Smart Speaker Market size to grow by USD 16,659.23 million from 2022 to 2027, Driven by the rapid increase in unit sales of smart speakers - Technavio

NEW YORK, April 10, 2023 /PRNewswire/ -- The smart speaker market size is expected to grow by USD 16,659.23 million from 2022 to 2027, progressing at a CAGR of 18.75% as per the latest Technavio market research report. North America is estimated to account for 34% of the market's overall growth. The US and Canada are among the most important markets for smart speakers in the region. The growing demand for smart speakers in different households is one of the main factors driving the growth of the regional market. Smart speakers are used for many purposes, such as listening to music, finding recipes, online shopping, and making phone calls. Consumers in the US spend a lot of money on home renovation projects. Upgrading regular homes to smart homes is one of the main reasons for the increase in consumer spending on home improvement projects. The average investment in living spaces such as living rooms and dining rooms has increased in recent years in the US. For more insights on the market share of various regions - Download the sample report

Smart Speaker Market: Rapidly increasing unit sales of smart speakers to drive growth

• The growth of the smart speaker market is notably driven by a rapid rise in smart speaker unit sales. 
• Apple, Amazon, and Alphabet (Google) were the leading contenders for smart speaker sales in 2022. During the same time frame, Xiaomi, Baidu, and other prominent market players played a significant role.
• Smart speaker sales are anticipated to rise over the forecast period. Since 2016, the global market for smart speakers has been dominated by vendors such as Amazon and Google.
• One major factor in the rise in sales is the wide range of features offered by smart speakers. As a result, the use of smart speakers will continue to increase during the forecast period.
• Hence, the increase in smart speaker sales is expected to register strong market growth over the forecast period. 

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Smart Speaker Market: Increasing Popularity of Voice Commerce 

• The smart speaker market's growth is strongly influenced by the rise of voice commerce. 
• Voice commerce is becoming increasingly popular all over the world. It is a new method for ordering and purchasing products online with a smartphone or keyboard and mouse.
• Smart speakers with virtual assistants, such as Google Assistant and Amazon Alexa, can be used to search for and purchase products online with voice commands. With the help of voice commerce, making purchases is quick and easy.
• Customers can use voice commands with Alexa-enabled smart speakers to search for items, place orders, and purchase items from Amazon.
• Hence, the increasing popularity of voice commerce will be the major trend in the global market during the forecast period. 

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Some of the key Smart Speaker Market Players:

The smart speaker market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market. Alphabet Inc., Amazon.com Inc., Apple Inc., Bang and Olufsen Group, Belkin International Inc., Bose Corp., Edifier International Ltd., Imagine Marketing Pvt. Ltd., Lenovo Group Ltd., LG Electronics Inc., NXP Semiconductors NV, Onkyo Corp., Portronics Digital Pvt. Ltd., Qualcomm Inc., Samsung Electronics Co. Ltd., Sonos Inc., Sony Group Corp., Xiaomi Communications Co. Ltd., Zebronics India Pvt. Ltd., and Zound Industries International AB are some of the major players in the market.

Smart Speaker Market: Segmentation Analysis

This market research report segments the smart speaker market by end-user (residential and commercial), distribution channel (offline and online), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

The market growth by the residential segment will be significant during the forecast period. A major factor in the expansion of the consumer segment is the demand for smart speakers in homes. This demand has been fueled by the recent rise in the popularity of digital content and subscription services such as Amazon Prime, Netflix, and YouTube. Smart speakers can be controlled with voice and serve as a hub for connecting to TVs, digital streaming services, and other devices. 

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Related Reports:

The Bluetooth speaker market size is expected to increase to USD 6.93 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 8.39%. This report extensively covers market segmentation by product (portable and fixed) and geography (North America, Europe, APAC, Middle East and Africa, and South America). The increasing adoption of smart speakers is notably driving the Bluetooth speaker market growth.

The professional speaker market size is expected to increase by USD 543.74 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.36%. The report extensively covers market segmentation by type (digital and analog) and geography (North America, Europe, APAC, Middle East and Africa, and South America). The new product launches are notably driving the professional speaker market growth. 

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Table of contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Distribution Channel
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global smart speaker market 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on Global smart speaker market 2017 - 2021 ($ million)

• 4.2 End-user Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size – End-user Segment 2017 - 2021 ($ million)

• 4.3 Offline Segment Analysis 2017 - 2021
• Exhibit 20: Historic Market Size – Offline Segment 2017 - 2021 ($ million)

• 4.4 Online Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size – Online Segment 2017 - 2021 ($ million)

• 4.5 Geography Segment Analysis 2017 - 2021
• Exhibit 22: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.6 Country Segment Analysis 2017 - 2021
• Exhibit 23: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 24: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 25: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 26: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 27: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 28: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 29: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 30: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by End-user

• 6.1 Market segments 
• Exhibit 31: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 32: Data Table on End-user - Market share 2022-2027 (%)

• 6.2 Comparison by End-user 
• Exhibit 33: Chart on Comparison by End-user
• Exhibit 34: Data Table on Comparison by End-user

• 6.3 Residential - Market size and forecast 2022-2027
• Exhibit 35: Chart on Residential - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Data Table on Residential - Market size and forecast 2022-2027 ($ million)
• Exhibit 37: Chart on Residential - Year-over-year growth 2022-2027 (%)
• Exhibit 38: Data Table on Residential - Year-over-year growth 2022-2027 (%)

• 6.4 Commercial - Market size and forecast 2022-2027
• Exhibit 39: Chart on Commercial - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Data Table on Commercial - Market size and forecast 2022-2027 ($ million)
• Exhibit 41: Chart on Commercial - Year-over-year growth 2022-2027 (%)
• Exhibit 42: Data Table on Commercial - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by End-user 
• Exhibit 43: Market opportunity by End-user ($ million)
• Exhibit 44: Data Table on Market opportunity by End-user ($ million)

7 Market Segmentation by Distribution Channel

• 7.1 Market segments 
• Exhibit 45: Chart on Distribution Channel - Market share 2022-2027 (%)
• Exhibit 46: Data Table on Distribution Channel - Market share 2022-2027 (%)

• 7.2 Comparison by Distribution Channel 
• Exhibit 47: Chart on Comparison by Distribution Channel
• Exhibit 48: Data Table on Comparison by Distribution Channel

• 7.3 Offline - Market size and forecast 2022-2027
• Exhibit 49: Chart on Offline - Market size and forecast 2022-2027 ($ million)
• Exhibit 50: Data Table on Offline - Market size and forecast 2022-2027 ($ million)
• Exhibit 51: Chart on Offline - Year-over-year growth 2022-2027 (%)
• Exhibit 52: Data Table on Offline - Year-over-year growth 2022-2027 (%)

• 7.4 Online - Market size and forecast 2022-2027
• Exhibit 53: Chart on Online - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Data Table on Online - Market size and forecast 2022-2027 ($ million)
• Exhibit 55: Chart on Online - Year-over-year growth 2022-2027 (%)
• Exhibit 56: Data Table on Online - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Distribution Channel
• Exhibit 57: Market opportunity by Distribution Channel ($ million)
• Exhibit 58: Data Table on Market opportunity by Distribution Channel ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 59: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 60: Chart on Market share by geography 2022-2027 (%)
• Exhibit 61: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 62: Chart on Geographic comparison
• Exhibit 63: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027
• Exhibit 64: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 65: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 66: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 67: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027
• Exhibit 68: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 69: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 70: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 71: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 APAC - Market size and forecast 2022-2027
• Exhibit 72: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 75: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027
• Exhibit 76: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 79: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 80: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 83: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027
• Exhibit 84: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 87: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027
• Exhibit 88: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 91: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027
• Exhibit 92: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 95: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 UK - Market size and forecast 2022-2027
• Exhibit 96: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 99: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.12 Japan - Market size and forecast 2022-2027
• Exhibit 100: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 103: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 104: Market opportunity by geography ($ million)
• Exhibit 105: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 106: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 107: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 108: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 109: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 110: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 111: Matrix on vendor position and classification

• 12.3 Alphabet Inc. 
• Exhibit 112: Alphabet Inc. - Overview
• Exhibit 113: Alphabet Inc. - Business segments
• Exhibit 114: Alphabet Inc. - Key news
• Exhibit 115: Alphabet Inc. - Key offerings
• Exhibit 116: Alphabet Inc. - Segment focus

• 12.4 Amazon.com Inc. 
• Exhibit 117: Amazon.com Inc. - Overview
• Exhibit 118: Amazon.com Inc. - Business segments
• Exhibit 119: Amazon.com Inc. - Key news
• Exhibit 120: Amazon.com Inc. - Key offerings
• Exhibit 121: Amazon.com Inc. - Segment focus

