NEW YORK, Jan. 31, 2022 /PRNewswire/ -- The smart speaker market is estimated to grow by USD 20.72 billion from 2020 to 2025, and the market's growth is anticipated to accelerate at a CAGR of 25.98%.
Factors such as rapid increase in the unit sales of smart speakers are significantly driving the smart speaker market.
Our research report on "Smart Speaker Market – Forecast and Analysis Report 2021-2025" has extensively covered factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.
Smart Speaker market report key highlights
Smart Speaker Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 25.98% |
Market growth 2021-2025 |
$ 20.72 billion |
Market structure |
Fragmented |
YoY growth (%) |
20.87 |
Regional analysis |
North America, Europe, APAC, South America, and MEA |
Performing market contribution |
North America at 40% |
Key consumer countries |
US, China, UK, Germany, and Australia |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Alibaba Group Holding Ltd., Alphabet Inc., Amazon.com Inc., Apple Inc., Lenovo Group Ltd., LG Electronics Inc., Onkyo Corp., Samsung Electronics Co. Ltd., Sony Group Corp., and Xiaomi Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Do reach out to our analysts for more customized reports as per needs. Speak to our Analyst now!
Smart Speaker Market Trend
The rise in the popularity of voice commerce is one of the key trends driving the global smart speaker market share growth. Voice commerce is an innovative technology providing an alternative to use keyboard and mouse for ordering products online. Like other virtual assistants such as Google Assistant or Amazon Alexa consumers can give voice commands to smart speakers. Moreover, with advantages such as fast response with hands-free operation and the ability to operate while involved in other tasks, consumers are preferring voice commerce over traditional input methods. Thus, the increase in the popularity of voice commerce technology is expected to be a major trend for the smart speakers.
Smart Speaker Market Challenge
Privacy and security threats associated with smart speakers is a key challenge for the smart speaker market growth. Most of the consumers in the US are worried about smart speakers being a threat towards the privacy of their conversations and personal data. Manufacturers operating in the global smart speaker market have employed thousands of people worldwide who listen to voice recordings captured in smart speaker owners' homes. The process is used to improve their smart speaker's understanding of human speech and help them better respond to commands. In addition, smart devices like smart speakers are anticipated to be sources of a wide range of cybersecurity attacks, hacking of smart speakers leading to data breaches and other ransomware attacks. These attacks deter the end-users from using devices such as smart speakers which are estimated to hamper the smart speaker market during the forecast period.
Get free sample for extensive insights on key market Drivers, Trends and Challenges influencing the smart speaker market.
Key Market Vendors Insights
The smart speaker market is fragmented, and the vendors are deploying various organic and inorganic strategies to compete in the market.
Some of the key market vendors are:
For more detailed highlights on products offerings and the growth strategies adopted by other vendors, Download free sample report
The residential users segment will be significant in the smart speaker market share growth during the forecast period. The necessity of smart speakers in households is a major factor driving the growth of the residential users segment. Moreover, the rising popularity of subscription services for digital content consumption by platforms such as Amazon Prime, Netflix, and YouTube, as well as other digital content platforms, is boosting the necessity of smart speakers in households globally. Thus, such factors are expected to drive the segment positively in the coming years.
Regional Market Analysis
North America will contribute to 40% of the global smart speaker market share growth during the forecast period. The US is the major market for smart speakers in North America.
The increasing popularity and necessity in the households for various purposes along with the presence of major vendors like Alphabet Inc., Amazon.com Inc., Apple Inc., and Sonos Inc. is expected to boost the marine radar market growth in the region.
Request our free sample for additional highlights and key segments that are expected to impact the market during the forecast period.
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