Pune, India, April 13, 2023 (GLOBE NEWSWIRE) -- The global smart speaker market size was valued at USD 7.82 billion in 2020 and the market is projected to grow from USD 9.04 billion in 2021 to USD 34.24 billion in 2028, exhibiting a CAGR of 21.0% during the forecast period. The smart speaker market is experiencing growth due to two primary drivers an increase in electronics manufacturing and a growing demand for wireless connectivity. Fortune Business Insights™ presents this information in a report titled, " Smart Speaker Market Forecast, 2023-2028."
Key Industry Development:
Xiaomi introduced its first smart speaker with Google Assistant in the Indian market. The technology can converse in English and Hindi
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Smart speaker Market, which can be operated through voice commands and are equipped with Wi-Fi connectivity, are becoming increasingly popular for use in smart homes. They serve as a central hub for controlling various home appliances and smart devices. Consequently, the residential sector is witnessing a surge in demand for these speakers. Additionally, new AI-based technologies with built-in displays are being introduced to the market, increasing competition among market players.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 21.0% |
| 2028 Value Projection | USD 34.24 Billion |
| Base Year | 2020 |
| Smart Speaker Market Size in 2020 | USD 7.82 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 160 |
| Segments covered | Type, Application, and Geography |
| Smart Speaker Market Growth Drivers | Increased Adoption of Smart Home Products to Aid Market Growth |
Key Takeaways
- The increasing demand for the speaker system in residential applications is anticipated to surge the product demand in near future.
- Integration of Artificial Intelligence (AI) Technology with Smart Speaker
- The increasing growth of display devices is helping sustain the growth of the market.
- By Application Analysis: Increasing Adoption of Smart Speakers in Residential Sector to Propel Market Growth
- Smart Speaker Market Size in North America was USD 2.80 Billion in 2020
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Drivers & Restraints:
- Increased Adoption of Smart Home Products to Aid Market Growth
- The smart speaker market growth during 2021-2028 will be heavily influenced by the growing adoption of smart home devices and appliances, including smart kitchen appliances, smart lights, smart locks, security cameras, and smart TVs.
- Market players are integrating advanced technologies such as Artificial Intelligence of Things (AIoT) into speakers to enable advanced functionality.
- Xiaomi is reportedly developing an AIoT-based product that can act as a control hub to connect to other IoT products.
- However, despite many benefits, several concerns, such as data security, privacy, and compatibility issues, with smartphones and other devices could affect the product adoption.
Segments:
Type, Application, and Region are studied for the Market
Based on type, the market is segmented into wireless speakers, virtual assistants, and others.
On the basis of application, the market is bifurcated into residential and commercial.
In terms of region, the market is studied across North America, Asia Pacific, South America, Europe, and the Middle East & Africa.
Regional Insights:
North America holds a dominant percentage of the global smart speaker market share. The region will record monumental growth during the analysis timeline led by growing product popularity. As per the Smart Speaker Consumer Adoption report, the number of smart speaker users surged by 10% between 2018 and 2019. The report also suggests that the product penetration rate in the region (26%) was the highest across the globe. North America is home to established players such as Apple, AWS, and Bose.
The market in Europe will grow driven by the rising smart home trend. Meanwhile, the market in Asia Pacific will gain momentum, owing to the expanding consumer tech sector in Japan, China, India, and South Korea.
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LIST OF KEY COMPANIES PROFILED IN THE REPORT
- Apple Inc. (California, U.S.)
- Avnera Corporation (Oregon, U.S.)
- Baidu, Inc. (Beijing, China)
- Deutsche Telekom (Bonn, Germany)
- Fabriq (England, U.K.)
- Facebook (California, U.S.)
- Jam Audio (Michigan, U.S.)
- KaKao (Jeju-si, South Korea)
- Lenovo (Quarry Bay, Hong Kong)
- LG Electronics (Seoul, South Korea)
Major Table of Contents:
- Global Market Share Analysis and Matrix, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Smart Speaker Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Type (USD)
- Virtual Assistants
- Wireless Speakers
- Others
- By Application (USD)
- Residential
- Commercial
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- By Type (USD)
- North America Smart Speaker Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Type (USD)
- Virtual Assistants
- Wireless Speakers
- Others
- By Application (USD)
- Residential
- Commercial
- By Country (USD)
- By Type (USD)
- Global Smart Speaker Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
TOC Continued….
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FAQ’s
How big is the smart speaker market?
Smart Speaker Market size was USD 7.82 billion in 2020
How fast is the smart speaker market growing?
The Smart Speaker Market will exhibit a CAGR of 21.0% during the forecast period, 2021-2028
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