Global Smart Speaker Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027

MarketResearch.biz, in its upcoming report titled, “Global Smart Speaker Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027”, offers in-depth insights, revenue details, and other vital information regarding the global smart speaker market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report also offers insightful and detailed information regarding the various key players operating in the global smart speaker market, and their financials, apart from strategies, acquisitions & mergers, and market footprint.

A smart speaker is a wireless and smart audio playback speaker with in-built voice control. It works on the voice commands by using artificial intelligence (AI) to play music and find information. Voice control is the most trending in the IoT and smart home segment in which speakers with voice control are the fastest growing category.

The other key feature of smart speakers in addition to voice recognition and control is as a home assistant. This features include access to TV, lighting control, message dictation, audio book playback, language translation, shopping, and hands-free phone calling but may require integration or upgrades with an additional purchase.  Smart speakers ranges from Wi-Fi-enabled boxes to adjustable RGB LED smart speakers. Smart speakers enhance ease of use and can be connected to various types of audio sources.

Increasing demand of voice-first technology and smart home is the key driver for the growth of the smart speaker market. In addition, rising investment on Internet of Things (IoT) by vendors, growing demand for digital economy are the other key factors expected to fuel growth of the global smart speaker market over the forecast period.

The consumer electronic market is rapidly changing. Companies continue to announce new product with advanced features and roadmaps. With continuous integrations and partnerships, new entrants, are growing in the voice-enabled technologies segments. The personal assistance technology segment comprises of both devices and applications that enables voice feature as the primary input and output. As the consumer market is growing, consumers have variety of choices available. A number of factors will lead to market shifts and accelerations in terms of adoption and sales. However, rising concerns about security is a major factor restraining the growth of the smart speaker market. As vocal commands are the primary focus of the smart speakers. Therefore, personal data can be registered without the knowledge of the user microphone within the systems through commanded keywords even when the system is not in use leading to cyber threats.

The global smart speaker market has been segmented on the basis of connectivity, virtual assistant, and region. The connectivity is segmented into Bluetooth, Wi-Fi and NFC. The Bluetooth segment is likely to dominate during the forecasted period. Bluetooth enabled speaker is portable with built-in battery, which makes them highly suitable for outdoor activities. Wi-Fi devices and near field communication (NFC) is expected to grow as it enables a connection to the home network. By product, is segmented into single-room, double room and multi-room smart, in which single room is the dominating segment. Consumers prefer single speaker which is accessible to a single room.

Considering the modern and fast-moving lifestyle, the market in North America dominates the global smart speaker market in terms of revenue. The market in Asia Pacific is projected to have fastest growth with highest CAGR, owing to increasing penetration of smart home technology and online marketing and visibility are expected to boost growth of the global smart speaker market.

Segmentation on the basis of connectivity:        

• Bluetooth
• Wi-Fi
• Near Field Communication

Segmentation on the basis of virtual assistant:

• Alexa
• Google Assistant
• Siri
• Cortana
• Others (Xiaowei, DuerOS, Bixby, and AliGenie)

Segmentation on the basis of region:

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

• Apple Inc.
• JBL
• Sony Corporation
• Bose Corporation
• com, Inc.
• Google LLC
• Sonos Inc.
• Harman Kardon Invoke
• LG Electronics
• Samsung Electronics Co., Ltd.