Wireless Speaker Market Revenue, Comprehensive Plans, Growth Potential & Forecast 2018 – 2023
- ehteshampeerzade
- Nov 25, 2020
- 6 min read
Market Highlights
The necessary market driver for the global smart speakers market is the ability to activate the speaker via voice command. Advancement in microphone technology, advancement in automated speech recognition, and natural language processing can help identify the process of the voice command. Appearing similar to a traditional speaker, the smart speaker offers additional benefits that traditional speaker does not. The factors forwarding the market growth include the development of automated speech recognition technology, the market proliferation of smartphones, and the rise in the adoption of smart home devices. However, data security concerns, privacy concerns, and cybersecurity issues can hurt the market growth.
Smart speakers are wireless speakers that can be enabled with Bluetooth, Wi-Fi, or other wireless protocols. A smart speaker is powered by artificial intelligence (AI) – driven intelligent virtual assistant. Market Research Future (MRFR) has published a research report about the global smart speakers market that estimates extension for this market at 34.7% CAGR during the forecast period between 2018 and 2023. By value, the market has been figured to be worth the $ 11.57 Bn by the end of the forecast period.
Drivers and Restraints
An increase in demand for smart home devices is the significant factor that drives the growth of the smart speaker market share. Other factors that have a positive impact on the market growth are the increase in consumer readiness to invest in trending technologies and the rise in usage of smart devices among the younger generation. The number of smart products released in the market has gradually increased over the past decade. The capability to control home products with an internet connection and a mobile device is shifting the focus of consumers toward smart products.
On the other hand, with the use of the smart speaker, the privacy of users’ data becomes a significant issue for consumer demand. Additionally, the potential of exploitation of user’s private data by the manufacturers and the threat of unlawful cyber-attacks to invade privacy restrict the market growth for smart speakers from the consumers. Furthermore, complexity in training the virtual assistants with various languages spoken around the world limits the global reach of smart speakers.
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Regional Analysis
The regional segmentation of the global smart speakers market segments the market into the regional markets, namely Asia Pacific, Europe, North America, and rest of the world (RoW). During the forecast period, North America can dominate the market due to the presence of early adopters and key smart speaker providers. Technological advancement makes North America the undisputed leader among all regional markets. USA, Canada, and Mexico are the most important country-specific markets in this region.
Due to technological advancement and the presence of some key market players, Europe is another important regional market. The vital country-specific in this region are France, Germany, and the UK.
During the forecast period, the Asia Pacific market is expected to grow at a faster rate with China and Japan being dominant country-specific markets. In India also, the market is expected to grow due to growing technological advancement and development of smart cities. After India, the remaining countries of the Asia Pacific region also form a sizable market. Some of the important market players are based in the Asia Pacific region too.
The RoW segment covers Latin countries and the Middle East & Africa (MEA) region. In Latin America, the most important economies that might become important country-specific markets in future are Argentina and Brazil. In the MEA region, the market is limited due to limited technological advancement.
Segmentation:
For the scope of the report, the smart speaker market is segmented on the basis of the intelligent virtual assistant, and application.
Based on the intelligent virtual assistant, the market is segmented into Alexa, Cortana, Google Assistant, Siri, and others. Alexa, Siri, and Google Assistant are expected to witness substantial growth over the review period, driven by the demand from consumers for advanced smart speakers
Based on the Applications, the market is bifurcated into personal use and commercial use. The personal use segment is poised to observe significant growth over the assessment period.
Competitive Analysis
The leading market players acknowledged by MRFR in the global market are Harman International (US), Amazon.com (US), Apple Inc. (US) Google (US), Sonos. Inc. (US), Bose Corporation (US), Sony Corporation (Japan), Panasonic Corporation (Japan), ONKYO CORPORATION (Japan), Alibaba Group Holding Ltd (China), among others.
Other prominent players in the market are Pioneer Corporation (Japan), Lenovo Group Limited (US), Altec Lansing/AL Infinity, LLC (US), SK Telecom Co Ltd (South Korea), Xioami Corporation (China), and among others.
Industry News
January 2020: Samsung Group, a leading global provider of advanced gadgets, and home electronics announced their plans to launch their new Galaxy Home Mini smart speaker, powered by its virtual assistant Bixby.
