Smart Speaker Market Analysis, Share, Size, Trends, Industry Growth and Segment Forecasts To 2023

Market Highlights

Smart speakers are wireless speakers that can be enabled with Bluetooth, Wi-Fi, or other wireless protocols. A smart speaker is powered by artificial intelligence (AI) – driven intelligent virtual assistant. Market Research Future (MRFR) has published a research report about the global smart speakers market that estimates extension for this market at 34.7% CAGR during the forecast period between 2018 and 2023. By value, the market has been figured to be worth the $ 11.57 Bn by the end of the forecast period.

Emergence of smart homes, technological advancements in the consumer electronics space has initiated significant growth in the smart speakers’ market. According to the latest report published by Market Research Future (MRFR), the smart speakers market is projected to showcase lucrative growth with a 34.7% CAGR during the forecast period.

The necessary market driver for the global smart speakers market is the ability to activate the speaker via voice command. Advancement in microphone technology, advancement in automated speech recognition, and natural language processing can help identify the process of the voice command. Appearing similar to a traditional speaker, the smart speaker offers additional benefits that traditional speaker does not. The factors forwarding the market growth include the development of automated speech recognition technology, the market proliferation of smartphones, and the rise in the adoption of smart home devices. However, data security concerns, privacy concerns, and cybersecurity issues can hurt the market growth.

Segmentation:

The global smart speakers market segmentation has segmented the market into application, intelligent virtual assistant, and region. The application-based segmentation segments this market into personal use and commercial use. Based on an intelligent virtual assistant, the market has been Alexa, Cortana, Google Assistant, Siri, and others.

Regional Analysis:

The smart speakers market has been regionally segmented into North America, Asia Pacific (APAC), Europe, and Rest of the World (RoW). North America is predicted to hold the largest market share during the assessment period due to a rise in the adoption of smart homes, presence of early adopters of technology in the region, and presence of some of the key players in the smart speakers market.

Asia Pacific, on the other hand, is estimated to garner fastest growth during the forecast period. Such augmentation of growth can be attributed to factors such as increased disposable income, rise in the standard of living, and growing adoption of smart homes and smart offices. China and India are projected to contribute significantly to market growth in Asia Pacific. The smart-city announcement in China and India are further propelling adoption of latest technologies among the end users.

Major Key players

Some of the key players in the smart speaker market profiled by the MRFR report include Amazon (US), Harman International (US), Apple Inc. (US), Sonos. Inc. (US), Google (US), Bose Corporation (US), Sony Corporation (Japan), ONKYO CORPORATION (Japan), Panasonic Corporation (Japan), Pioneer Corporation (Japan), Altec Lansing/AL Infinity, LLC (US), Lenovo Group Limited (US), Xioami Corporation (China), and SK Telecom Co Ltd. (South Korea) and Alibaba Group Holding Ltd. (China).

Industry Updates

March 4, 2019: Google Home Max has started supporting Google Duo calls after its latest update, with Google Home Hub supporting both audio and video calls, on smartphone and Duo.

February 26, 2019: Apple Music has integrated with Google’s lineup of smart speakers and is available to stream through Google Home or Google Home Max. Apple Music voice control was also made available on other smart speaker devices that had Amazon Alexa’s voice assistant built in, last December, enabling Amazon’s Echo and other Alexa enabled smart device users to stream Apple Music.