• 12.5 Apple Inc. 
• Exhibit 122: Apple Inc. - Overview
• Exhibit 123: Apple Inc. - Business segments
• Exhibit 124: Apple Inc. - Key news
• Exhibit 125: Apple Inc. - Key offerings
• Exhibit 126: Apple Inc. - Segment focus

• 12.6 Bang and Olufsen Group 
• Exhibit 127: Bang and Olufsen Group - Overview
• Exhibit 128: Bang and Olufsen Group - Business segments
• Exhibit 129: Bang and Olufsen Group - Key offerings
• Exhibit 130: Bang and Olufsen Group - Segment focus

• 12.7 Bose Corp. 
• Exhibit 131: Bose Corp. - Overview
• Exhibit 132: Bose Corp. - Product / Service
• Exhibit 133: Bose Corp. - Key news
• Exhibit 134: Bose Corp. - Key offerings

• 12.8 Lenovo Group Ltd. 
• Exhibit 135: Lenovo Group Ltd. - Overview
• Exhibit 136: Lenovo Group Ltd. - Business segments
• Exhibit 137: Lenovo Group Ltd. - Key offerings
• Exhibit 138: Lenovo Group Ltd. - Segment focus

• 12.9 LG Electronics Inc. 
• Exhibit 139: LG Electronics Inc. - Overview
• Exhibit 140: LG Electronics Inc. - Product / Service
• Exhibit 141: LG Electronics Inc. - Key offerings

• 12.10 NXP Semiconductors NV 
• Exhibit 142: NXP Semiconductors NV - Overview
• Exhibit 143: NXP Semiconductors NV - Product / Service
• Exhibit 144: NXP Semiconductors NV - Key news
• Exhibit 145: NXP Semiconductors NV - Key offerings

• 12.11 Onkyo Corp. 
• Exhibit 146: Onkyo Corp. - Overview
• Exhibit 147: Onkyo Corp. - Product / Service
• Exhibit 148: Onkyo Corp. - Key offerings

• 12.12 Portronics Digital Pvt. Ltd. 
• Exhibit 149: Portronics Digital Pvt. Ltd. - Overview
• Exhibit 150: Portronics Digital Pvt. Ltd. - Product / Service
• Exhibit 151: Portronics Digital Pvt. Ltd. - Key offerings

• 12.13 Qualcomm Inc. 
• Exhibit 152: Qualcomm Inc. - Overview
• Exhibit 153: Qualcomm Inc. - Business segments
• Exhibit 154: Qualcomm Inc. - Key news
• Exhibit 155: Qualcomm Inc. - Key offerings
• Exhibit 156: Qualcomm Inc. - Segment focus

• 12.14 Samsung Electronics Co. Ltd. 
• Exhibit 157: Samsung Electronics Co. Ltd. - Overview
• Exhibit 158: Samsung Electronics Co. Ltd. - Business segments
• Exhibit 159: Samsung Electronics Co. Ltd. - Key news
• Exhibit 160: Samsung Electronics Co. Ltd. - Key offerings
• Exhibit 161: Samsung Electronics Co. Ltd. - Segment focus

• 12.15 Sonos Inc. 
• Exhibit 162: Sonos Inc. - Overview
• Exhibit 163: Sonos Inc. - Product / Service
• Exhibit 164: Sonos Inc. - Key offerings

• 12.16 Sony Group Corp. 
• Exhibit 165: Sony Group Corp. - Overview
• Exhibit 166: Sony Group Corp. - Business segments
• Exhibit 167: Sony Group Corp. - Key news
• Exhibit 168: Sony Group Corp. - Key offerings
• Exhibit 169: Sony Group Corp. - Segment focus

• 12.17 Xiaomi Communications Co. Ltd. 
• Exhibit 170: Xiaomi Communications Co. Ltd. - Overview
• Exhibit 171: Xiaomi Communications Co. Ltd. - Business segments
• Exhibit 172: Xiaomi Communications Co. Ltd. - Key news
• Exhibit 173: Xiaomi Communications Co. Ltd. - Key offerings
• Exhibit 174: Xiaomi Communications Co. Ltd. - Segment focus

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 175: Inclusions checklist
• Exhibit 176: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 177: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 178: Research methodology
• Exhibit 179: Validation techniques employed for market sizing
• Exhibit 180: Information sources

• 13.5 List of abbreviations 
• Exhibit 181: List of abbreviations

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