Global Smart Speaker Market Trends, Applications, Analysis, Growth, and Forecast: 2020 to 2029

The Smart Speaker Market report provides in-depth insights into the target market. The study and the analysis have been rigorous and exhausting to ensure all the findings could be confidently placed before the industry experts.

The presentation of revenue details in the report provides an understanding of the historical, projected, and potential market over the next 10 years.

Other important market insights such as market trends, drives, restraints, market size & share, and future opportunities are also explained in the report.

The Smart Speaker Market report offers, an insightful and details profile of the key market players and has been segmented on the basis of connectivity, intelligent virtual assistant (IVA), end-user, distribution channel, and region.

Smart Speaker Market Overview:

“The Smart Speaker Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.

Smart speakers are wireless speakers and can be connected via Wi-Fi, Bluetooth, and other compatible wireless technologies.

Smart speakers are powered by Artificial Intelligence (AI). Learning about the user’s choices and preferences and assisting the speaker to develop better-researched responses are the primary function of AI in the device.

Smart speakers are dominating the smart device market due to the rapid technological development taking place. These devices are designed to perform several day-to-day activities such as the latest news updates and acquiring weather forecasts.

Most importantly integration of smart speakers with other smart devices at home allows users to control applications and devices using voice commands from anywhere within the house.

Global Smart Speakers Market: Dynamics

Drivers:

The rising use of smartphones and smart home devices is among some of the key driving factors aiding the increasing revenue growth rate of the global smart speakers market.

The concept and unique experience of controlling devices and accessories in the entire house with a simple voice command is leading to rapid popularity and demand for these products.

Unlike conventional speakers, smart speakers are capable of performing additional tasks such as voice assistance, setting alarms, making to-do lists, and providing real-time information or news updates.

Smart home device manufacturers, as well as smart speaker manufacturers, are collaborating to enable smooth connectivity and interaction of other smart devices and smart speakers. Another key factor driving revenue growth of the target market is the development of 5G infrastructure, which is projected to support the growth of the target market.

Smart speakers are designed to give customized service by collecting and analyzing user data.

This act as a restraint or challenge to the growth of the global smartphone market, as exploitation of personal data and information by manufacturers and the threat of cyber-attacks.

It is difficult to train virtual assistance with global languages, and this could emerge as a restraint.

Global Smart Speakers Market: Segment Analysis

By Connectivity, Insights:

The connectivity segment of the global smart speakers market includes smart speakers with the connectivity of Bluetooth, Wi-Fi, and near-field communication.

Top players in the market are focusing on improving their existing versions, investing in Research & Development (R&D) for technological advancements, and productive collaborations that can be used to establish their market presence.

The Wi-Fi-based connectivity segment is expected to register the highest revenue share during the forecast period due to advancements in Internet infrastructure and technologies.

By Intelligent Virtual Assistant (IVA), Insights:

Smart speakers are activated by IVAs. Advancements in IVAs are making smart speaker devices smarter and aid in resolving complex tasks as data volumes increase. Apple’s Siri, Microsoft’s Cortana, and Amazon’s Alexa are popular AI-powered virtual assistants currently.

Technological advancements in microphones, automatic speech recognition technology, and Natural Language Processing (NLP) help smart speaker devices to identify and process the voice command of a user with a high level of accuracy.

IVA-based devices are widely used to listen to music, answer complex queries, and most importantly, control other smart devices.

By End User, Insights:

The residential segment among the other end-use segments is projected to account for the highest revenue share over the forecast period.

Smart speakers are gaining popularity relatively rapidly owing to the growing smart-home trend and the development and introduction of a variety of smart devices.

The commercial segment currently accounts for a significantly lower revenue share as these devices are yet to be introduced or adopted by establishments and commercial settings.

Global Smart Speakers Market: Region Analysis

The North American market is projected to be in the leading market in the global smartphone market over the forecast period due to the growing adoption of smart speakers in countries in the region.

The use of smart speakers is projected to be comparatively higher in North America than in other regional markets due to early adopters and advancements in Internet infrastructure.

Global Smart Speakers Market Segmentation:

Segmentation by Intelligent Virtual Assistant:

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

Segmentation by Connectivity:

• Bluetooth
• Wi-Fi
• Near Field Communication

Segmentation by End User:

• Residential
• Commercial

Segmentation by Distribution Channel:

• Online
• Offline

Segmentation by Region:

• North America
• Europe
• Latin America
• Asia Pacific
• Middle East & Africa