The Smart Speaker Market to grow by USD 16.6592 Billion from 2022 to 2027; The increasing popularity of voice commerce is a major trend to boost market growth-Technavio

NEW YORK, Aug. 17, 2023 /PRNewswire/ -- The smart speaker market is estimated to grow by USD 16,659.23 million between 2022 and 2027 accelerating at a CAGR of 18.75% during the forecast period, according to Technavio. – Download a Sample Report

Smart Speaker Market Insights -

• Companies: 15+, Including 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, among others
• Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and company landscape; company product insights and recent developments; key companies; and market positioning of companies
• Segments: end-user (residential and commercial), distribution channel (offline and online), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

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Smart speaker market - Company Insights

The growing competition in the market is compelling companies to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market companies including - 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

Smart Speaker Market – Market Dynamics

Key Drivers

Rapidly increasing unit sales of smart speakers is a key factor driving market growth.  The smart speaker market is witnessing significant growth, mainly led by major players like Amazon, Alphabet (Google), and Apple in 2022. Other significant contributors to the market are Alibaba, Baidu, and Xiaomi.

Additionally, Amazon and Google have notably dominated this market. The increase in smart speaker sales is attributed to their versatility as personal digital assistants. They offer various features like music streaming, weather updates, alarms, radio, games, smart home control, news, product search, calls, traffic updates, messaging texts and even shopping. This versatility is driving consumers to invest in smart speakers.  Hence, these factors are expected to drive market growth during the forecast period.

Major Trends

The increasing popularity of voice commerce is a major trend in the market. Voice commerce is increasingly recognized worldwide as an alternative to traditional online ordering and purchasing methods. Consumers can easily search and buy products online using voice commands from smart speakers equipped with virtual assistants such as Amazon Alexa or Google Assistant.

In addition, this method offers fast and convenient shopping, attracting users with hands-free operation, multitasking ability, and quick response. For example, Amazon's Alexa-enabled smart speaker allows customers to search, order, and purchase products. Leveraging users' shopping history, Alexa recommends relevant items and streamlines purchases with voice commands, while smart speaker enhancements simplify online shopping. Hence, the increasing popularity of voice commerce is expected to drive market growth during the forecast period.

Significant Challenges

Privacy and security threats associated with smart speakers are significant challenges restricting market growth.  Privacy and security concerns are prevalent among consumers around the world. For example, many people in the United States are worried about the potential threat to their privacy and personal data when using smart speakers. Manufacturers in the market have hired many people around the world to listen to voice recordings recorded by smart speakers in USers' homes. This method aims to improve the understanding of human speech by smart speakers and improve their response to commands. Weak or default passwords for Internet-connected smart speakers can be hacked, leaving the network owned by the end user compromised. In addition, unsecured connected smart speakers can also make it easier to download malware onto the network. Hence, the increasing Privacy and security threats are expected to restrict market growth during the forecast period.

Drivers, Trends & Challenges have an impact on market dynamics and can impact businesses. Find some insights from a sample report!

The smart speaker market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as prospects.

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What are the key data covered in this Smart Speaker Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the smart speaker market between 2023 and 2027
• Precise estimation of the size of the smart speaker market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the smart speaker market across North America, Europe, APAC, South America, and the Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of smart speaker market companies

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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 Company 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 companies 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 (USD million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 (USD 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 (USD million)

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

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

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

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

• 4.6 Country Segment Analysis 2017 - 2021 
• Exhibit 23: Historic Market Size – Country Segment 2017 - 2021 (USD 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 (USD million)
• Exhibit 36: Data Table on Residential - Market size and forecast 2022-2027 (USD 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 (USD million)
• Exhibit 40: Data Table on Commercial - Market size and forecast 2022-2027 (USD 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 (USD million)
• Exhibit 44: Data Table on Market opportunity by End-user (USD 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 (USD million)
• Exhibit 50: Data Table on Offline - Market size and forecast 2022-2027 (USD 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 (USD million)
• Exhibit 54: Data Table on Online - Market size and forecast 2022-2027 (USD 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 (USD million)
• Exhibit 58: Data Table on Market opportunity by Distribution Channel (USD 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 (USD million)
• Exhibit 65: Data Table on North America - Market size and forecast 2022-2027 (USD 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 (USD million)
• Exhibit 69: Data Table on Europe - Market size and forecast 2022-2027 (USD 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 (USD million)
• Exhibit 73: Data Table on APAC - Market size and forecast 2022-2027 (USD 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 (USD million)
• Exhibit 77: Data Table on South America - Market size and forecast 2022-2027 (USD 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 (USD million)
• Exhibit 81: Data Table on Middle East and Africa - Market size and forecast 2022-2027 (USD 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 (USD million)
• Exhibit 85: Data Table on US - Market size and forecast 2022-2027 (USD 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 (USD million)
• Exhibit 89: Data Table on China - Market size and forecast 2022-2027 (USD 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 (USD million)
• Exhibit 93: Data Table on Germany - Market size and forecast 2022-2027 (USD 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 (USD million)
• Exhibit 97: Data Table on UK - Market size and forecast 2022-2027 (USD 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 (USD million)
• Exhibit 101: Data Table on Japan - Market size and forecast 2022-2027 (USD 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 (USD million)
• Exhibit 105: Data Tables on Market opportunity by geography (USD 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 Company Landscape

• 11.1 Overview

• 11.2 Company 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 Company Analysis

• 12.1 Companies covered
• Exhibit 110: Companies covered

• 12.2 Market positioning of companies 
• Exhibit 111: Matrix on company 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 USUSD 
• Exhibit 177: Currency conversion rates for USUSD

• 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

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base comprises enterprises of all sizes, including over 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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