Smart Speaker Market Demand, Growth, Application, Analysis and Forecast to 2023

Market Highlights

Globally, the smart speaker market is anticipated to grow from USD 1.94 billion in 2017 to USD 11.57 billion at a CAGR of 34.7%. This significant growth is expected to happen during the forecast period 2018–2023. Many factors ranging from the growing number of smart homes to more interest in personalized service makes the market highly established. At the same time, addressing various issues ranging from connectivity to greater compatibility makes the market most established during the forecasted period.

Primary Drivers and Key Barriers

Smart speakers refer to wireless speakers that are backed by Bluetooth, Wi-Fi, or other wireless protocols. Smart speakers are supported by intelligent virtual assistant that works due to artificial intelligence (AI). These are the latest innovations to have emerged in the consumer electronics sector in recent years and are activated by voice command, following which they perform different tasks including listening to music, ordering food, weather forecasting, online shopping, day to day activities and latest news. These speakers are quite similar to traditional speakers but offer a greater number of benefits in comparison, which boosts its demand in the market.

Surging number of smart homes, the rising trend of personalization along with mounting disposable income is expected to induce the growth of the smart speaker market in the following years. The market can face certain issues in the future in the form of connectivity range and data security.

Developments in automated speech recognition technology, advancement in natural language processing, and microphone technology support the identification process of the voice command. Various smart speaker manufacturers make use of a variety of voice recognition systems like Apple using its Siri assistant voice recognition, Google using Voice, Amazon making use of Alexa voice recognition system, and Microsoft using Cortana.

Segmentation:

The global smart speaker market size can be segmented on the basis of an intelligent virtual assistant, Applications, and region.

On the basis of an intelligent virtual assistant, the Global smart speaker market is further segmented into Alexa, Google Assistant, Cortana, Siri, and others.

On the basis of Applications, the global smart speaker market is segmented into personal use and commercial use.

On the basis of region, the global smart speaker market is segmented into North America, Europe, Asia-Pacific, and the rest of the world. Among these, North America is speculated to be the most leading market among all, with the US being the frontrunner.

Regional Insight

The smart speakers market is mainly concentrated in the primary regions of North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).

North America has the highest potential to gain the top spot in the global smart speakers market during the review period. The rising number of smart homes, early adoption of the latest technologies, and the intense efforts being given by renowned players in the region are boosting the demand for the smart speakers market in the region.

APAC can attain the fastest CAGR during the conjectured timeframe, with the market growth being the result of rising disposable income, increasing standard of living coupled with the growing adoption of smart offices as well as smart homes. India along with China is expected to be the highest gaining market for smart speakers during the review period, with the scope of future growth, given the rising number of smart cities in these countries. Surging adoption of sophisticated technologies among end users is also inducing market growth in the region.

Top Players

The top players that are competing in the worldwide market for smart speakers are Alibaba Group Holding Ltd. (China), Sonos. Inc. (US), Google (US), Bose Corporation (US), Sony Corporation (Japan), Amazon (US), Apple Inc. (US), Panasonic Corporation (Japan), Altec Lansing/AL Infinity, LLC (US), Harman International (US), Xioami Corporation (China), SK Telecom Co Ltd. (South Korea), ONKYO CORPORATION (Japan), Lenovo Group Limited (US), Pioneer Corporation (Japan), to name a few.

Recent Developments

March 2019

Google Home Max is all set to support Google Duo calls following its latest update. Google Home Hub will now be backing both video and audio calls on smartphones.

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