The latest report by IMARC Group, titled “Smart Speaker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global smart speaker market reached a value of US$ 6.5 Billion in 2022. Smart speakers are wireless audio playback devices powered by virtual assistants, and integrated with Bluetooth, Wi-Fi and other wireless protocols. They are activated by voice commands that help perform different tasks like listening to music, ordering food, and online shopping. The device also aids in obtaining weather information, the latest news, listing day-to-day activities, and integrating with smart home appliances. Nowadays, smart speakers are integrated with Google Home and Amazon Echo, which automate digital tasks. Recently, smart speakers have gained traction as they offer excellent connectivity, portability, cost-effectiveness, ease of use, and intelligent features, which help in generating a better experience for the target audience.
Global Smart Speaker Market Trends:
The market is primarily driven by the increasing popularity of smart devices, especially among the younger population. Consumers are readily investing in smart speakers, including Amazon Echo and Google Home, to function as a centralized hub and control other smart home devices with voice commands. Besides this, the growing inclination toward human-to-machine interaction and automation of domestic tasks is also escalating the demand for smart speakers. Furthermore, consumers are shifting toward luxurious entertainment systems due to inflating disposable income levels and the rising trend of personalization, which is positively impacting the market growth. Furthermore, technological advancements, such as the introduction of advanced microphones, automated speech recognition technology, and natural language processing (NLP), are facilitating the smart speaker to identify and process voice commands with greater precision. Moreover, several leading players are launching innovative smart speakers with advanced features, functions and compatibility with all smartphones to expand their product portfolio. Looking forward, the market is expected to reach a value of US$ 27.5 Billion by 2028, exhibiting a CAGR of 25.9% during the forecast period (2023-2028).
- Based on the component, the market has been segmented into hardware and software.
- On the basis of the intelligent virtual assistant, the market has been classified into Amazon Alexa, Google Assistant, Siri, Cortana, and others.
- The market has been categorized based on the connectivity into Wi-Fi and Bluetooth.
- On the basis of the price range, the market has been segregated into low-range (less than $100), mid-range ($101 to $200), and premium (above $200).
- Based on the distribution channel, the market has been bifurcated into online and offline channels.
- The market has been categorized based on the end user into personal and commercial.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Alibaba Group Holding Limited, Altec Lansing, Amazon.com Inc., Apple Inc., Baidu Inc., Bose Corporation, Google LLC, Lenovo Group Limited, LG Electronics Inc., Onkyo Corporation (VOXX International Corp.), Panasonic Corporation, Samsung Electronics Corporation Limited, Sonos Inc., Sony Corporation and Xiaomi Inc.
|Base Year of the Analysis
||Component, Intelligent Virtual Assistant, Connectivity, Price Range, Distribution Channel, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Alibaba Group Holding Limited, Altec Lansing, Amazon.com Inc., Apple Inc., Baidu Inc., Bose Corporation, Google LLC, Lenovo Group Limited, LG Electronics Inc., Onkyo Corporation (VOXX International Corp.), Panasonic Corporation, Samsung Electronics Co. Ltd., Sonos Inc., Sony Corporation and Xiaomi Inc.
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