Market Research Future (MRFR) reports that the smart speaker market had touched a valuation of USD 1.94 billion in 2017 and can reach USD 11.57 billion by 2023. The growth rate expected to be achieved by the market is set to be 34.7% during the forecast period (2018–2023).
Primary Drivers and Key Barriers
Smart speakers refer to wireless speakers that are backed by Bluetooth, Wi-Fi, or other wireless protocols. Smart speakers are supported by intelligent virtual assistant that works due to artificial intelligence (AI). These are the latest innovations to have emerged in the consumer electronics sector in recent years and are activated by voice command, following which they perform different tasks including listening to music, ordering food, weather forecasting, online shopping, day to day activities and latest news. These speakers are quite similar to traditional speakers but offer a greater number of benefits in comparison, which boosts its demand in the market.
Surging number of smart homes, the rising trend of personalization along with mounting disposable income is expected to induce the growth of the smart speaker market in the following years. The market can face certain issues in the future in the form of connectivity range and data security.
Developments in automated speech recognition technology, advancement in natural language processing, and microphone technology support the identification process of the voice command. Various smart speaker manufacturers make use of a variety of voice recognition systems like Apple using its Siri assistant voice recognition, Google using Voice, Amazon making use of Alexa voice recognition system, and Microsoft using Cortana.
For the scope of the report, the smart speaker market is segmented on the basis of the intelligent virtual assistant, and application.
Based on the intelligent virtual assistant, the market is segmented into Alexa, Cortana, Google Assistant, Siri, and others. Alexa, Siri, and Google Assistant are expected to witness substantial growth over the review period, driven by the demand from consumers for advanced smart speakers
Based on the Applications, the market is bifurcated into personal use and commercial use. The personal use segment is poised to observe significant growth over the assessment period.
The geographical analysis of the global smart speaker market has been conducted in four major regions, namely North America, the Asia Pacific, Europe, and the rest of the world (including Latin America and the Middle East and Africa).
The smart speaker market in North America is slated to dominate the smart speaker market during the prognosis period owing to the presence of early adopters and significant smart speaker providers such as Google Inc. and Amazon. The North America smart speakers market is also proliferating due to the adoption of new technologies such as IoT and Artificial Intelligence. The growth of smart devices in smart homes can be attributed to the advancements in IoT. Moreover, a growing need for security, safety, and convenience and increasing demand for energy-saving products and solutions. This proves to be a vital factor in the growth of the North America smart speaker market size.
Asia-Pacific is anticipated to grow at a faster rate during the assessment period. China and Japan dominate the smart speaker market in Asia-Pacific. In Asia-Pacific, the smart speaker market is poised to expand substantially, driven by the growing adoption of smart homes and smart offices. The continuous need for a convenient and comfortable lifestyle among homeowners has led to the rapid development of connected solutions in smart homes. Moreover, the smart city project announcement in India and China will be expected to drive the smart speaker market in Asia-Pacific during the review period.
The leading market players acknowledged by MRFR in the global market are Harman International (US), Amazon.com (US), Apple Inc. (US) Google (US), Sonos. Inc. (US), Bose Corporation (US), Sony Corporation (Japan), Panasonic Corporation (Japan), ONKYO CORPORATION (Japan), Alibaba Group Holding Ltd (China), among others.
Other prominent players in the market are Pioneer Corporation (Japan), Lenovo Group Limited (US), Altec Lansing/AL Infinity, LLC (US), SK Telecom Co Ltd (South Korea), Xioami Corporation (China), and among others.
January 2020: Samsung Group, a leading global provider of advanced gadgets, and home electronics announced their plans to launch their new Galaxy Home Mini smart speaker, powered by its virtual assistant Bixby.
October 2019: Google unveiled its new Nest mini, with improved speakers and latest Nest WiFi routers, along with the latest upgradations for its Nest smart-home unit.
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