Smart Speaker Market Size & Growth (2020 - 2025)
The global smart speaker market is projected to grow from $ 7.5 billion in 2020 to around USD 32 billion by 2025, at a whopping compound annual growth rate of about 34% from 2020 to 2025.
The smart speaker is a wireless speaker activated by Bluetooth, Wi-Fi or other wireless protocols and powered by a virtual assistant, which is driven by artificial intelligence. It is the latest technological innovation that dominates the consumer technology market and is activated by voice commands to perform various tasks, such as listening to music, ordering food and buying online. It also shows other activities, such as obtaining weather information, breaking news, listing daily activities and integrating with smart appliances. These multiple functions provide an advantage for smart speakers compared to other alternative technology products and services.
Market growth and trends:
The increase in the number of smart homes, the increase in disposable income, the increasing trend of customization and the rapid proliferation of multifunction devices are the main factors that play an essential role in the growth of the global smart speaker market.
The smart home is also known as a connected house or an automated house in which part or all of the functionality can be controlled remotely or manually with the integration of the necessary electronic devices and specialized software. The smart home is the main application of smart speakers due to its features and ease of use. Smart speakers can control devices with the user's voice, which makes everyday tasks easier. With a voice command, the user can control all smart devices by connecting them to the Internet. Smart speakers understand the natural way of speaking and are less complicated to use than other smart devices, which makes it an easy tool for older and busy people.
The consumers increasingly adopt smart speakers due to the comfort offered by the device. The smart speaker can control all smart devices, through a smartphone and an Internet connection.
Smart offices are increasingly advanced with the growing implementation of smart speakers. Smart speakers that make life easier and more efficient for consumers in smart homes can also be used in work environments. Smart speakers are physically designed to be compatible with the office environment. Comfort is a crucial factor in the growing demand for smart office speakers. In a smart office environment, especially in customer service applications at retailers and call centers, smart speakers know how businesses work and help business owners make better decisions quickly.
Other smart speaker applications include automotive and commerce. The demand for smart speakers used in the automotive application is increasing rapidly due to its compactness and compatibility with other devices. The smart speaker is a hands-free, voice-activated device. It allows users to change radio stations, find a button to change the song, or receive calls while driving without looking at the music system and smartphone, which increases security.
Drivers and Market Restraints:
The growing demand for smart home devices is the crucial factor driving the growth of the global smart speaker market. Other factors influencing the market growth are the increased willingness of the consumer to invest in advanced technologies and the increased use of smart devices among the younger generation. In addition, the development of partnerships between smart home manufacturers and smart speaker creators enables seamless integration with the smart speaker. This turns out to be a critical factor in the adoption of smart speakers. However, with the use of smart speakers, the privacy of user data becomes a major problem for consumer demand. The smart speaker offers personalized service to its users through the collection and analysis of user data. The potential for manufacturers to exploit private user data and the threat of illegal cyberattacks to invade privacy limit demand for these smart speakers. Also, the complexity of training virtual assistants speaking multiple languages around the world limits the global reach of these speakers.
The global smart speaker market can be segmented as follows:
Based on the intelligent virtual assistant, the global market is segmented into Alexa, Google Assistant, Cortana, Siri and others. The sales of Amazon's Alexa skyrocketed in recent years with the increasing purchases in developing economies like India, China, and others.
By component, the global smart speaker market is divided into hardware and software.
By applications, the global market is bifurcated into residential and commercial. The residential segment accounted for the dominant portion in the international marketplace due to the rising demand for smart homes and consumer rising disposable income in several parts of the globe.
By distribution channel, the global smart speaker market is separated as online and offline. With the increasing mobile commerce, the online segment is foreseen to account for the highest revenue share in this business in the outlook period.
The geographic analysis of the global smart speaker market is studied in the regions of North America, Europe, Asia-Pacific and the rest of the world. North America smart speaker market is expected to dominate the global business during the forecast period due to the presence of the leading manufacturers and suppliers of smart speakers such as Google Inc. and Amazon. com. The North American region is also growing rapidly due to the adoption of new technologies such as IoT and artificial intelligence in several end-user applications.
Key market players:
The main players in the smart speaker market are Amazon.com, Inc., Microsoft Corp, Apple, Inc., Alibaba Group, Alphabet Inc. (Google Inc.), Sonos, Inc., Bose Corporation, Xiaomi, Samsung Electronics Co. Ltd., Baidu Inc. and Plantronics, Inc. (Altec Lansing/AL Infinity, LLC).
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Smart Speaker Market, By Component
6.1.3 Market Size Estimations & Forecasts (2019-2024)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Smart Speaker Market, By Intelligent Virtual Assistant
6.2.3 Google Assistant
6.2.5 Market Size Estimations & Forecasts (2019-2024)
6.2.6 Y-o-Y Growth Rate Analysis
6.2.7 Market Attractiveness Index
6.3 Smart Speaker Market, By Application
6.3.3 Market Size Estimations & Forecasts (2019-2024)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
6.4 Smart Speaker Market, By Distribution Channel
6.4.3 Market Size Estimations & Forecasts (2019-2024)
6.4.4 Y-o-Y Growth Rate Analysis
6.4.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Component
7.2.3 By Intelligent Virtual Assistant
7.2.4 By Application
7.2.5 By Distribution Channel
7.3.1 By Country
188.8.131.52 Rest of Europe
7.3.2 By Component
7.3.3 By Intelligent Virtual Assistant
7.3.4 By Application
7.3.5 By Distribution Channel
7.4 Asia Pacific
7.4.1 By Country
184.108.40.206 South Korea
220.127.116.11 South East Asia
18.104.22.168 Australia & NZ
22.214.171.124 Rest of Asia-Pacific
7.4.2 By Component
7.4.3 By Intelligent Virtual Assistant
7.4.4 By Application
7.4.5 By Distribution Channel
7.5 Latin America
7.5.1 By Country
126.96.36.199 Rest of Latin America
7.5.2 By Component
7.5.3 By Intelligent Virtual Assistant
7.5.4 By Application
7.5.5 By Distribution Channel
7.6 Middle East and Africa
7.6.1 By Country
188.8.131.52 Middle East
7.6.2 By Component
7.6.3 By Intelligent Virtual Assistant
7.6.4 By Application
7.6.5 By Distribution Channel
8. Key Player Analysis
8.1 Amazon Inc
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Google Inc
8.3 Microsoft Corp
8.4 Apple Inc
8.5 Alibaba Group
8.6 Sonos Inc
8.7 Bose Corporation
8.9 Samsung Electronics Co. Ltd
8.10 Baidu Inc.
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures