Smart Speaker Market Analysis 2019-2023: Key Findings, Regional Analysis, Key Players Profiles and Future Prospects
Emergence of smart homes, technological advancements in the consumer electronics space has initiated significant growth in the smart speakers’ market. According to the latest report published by Market Research Future (MRFR), the smart speaker’s market is projected to showcase lucrative growth with a 34.7% CAGR during the forecast period.
A smart speaker is a wireless speaker, enabled using a Wi-Fi connection, Bluetooth or other wireless protocols. It is powered by an intelligent virtual assistant, enabling activation using a single ‘hot word’ or multiple ‘hot words’. Such hot words trigger automated speech recognition and enable the speaker to follow commands. This allows a user to operate the speaker without any physical contact.
The smart speaker’s market is estimated to register lucrative growth owing to the proliferation of smartphones, development of automated speech recognition technology, and rise in the adoption of smart home devices. However, the smart speaker’s market is expected to witness hinderance in the growth and demand due to data security concerns. The microphone integrated in the smart speaker’s system has been feared to capture audio outside of strictly after hot word detection.
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Major Key players
- com (US)
- Harman International (US)
- Apple Inc. (US)
- Inc. (US)
- Google (US)
- Bose Corporation (US)
- Sony Corporation (Japan)
- ONKYO CORPORATION (Japan)
- Panasonic Corporation (Japan)
- Alibaba Group Holding Ltd (China)
The market for smart speakers has been segmented based on various aspects to aid detailed and precise analysis. Smart speakers’ market has been segmented on the basis of intelligent virtual assistant, application, and region. Based on intelligent virtual assistant, the market has been segmented into Alexa, Google Assistant, Cortana, and Siri. Alexa by Amazon is estimated to hold a major market share for smart speakers during the forecast period, with Google Assistant in the second place. Based on application, the smart speaker’s market has been bifurcated into personal use and commercial use.
The smart speaker’s market has been regionally segmented into North America, Asia Pacific (APAC), Europe, and Rest of the World (RoW). North America is predicted to hold the largest market share during the assessment period due to a rise in the adoption of smart homes, presence of early adopters of technology in the region, and presence of some of the key players in the smart speakers market.
Asia Pacific, on the other hand, is estimated to garner fastest growth during the forecast period. Such augmentation of growth can be attributed to factors such as increased disposable income, rise in the standard of living, and growing adoption of smart homes and smart offices. China and India are projected to contribute significantly to market growth in Asia Pacific. The smart-city announcement in China and India are further propelling adoption of latest technologies among the end users.
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LIST OF TABLES
Table1 Global Smart Speaker Market, By Country, 2018-2023
Table2 North America: Smart Speaker Market, By Country, 2018–2023
Table3 Europe: Smart Speaker Market, By Country, 2018–2023
Table4 Asia-Pacific: Smart Speaker Market, By Country, 2018–2023
Table5 Latin America: Smart Speaker Market, By Country, 2018–2023
Table6 North America: Smart Speaker Market, By Country
Table7 North America: Smart Speaker Market, By Intelligent Virtual Assistant
Table8 North America: Smart Speaker Market, By Applications
Table9 Europe: Smart Speaker Market, By Country
Table10 Europe: Smart Speaker Market, By Intelligent Virtual Assistant
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