Following aspects are kept into view while building Smart Speaker Market report and include the market type, organization size, availability on-premises, end-users’ organization type, and the availability in areas such as North America, South America, Europe, Asia-Pacific and Middle East & Africa. The market size, revenue generated from the sales and technologies by various application segments are also evaluated in this industry report. Data models employed for the research methodology are merchant positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, thorough analysis and vendor share analysis.
Smart Speaker Market research report is one of the unsurpassed and comprehensive market research reports which emphasize the challenges, market structures, opportunities, driving forces, emerging trends, and competitive landscape of ICT. The report showcases the trends that are in vogue, the regions that are growing, the various types of products available and the potential of the industry to provide solutions for a large population. An excellent Smart Speaker Market report acts as an authentic source of information which puts forth a telescopic view of the current market trends, situations, opportunities, and status.
Data Bridge Market Research analyses that the smart speaker market is expected to reach USD 22.48 billion by 2030, which is USD 10.41 billion in 2022, at a CAGR of 10.10% during the forecast period.
Definition
Smart speakers are mostly a wireless voice-enabled device which Wi-Fi, Bluetooth, or other wireless protocols work. Normally, it is activated by the voice command to perform numerous activities such as online shopping, weather forecasting, order food, listen to music, latest news, and day to day activities and are actually driven by an intelligent virtual assistant that helps with a multitude of day to day tasks such as streaming music or podcasts, setting timers, answering questions, alarms, or reminders, turning on lights, adjusting the thermostat and controlling other smart devices at home.
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Key Growth Drivers:
- Increasing adoption of smart home products
The growth of the smart speaker market during forecast period 2023-2030 will be highly influenced by the increasing adoption of smart home appliances and devices, including smart locks, security cameras, smart kitchen appliances, smart lights and smart TVs. Major market players are integrating advanced technologies such as Artificial Intelligence of Things into speakers to allow advanced functionality. For, instance, Xiaomi is developing an artificial intelligence of things-based product that can act as a control hub to connect to other internet of things products.
- Growing demand for Amazon Alexa
The rising demand for amazon Alexa has augmented the growth of the smart speaker market and is expected to maintain the dominance of the market in the forecast period. Amazon Alexa has the first-mover advantage and is very popular among consumers. Amazon Alexa integration with numerous other smart home appliances and the craze for internet of things (IoT devices among millennials is anticipated to retain its popularity and project an increasing market share.
The report emphasizes the participation of key entities, notably:
- Harman International (U.S.)
- Apple Inc. (U.S.)
- Sonos, Inc. (U.S.)
- Alphabet (U.S.)
- Baidu, Inc (China)
- Bose Corporation (U.S.)
- Sony Corporation (Japan)
- Onkyo & Pioneer Corporation (Japan)
- SAMSUNG (South Korea)
- Panasonic Corporation (Japan)
- Lenovo (China)
- Altec Lansing (U.S.)
- Xiaomi (China)
- SK Telecom Co., Ltd. (South Korea)
- LG Electronics (South Korea)
Key Market Perspectives:
- Thorough examination of prevailing market tendencies
- Updates on the latest product advancements and innovations
- Smart Speakermarket's Compound Annual Growth Rate (CAGR) for both historic and forecasted years
- Strategies and activities of prominent players and brands in the field
- Insights into the industry landscape for emerging participants
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Key Market Segmentation
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)
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