Smart Speakers Global Market Report 2023

NEW YORK, Feb. 23, 2023 /PRNewswire/ --

Major players in the smart speakers market are Amazon Inc., Apple Inc., Xiaomi, Alibaba Group Holding Limited, Sonos. Inc., Harman International, Bose Corporation, Sony Corporation, ONKYO CORPORATION, and Panasonic Corporation.

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The global smart speakers market will grow from $6.6 billion in 2022 to $7.07 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The smart speakers market is expected to grow to $9.22 billion in 2027 at a CAGR of 6.9%.

The smart speakers market consists of sales of alexa, google assistant, siri, and other smart speakers.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

Smart speakers (Bluetooth and Wi-Fi enabled) are devices that are integrated with virtual assistant devices powered by artificial intelligence. The companies involved in the smart speakers' market are engaged in designing, manufacturing, and producing artificial intelligence-assisted speakers which are activated using voice recognition systems.

Asia Pacific was the largest region in the smart speakers market in 2022.Africa is expected to be the fastest-growing region in the forecast period.

The regions covered in the smart speakers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main intelligent virtual assistant of smart speakers are Amazon Alexa, Google Assistant, Siri, Cortana, and others.Google Assistant is a virtual assistant powered by artificial intelligence that is primarily available on mobile and smart home devices.

The various applications of smart speakers include smart home, smart office, consumer, and others that are distributed through online and offline channels. The smart speakers are used by personal and commercial end-users.

With increasing consumer preference for technologically advanced products, there is a rise in the penetration of smartphones and smart devices.The enhanced personal use of smart devices points to the integration of smart devices with devices such as smart lightbulbs, thermostats, and TVs.

The consumer interest in technologically advanced products has resulted in 205 million installed smart speakers in 2020 and reached 325 million by 2020.Regional manufacturers are being encouraged to produce innovative and advanced products with customer interest to accept and adopt emerging technology which is expected to drive the market.

Apart from increasing consumer preference for smart speakers the major drawback that's concerning the market is data privacy and security.These devices have access to the personal information stored in Gmail like contact details, bank details, and login credentials which raise security issues.

The devices of a smart home have access to sensitive data like videos, photos, and personal information which can be accessed and operated from anywhere. In May 2020, according to Voicebot.ai, a US-based firm for voice assistance and artificial intelligence, 33% of Americans are concerned about data breaches while using smart speakers and it is the top reason for not purchasing the devices. These issues may hinder market growth if appropriate development in security concerns is not addressed.

Virtual assistant devices are powered by artificial intelligence which offers ultimate luxury to the owner.They keep on listening to the command, analyze the needs, and perform the task when necessary.

The Amazon Echo with smart assistant Alexa can be activated with a voice command of one hot word "Alexa".Siri, the Apple voice assistant provides hands-free activation with deep integration technology and high-quality virtual surround sound and exhibits features like setting the timer, managing calendar events, and more.

Google assistant activated with "Ok Google" provides instant access to all of the Google services and the data associated with the Google account. For instance, according to Voicebot.ai, a US-based firm for voice assistance and artificial intelligence report 2021, Amazon sold 16.5 million smart speakers and smart displays followed by Google with 13.2 million, Baidu with 6.6 million, Alibaba with 6.3 million, and Apple with 4.6 million smart speakers in the fourth quarter of the year 2020. The proliferation of virtual assistance is, in turn, driving the smart speaker market.

In April 2022, Sonos, a US-based company operating in wireless speakers and home sound systems acquired Mayht for an undisclosed amount.Through this acquisition, Sonos aims to expand its product portfolio to compact light-powered Bluetooth speakers.

Mayht is a Netherlands-based audio technology company.

The countries covered in the smart speakers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The smart speakers market research report is one of a series of new reports that provides smart speakers market statistics, including smart speakers industry global market size, regional shares, competitors with a smart speakers market share, detailed smart speakers market segments, market trends and opportunities, and any further data you may need to thrive in the smart speaker's industry. This smart speakers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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