Global smart speaker market size was estimated at US$ 4,358 Mn in 2017 and is expected to reach US$ 23,789 Mn by 2026, registering a CAGR of 23.63% during a forecast period.
Global smart speaker market
The smart speaker is a wireless speaker enabled by Bluetooth, Wi-Fi, or other wireless protocols and powered artificial intelligence. A primary function of AI in a smart speaker is that it allows the smart speaker to learn about a user’s habits and preferences over time, thus permitting the speaker to process and improve its search responses over time.
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It is the latest technological revolution dominating the consumer technology market. It also performs other activities, such as acquiring weather information, latest news, listing day to day activities, and integrating with the smart home devices. These multiple features of smart speaker provide an edge to smart speaker market over other substitute technological products and services.
The rise in demand for smart home devices, increase in consumer preparation to invest in present technologies and a rise in the usage of smart devices between the younger generations. These are the significant factors that drive the growth of the smart speakers market. Also, the development of partnerships between smart home manufacturers and creators of smart speakers enables smooth integration of smart home devices with the smart speaker. This proves to be a key factor in the adoption of smart speakers.
The smart speaker gives personalized service to its users by collection and examination of the user data. The main restraint of the global smart speaker market is the capacity of exploitation of user’s private data by the makers and the threat of illegal cyber-attacks. This restricts the demand for smart speakers from the consumers. Also, difficulty in training the virtual assistants with different languages spoken around the world restrict the growth of the global smart speaker market.
The key factors of growing the global smart speaker market are an expansion of smart home devices, Increase in demand for multifunctional devices, Rise in Disposable Income and Greater Inclination toward technological products among Millennial’s. The major challenges in the global smart speaker market are especially for appearing players in the smart speaker market is the challenge of localization and Privacy and Security Concern.
Formation of 5G infrastructure is expected to drive the growth of smart speakers and other smart devices. The delivery of quick and efficient response by the smart speakers is possible with high-speed internet since this wireless standard is anticipated to provide explosive data transfer speed up to 10 GBPS.
The Alexa smart speakers are expected to dominate during the forecast period. As growing due to its low cost and compatibility with many smart devices and apps, such as smart switches, garage doors, sprinklers, locks, and security cameras.
The personal end-user segment is expected to hold the largest market share during the forecast period due to the increasing usage of the devices in smart homes.
North America is currently leading the smart speaker market and is expected to be in the leading position for the next few years owing to the high adoption of smart speakers. The penetration of smart speakers is more in this region owing to the presence of early adopters.
The key players operating in the smart speaker market include Amazon.com, Inc., Apple, Inc., Alibaba Group, Alphabet Inc, Tmall Genie, Sonos one, Bose Corporation, Xiaomi, Panasonic SC-GA10, Samsung Electronics Co. Ltd., JBL Link 20, Sonas Beam, Google home mini, Insignia voice,Baidu Inc., and Plantronics, Inc. (Altec Lansing/AL Infinity, LLC) and other players include AliGenie, Xiaomi Al Assistant, DuerOS, SKT NUGU, NaverClova, and Kakao.
Among the companies, Amazon.com, Inc. captured the highest smart speaker market size.In September 2017, Amazon launched Echo (2nd Gen.) and Echo Plus. Echo Plus has a built-in smart home hub that can be connected to smart devices to perform operations such as control lights and locks.In October 2017, Harman united with Microsoft to integrate Cortana, a personal digital assistant, into implore smart speaker.
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Scope of the Smart Speaker Market
Smart Speaker Market, by Intelligent Virtual Assistant
• Amazon Alexa
• Google Assistant
• Siri
• Cortana
• Other
Smart Speaker Market, by End User
• Personal
• Commercial
Smart Speaker Market, by Distribution Channel
• Online
• Offline
Smart Speaker Market, by Price
• Low (Less than 100)
• Mid ($101 to $200)
• Premium (Above $200)
Smart Speaker Market, by Region
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• South America
Key Market Players in Smart Speaker Market
• Amazon.com, Inc.
• Apple, Inc.
• Alibaba Group
• Alphabet Inc.
• Tmall Genie
• Sonos one
• Bose Corporation
• Xiaomi
• Panasonic SC-GA10
• Samsung Electronics Co. Ltd.
• Baidu Inc.
• JBL Link 20
• Sonas Beam
• Google home mini
• Insignia voice
• AliGenie
• DuerOS
• SKT NUGU
• NaverClova
• Kakao
• Plantronics, Inc (Altec Lansing/AL Infinity, LLC)
MAJOR TOC OF THE REPORT
Chapter One: Smart Speaker Market Overview
Chapter Two: Manufacturers Profiles
Chapter Three: Global Smart Speaker Market Competition, by Players
Chapter Four: Global Smart Speaker Market Size by Regions
Chapter Five: North America Smart Speaker Revenue by Countries
Chapter Six: Europe Smart Speaker Revenue by Countries
Chapter Seven: Asia-Pacific Smart Speaker Revenue by Countries
Chapter Eight: South America Smart Speaker Revenue by Countries
Chapter Nine: Middle East and Africa Revenue Smart Speaker by Countries
Chapter Ten: Global Smart Speaker Market Segment by Type
Chapter Eleven: Global Smart Speaker Market Segment by Application
Chapter Twelve: Global Smart Speaker Market Size Forecast (2019-2026)
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