Global Smart Speaker Market, By Intelligent Virtual Assistant (Alexa, Google Assistant, Siri, Cortana), By Component (Hardware (Speaker Driver, Connectivity IC, Processor, Audio IC, Memory, Power IC, Microphone) and Software), By Application (Smart Home, Consumer, Smart Office), By Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)– Industry Trends and Forecast to 2025
Market Analysis: Global Smart Speaker Market
The Global Smart Speaker Market is expected to reach USD 12.8 billion by 2025, from USD 2.1 billion in 2017 growing at a CAGR of 36.9 % during the forecast period of 2018 to 2025. The upcoming market report contains data for historic year2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
Market Definition: Global Smart Speaker Market
Smart speaker is defined as a smart audio playback and wireless device. It follows Bluetooth, Wi-Fi and other wireless protocol standards. Smart speaker controls home automation devices and control of common household tasks such as lighting, security monitoring, door lock, environmental control (thermostat), window shades, and more. It has various characteristics which include home assistance, voice control, music streaming music playback, compact size and many more. The benefits of using smart speakers are its good sound quality, flexible music listening, interaction with other devices and convenience to the user. It is mostly used in smart home, smart office and others. Example of smart speaker is Zettaly's Avy is a bluetooth speaker with full Android capability.
For instances, in 2018, Google Home and Home Mini has launched smart speakers in India whichsupports Google Play Music, YouTube, Netflix, Saavn and Gaana. It has dual band WiFi (2.4GHz/5GHz), Bluetooth (only on Home Mini), far field microphones and supports both Android and iOS devices.
Furthermore, in 2018, Yandex launched $160 smart speakers for digital assistant ‘Alice’. It operates on mobile and desktop search, as well as on in-car navigation app. It used for music streaming, discounts on taxi rides and ad-free web TV.
Major Market Drivers:
- Growing number of smart homes
- Rising disposable income
- Rapid proliferation of multifunctional devices
- Growing trend of personalization
- Issues related to connectivity range, compatibility, and power.
Market Segmentation: Global Smart Speaker Market
- The global smart speaker market is segmented into Intelligent Virtual Assistant, Component, application, end user and by geography.
- Based on intelligent virtual assistant, the market is segmented into Alexa, Google Assistant, Siri and Cortana.
- Based on component, the market is segmented into hardware and software. hardware is further segmented into speaker driver, connectivity IC, processor, audio IC, memory, power IC and microphone.
- On the basis of application, the market is classified into smart home, consumer and smart office.
- Based on geography, the market report covers data points for 28 countries across multiple geographies namely north America & south America, Europe, Asia-pacific and, middle east & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, turkey, Russia, china, India, south Korea, japan, Australia, Singapore, Saudi Arabia, south Africa and, brazil among others.
Competitive Analysis: Global Smart Speaker Market
The global smart speaker market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of smart speaker market for global, Europe, North America, Asia pacific and South America.
Major Market Competitors/Players: Global Smart Speaker Market
Some of the major players operating in the global smart speaker market are Amazon.com Inc., Apple Inc., Sonos. Inc., Pioneer, Alphabet, Bose Corporation., SONY, Onkyo, Panasonic, Alibaba.com, Proserv., Pioneer, Altec Lansing/AL Infinity, LLC., Lenovo., Xiaomi. SK TELECOM CO., LTD. and among others.
Research Methodology: Global Smart Speaker Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
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