Global Smart Speaker Market, By Intelligent Virtual Assistance (Alexa, Google Assistance, Siri, Dueros, Aligenie, Xiao Ai, Others), Component (Hardware, Software), Price (Low, Mid, Premium), Application (Smart Home, Consumer, Smart Office, Others), Distribution Channel (Online and offline), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2029
Market Analysis and Insights of Smart Speaker Market
Smart speaker market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses the market to reach at an estimated value of USD 3.0 billion by 2028 and grow at a CAGR of 9.65% in the above-mentioned forecast period.
Smart speakers are basically a wireless voice-enabled device which are enabled with Bluetooth, Wi-Fi, or other wireless protocols. Generally, it is activated by voice command to perform various activities like order food, listen to music, online shopping, weather forecasting, latest news, and day to day activities and are apparently powered by an intelligent virtual assistant that aids with a multitude of everyday tasks such as answering questions, streaming music or podcasts, setting timers, alarms, or reminders, adjusting the thermostat, turning on lights and controlling other smart devices at home.
The factors such as rise in the number of smart homes, growing trend of smart speakers along with display feature and rapid increase in disposable income are expected to emerge as the significant factors accelerating the growth of smart speaker market in the above-mentioned forecast period. In addition to this, rapid urbanization and rising disposable incomes along with enhanced personal use of smart devices points at integration of smart devices with devices such as smart lightbulbs, thermostats, and TVs will further aggravate the growth of the smart speaker market. However, the factors such as various issues related to connectivity range, power, and compatibility along with the availability of the substitute speakers results as a growth restraint for the market.
The increasing preference of consumers for technologically advanced products is anticipated to generate lucrative opportunities for the smart speaker market. The high-security risk will pose as a challenge for the smart speaker market.
This smart speaker market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on Smart speaker market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Smart Speaker Market Scope and Market Size
The smart speaker market is segmented on the basis of intelligent virtual assistance, component, price, application and distribution channel. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
- On the basis of intelligent virtual assistance, smart speaker market is segmented into Alexa, Google Assistance, Siri, Dueros, Aligenie, Xiao Ai and others.
- On the basis of component, smart speaker market is segmented into hardware and software. Hardware is sub-segmented into processor, memory, power IC, connectivity IC, microphone, speaker driver, audio IC and others.
- On the basis of price, the smart speaker market is segmented into low, mid and premium.
- On the basis of application, smart speaker market is segmented into smart home, consumer, smart office and others.
- On the basis of distribution channel, smart speaker market is segmented into online and offline.
Smart Speaker Market Country Level Analysis
The Smart speaker market is analyzed and market size, volume information is provided by intelligent virtual assistance, component, price, application and distribution channel as referenced above.
The countries covered in the Smart speaker market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the smart speaker market during the forecast period owing to the presence of early adopters and providers of key smart speaker. The willingness of customers to use new technologies has also encouraged manufacturers in the region to develop new and advanced products. Asia-Pacific, on the other hand, is expected to show a lucrative growth due to growing trend of smart speakers within the above mentioned forecast period.
The country section of the smart speaker market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Smart Speaker Market Share Analysis
The smart speaker market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to smart speaker market.
Some of the major players operating in the smart speaker market report are Amazon, Inc, Harman International, Apple Inc., Sonos, Alphabet Inc, Baidu, Inc, LLC, Bose Corporation, Sony Corporation, Onkyo Corporation, Samsung Electronics, Panasonic Corporation, Alibaba Group, Altec Lansing, Lenovo Group Ltd., Xiaomi Inc., SK Telecom Co., Ltd., Facebook, Pioneer Corporation and LG Electronics among others.
Customization Available : Global Smart Speaker Market
Data Bridge Market Research is a leader in consulting and advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include production cost analysis, trade route analysis, price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), import export and grey area results data, literature review, consumer analysis and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact-book) or can assist you in creating presentations from the data sets available in the report.