Market Overview:

The global smart speaker market size reached US$ 6.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 27.5 Billion by 2028, exhibiting a growth rate (CAGR) of 25.9% during 2023-2028.

Smart speakers refer to wireless, internet-enabled devices with an integrated voice assistant to help individuals with daily tasks. They are equipped with voice recognition technology to recognize and respond to voice commands. They are widely used to play music, get weather information, stream live news, read e-books, lock doors, monitor security, and set alarms, reminders and timers. They can also be utilized for GPS navigation and controlling other smart home devices, such as adjusting the thermostat and turning on/off the lights. In recent years, smart speakers have gained immense popularity due to their excellent connectivity, portability, cost-effectiveness, ease of use, and intelligent features.

Smart Speaker Market Trends:

The increasing number of smart homes and the rising popularity of multifunctional devices represent the primary factors driving the market growth. Smart speakers to function as a centralized hub and control other smart home devices with voice commands. Additionally, there has been a significant shift toward luxurious entertainment systems among the consumers due to inflating disposable incomes, improving lifestyles, and rapid urbanization. Along with this, the growing inclination toward human-to-machine interaction and the widespread automation of domestic tasks are augmenting the product demand. Furthermore, several key players are investing in research and development (R&D) activities to launch innovative smart speakers with advanced features, functions and compatibility with all smartphones to expand their product portfolio and gain a competitive edge. Moreover, the market is impelled by the recent advancements in audio and wireless technology and the increasing willingness of consumers to try new products. Other factors, including the growing penetration of the Internet of Things (IoT) technology, surging sales of consumer electronics, rising usage of smart devices, and easy product availability via online and offline retail channels, are also providing a positive impact on the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global smart speaker market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, intelligent virtual assistant, connectivity, price range, distribution channel and end user.

Breakup by Component:

• Hardware
• Software
   

Breakup by Intelligent Virtual Assistant:

• Amazon Alexa
• Google Assistant
• Siri
• Cortana
• Others
   

Breakup by Connectivity:

• Wi-Fi
• Bluetooth
   

Breakup by Price Range:

• Low-range (Less than $100)
• Mid-range ($101 to $200)
• Premium (Above $200)
   

Breakup by Distribution Channel:

• Online
• Offline
   

Breakup by End User:

• Personal
• Commercial
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles 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 Co. Ltd., Sonos Inc., Sony Corporation and Xiaomi Inc.

Report Coverage: