

• Global Smart Speaker Market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study.

• Global Smart Speaker Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation.

• Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.

• Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the Global Smart Speaker Market are also profiled.

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Scope of the Global Smart Speaker Market Report: Inquire before buying

Smart Speaker Market, by Intelligent Virtual Assistant

• Amazon Alexa
• Google Assistant
• Siri
• Cortana
• Other

Smart Speaker Market, by End User

• Personal
• Commercial

Smart Speaker Market, by Distribution Channel

• Online
• Offline

Smart Speaker Market, by Price

• Low (Less than 100)
• Mid ($101 to $200)
• Premium (Above $200)

Smart Speaker Market, by Region

• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• South America

Key Market Players in the Smart Speaker Market

• Amazon.com, Inc.
• Apple, Inc.
• Alibaba Group
• Alphabet Inc.
• Tmall Genie
• Sonos one
• Bose Corporation
• Xiaomi
• Panasonic SC-GA10
• Samsung Electronics Co. Ltd.
• Baidu Inc.
• JBL Link 20
• Sonas Beam
• Google home mini
• Insignia voice
• AliGenie
• DuerOS
• SKT NUGU
• NaverClova
• Kakao
• Plantronics, Inc (Altec Lansing/AL Infinity, LLC)

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