October 2019: Google unveiled its new Nest mini, with improved speakers and latest Nest WiFi routers, along with the latest upgradations for its Nest smart-home unit.
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Market Highlights
The necessary market driver for the global smart speakers market is the ability to activate the speaker via voice command. Advancement in microphone technology, advancement in automated speech recognition, and natural language processing can help identify the process of the voice command. Appearing similar to a traditional speaker, the smart speaker offers additional benefits that traditional speaker does not. The factors forwarding the market growth include the development of automated speech recognition technology, the market proliferation of smartphones, and the rise in the adoption of smart home devices. However, data security concerns, privacy concerns, and cybersecurity issues can hurt the market growth.
Smart speakers are wireless speakers that can be enabled with Bluetooth, Wi-Fi, or other wireless protocols. A smart speaker is powered by artificial intelligence (AI) – driven intelligent virtual assistant. Market Research Future (MRFR) has published a research report about the global smart speakers market that estimates extension for this market at 34.7% CAGR during the forecast period between 2018 and 2023. By value, the market has been figured to be worth the $ 11.57 Bn by the end of the forecast period.
Drivers and Restraints
An increase in demand for smart home devices is the significant factor that drives the growth of the smart speaker market share. Other factors that have a positive impact on the market growth are the increase in consumer readiness to invest in trending technologies and the rise in usage of smart devices among the younger generation. The number of smart products released in the market has gradually increased over the past decade. The capability to control home products with an internet connection and a mobile device is shifting the focus of consumers toward smart products.
On the other hand, with the use of the smart speaker, the privacy of users’ data becomes a significant issue for consumer demand. Additionally, the potential of exploitation of user’s private data by the manufacturers and the threat of unlawful cyber-attacks to invade privacy restrict the market growth for smart speakers from the consumers. Furthermore, complexity in training the virtual assistants with various languages spoken around the world limits the global reach of smart speakers.
Regional Analysis
The regional segmentation of the global wireless speakers market segments the market into the regional markets, namely Asia Pacific, Europe, North America, and rest of the world (RoW). During the forecast period, North America can dominate the market due to the presence of early adopters and key smart speaker providers. Technological advancement makes North America the undisputed leader among all regional markets. USA, Canada, and Mexico are the most important country-specific markets in this region.
Due to technological advancement and the presence of some key market players, Europe is another important regional market. The vital country-specific in this region are France, Germany, and the UK.
During the forecast period, the Asia Pacific market is expected to grow at a faster rate with China and Japan being dominant country-specific markets. In India also, the market is expected to grow due to growing technological advancement and development of smart cities. After India, the remaining countries of the Asia Pacific region also form a sizable market. Some of the important market players are based in the Asia Pacific region too.
The RoW segment covers Latin countries and the Middle East & Africa (MEA) region. In Latin America, the most important economies that might become important country-specific markets in future are Argentina and Brazil. In the MEA region, the market is limited due to limited technological advancement.
Segmentation:
For the scope of the report, the smart speaker market is segmented on the basis of the intelligent virtual assistant, and application.
Based on the intelligent virtual assistant, the market is segmented into Alexa, Cortana, Google Assistant, Siri, and others. Alexa, Siri, and Google Assistant are expected to witness substantial growth over the review period, driven by the demand from consumers for advanced smart speakers
Based on the Applications, the market is bifurcated into personal use and commercial use. The personal use segment is poised to observe significant growth over the assessment period.
Competitive Analysis
The leading market players acknowledged by MRFR in the global market are Harman International (US), Amazon.com (US), Apple Inc. (US) Google (US), Sonos. Inc. (US), Bose Corporation (US), Sony Corporation (Japan), Panasonic Corporation (Japan), ONKYO CORPORATION (Japan), Alibaba Group Holding Ltd (China), among others.
Other prominent players in the market are Pioneer Corporation (Japan), Lenovo Group Limited (US), Altec Lansing/AL Infinity, LLC (US), SK Telecom Co Ltd (South Korea), Xioami Corporation (China), and among others.
Industry News
January 2020: Samsung Group, a leading global provider of advanced gadgets, and home electronics announced their plans to launch their new Galaxy Home Mini smart speaker, powered by its virtual assistant Bixby.
October 2019: Google unveiled its new Nest mini, with improved speakers and latest Nest WiFi routers, along with the latest upgradations for its Nest smart-home unit.
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