Smart Speaker Market Size Worth USD 41.16 Billion Globally, by 2028 at 12.60% CAGR - Exclusive Report by Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

Nov 18, 2022, 06:30 ET

LONDON, Nov. 18, 2022 /PRNewswire/ -- The Smart Speaker Market is anticipated to accumulate a valuation of USD 41.16 Billion by 2028 from USD 3.85 Billion in 2020, registering a CAGR of 34.69% over the forecast duration of 2022-2028.

Global Smart Speakers Market are referred to as the type of wireless devices powered by a virtual assistant and are equipped with the ability to perform functions such as play music, control internal lighting systems, connect calls, provide daily news or weather-related information, along with other activities. They are mostly integrated with advanced technologies like AI and therefore can be controlled via voice commands. These speakers can be further connected to other small devices including mobile phones or laptops using Bluetooth or Wi-Fi technologies.

The increasing popularity of smart homes, widespread internet proliferation, and rising per capita income of the masses are aiding the outlook of this business vertical. Further, technological advancements in the field, growing digital literacy of the masses, and the multitasking ability of these speakers are creating lucrative opportunities for this marketplace to prosper.

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Competitive Hierarchy

The Noteworthy players characterizing the competitive terrain of global Smart Speaker Market are

Amazon
Apple Inc.
Google Inc.
Panasonic Corporation
Logitech International S.A.
Sonos Inc.
LG Electronics Inc.
Sony Corporation
Harman International Industries
Samsung Electronics
others.

Smart Speaker Market Segmentation: -

By Component

Hardware
Software

By Intelligent Virtual Assistant

Alexa
Google Assistant
Siri
Cortana
Others

By Application

Smart Home
Smart Office
Consumer
Others

These companies are investing in profitable strategies to enhance their overall development. They are in quest to stay ahead of their key competitors and therefore are partaking in activities such as mergers & acquisitions, R&D investments, product launches, collaborations, and partnerships, among others.

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Global Smart Speaker Market Outlook (2022-2028)

Moreover, rising focus of industry players to innovate and launch advanced products in the field is adding momentum to the development of this industry sphere.

Besides, rapid development in the technological infrastructure of various regions is aiding the expansion of global Smart Speaker Market. On the flipside, concerns regarding user data privacy, rising prevalence of cyberattacks along with connectivity issues are the major factors slowing down the progression of this business vertical.

Comparing the historical outlook and ongoing trends of this market

The industry sphere is garnering substantial returns due to the emergence of various development propellants across the globe.

There has been a rising trend of smart homes across developed economies. These types of residential building are equipped with connected devices that enable the people to virtually control various internal functions. Moreover, the integration of advanced technologies such as AI, IoT, or Machine Learning into such devices further reduces the chances of thefts, trespassing, and other criminal activities across residences. The adoption of smart speakers allows users to facilitate various activities such as controlling lights, connecting calls, ordering products, listening to music, or browse important internet-based information using voice command, which in turn makes their life easier. These factors are stimulating the dynamics of this industry vertical.

Surge in the expenditure power of the masses is paving profitable prospects for the industry to amass notable gains. With rapid economic developments, there has been a steep rise in the number of employment opportunities across the globe. This has led to an increase in the disposable income of the masses. Smart devices are made with high end raw materials and undergo complexed manufacturing procedures. They are mostly sold under big brand names and therefore are quite costly in nature. The individuals with high income levels can easily spend on such items without thinking twice. Hence, growing per capita income of people is accelerating overall market growth.

The ability of smart speakers to conduct multiple activities simultaneously which in turn reduces human efforts in various aspects is further propelling the progression of this industry.

Region-Wise Outlook

Which is the leading region in the Global Smart Speaker Market?

North America has emerged as one of the most dominant regions in this industry over the forecast duration. This is credited to the rising adoption of smart devices, increasing per capita income of the masses, along with R&D investments in the field.

Besides, surge in the number of smart homes, presence of prominent players, and widespread internet proliferation are adding momentum to the outlook of this regional industry.

How is Asia Pacific faring in this business vertical?

Asia Pacific is reckoned to amplify substantially over the assessment timeframe owing to the rising digital literacy of the masses, increasing per capita income, and growing trends of smart homes in this region.

Category-Wise Insights

Which is the fastest growing component segment in this industry?

The software segment has been registering a significant CAGR over the stipulated timeline due to the ease of use and affordability provided by this software.

Which virtual assistant segment is presently dominating the Market?

The Alexa segment has emerged as one of the most dominant segments of this business vertical. This is ascribed to the high efficacy of these speakers and the increasing per capita income of the masses.

Which is the leading application segment in this industry sphere?

The smart home segment is poised to account for a substantial revenue share over 2022-2028. This is attributable to the increasing trends of smart homes, rising residential security concerns, and growing digital literacy of the masses.

Major Developments

In September 2022, Amazon announced the launch of the next-gen smart speakers named Echo Auto and Echo Dot. These devices are equipped with the ability to enable consumers integrate voice assistant Alexa into various connected devices across their homes or cars.

On Special Requirement Smart Speaker Market Report is also available for below region:

North America

U.S, Canada

Europe

Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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