Smart Speakers Market Research Report - Global Forecast till 2030

Smart Speaker Market, By intelligent virtual assistant (Alexa, Google Assistant, Cortana, Siri, and others), By Applications(personal use and commercial use), By region(North America, Europe, Asia-Pacific, and the rest of the world) - Forecast 2030

ID: MRFR/SEM/1679-HCR | February 2023 | Region: Global | 100 Pages         

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Smart Speaker Market

Smart Speaker Market will exhibit a CAGR of 16.30% in the forecast period of 2022-2030 and is expected to reach USD 36.4 Billion by 2030.

Segmentation
By Virtual Assistant Alexa Google Assistant Cortana Siri Others
By Application Personal Issue Comercial Issue
Key Players
Companies Profiled   Amazon.com (US)    SK Telecom Co Ltd (South Korea)    Altec Lansing/AL Infinity LLC (US)    Bose Corporation (US)    Harman International (US)    Alibaba Group Holding Ltd (China)    Panasonic Corporation (Japan)    Apple Inc. (US)    Xioami Corporation (China)    ONKYO CORPORATION (Japan)    Sonos. Inc. (US)    Google (US)    Lenovo Group Limited (US)    Sony Corporation (Japan)
Drivers
Market Driving Forces   Expansion of Wireless Technology    Advancement in Audio Technology
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Smart Speaker Market Size and Overview


Globally, the size of smart speaker market is set to grow at a CAGR of 16.30%, estimated to reach USD 36.4 Billion by 2030 driven by the increasing adaptation of intelligent speakers.The smart speaker is a wireless speaker enabled by Bluetooth, Wi-Fi, or other wireless protocols and powered by a virtual assistant. It works by the use of artificial intelligence. The latest technological innovation dominates the consumer technology market and functions by a voice command to perform tasks such as listening to music, ordering food, online shopping, etc. It also has other parts, like obtaining the latest weather news, listing day-to-day activities, and integrating with smart home appliances.


These multiple features give the smart speaker market an edge over other substitute technological products and services. The continuous advancement in microphones and automated speech technologies help the smart speaker to identify the process and the user's voice command with utmost precision. Several companies like goog;e and amazon have their smart speakers, which leak the intelligent speaker in value. Rising demand for smart home devices is the factor that drives the market in the forecast period, increasing the adaptation of intelligent speakers. The growth factors will accelerate the Smart Speaker market in the forecast period.


COVID 19 Analysis


The global report covers the impact of the pandemic on market growth. COVID 19 has adversely affected life from various aspects all over the world. The market situation has changed to a great extent. The global smart speaker market has had a significant impact on the pandemic across the countries, regions, markets, and people. The new projects that were introduced in the market experienced a decline in the market’s demand. Also, the global factories functioning in various geographical locations are struggling for new product integrations as the workers were forced to stay at home, by the imposition of the lockdown.


Also, the global supply chains have been disrupted. However, with the government’s vaccine development initiatives, the product and supply chains are going to increase the hybrid chip demand by the end of the global forecast in 2030. Also, during the lockdown, the companies and professionals were able to think of the box and implement different effective ways for an advanced smart speaker market.


Smart Speaker Market Dynamics



  • Drivers


Smart speakers are an advanced version of traditional speakers. They come packed with base stations and a magnetic levitating speaker and can act as a perfect fit on any metal base, anywhere in the home. It promotes easy storage along with low-frequency sound, as well as subwoofers. This convenience and ease was a miss in the traditional speakers. This is generating a better experience for that target audience and a major driver for the market.



  • Challenges


Data security is one of the biggest concerns that cause a hurdle in the small speakers market growth. The hackers use mimicking or voice recording to hack into the accounts of people making use of the voice-over devices. Also, some of the automatic speaker verification systems are quite unable to match the previously recorded speed. Manufacturers are working on technological advancement to dissolve these issues.



  • Technology Analysis


The key players are extending their manufacturing and production of smart speaker services to the target audience act as per the customer need. These smart speakers have impeccable features and offer connection ability in between 2 or more devices while using mesh networking. Also, these speakers are more like intelligent personal assistant and offer good compatibility to both platforms and services. The speaker market is a result of various manufacturing practices that make use of voice recognition systems. For instance, Apple’s Siri, Microsoft’s Cortana, Amazon’s famous Alexa, as well as, Google’s voice.


Study Objectives



  • To study the demand for smart homes and personalized trends that are making a shift to the adoption of smart speakers and other devices.

  • To notice the factors leading to a rise of disposable income that is initiating a widened and regional market growth.

  • To identify the voice commanding process taking into consideration the natural language processing along with the emerging microphone technology.


Smart Speaker Market Segment Overview


The smart speaker market analysis predicts an increasing graph for the global smart speaker market growth. The growth is a result of the performance of the market segments by the end of the global forecast in 2030. The market segments are based on:



  • Intelligent virtual assistants


The virtual assistants include Alexa, Cortana, Siri, and Goggle Assistant belonging to Amazon, Microsoft, Apple, and Google, respectively. 



  • Regions


The smart speaker market is widely functional in regions like the North American regions, Asia-Pacific countries, Europe, along the rest of the world (RoW). The smart speaker market share in Australia is also growing at a considerable quantum.



  • Applications


The applications are available for both personal, as well as, commercial uses. The demand for smart speakers is initiated at both personal and professionally established consumers.


Smart Speaker Market Regional Analysis


The North American region consists of areas like the USA and Canada. There is an expectation that these regions are going to experience expanded market growth by the end of the future forecast in 2030. This is because of early adopters of smart technology. The key market players functional in these areas, like Google and Amazon, are extending their services to a larger target audience. The rapid increase of the market size is also a result of prevalent technologies like artificial intelligence (AI), along with the wide adoption of the Internet of Things (IoT).


The fastest growth is expected to be experienced by the Asian Pacific countries. The countries like Japan and China are major manufacturers of smart speakers. The market is witnessing a surge in the adoption of smart homes with smart devices like smart speakers. Also, India, along with China, has announced the beginning of the smart city projects and their management. These are major factors that are likely to act as market drivers pushing the growth of the Asian Pacific nations by the end of the global forecast period in 2030.


Competitive Landscape


The smart speaker market analysis is a clear depiction of the performance of the key market players in the market - regionally and globally. The performance of the key market players is also likely to help the report to draw a comparative and competitive market landscape. The key players are:



  • Amazon.com (US)


  • SK Telecom Co Ltd (South Korea)

  • Altec Lansing/AL Infinity, LLC (US)

  • Bose Corporation (US)

  • Harman International (US)

  • Alibaba Group Holding Ltd (China)

  • Panasonic Corporation (Japan)

  • Apple Inc. (US)

  • Xioami Corporation (China)

  • ONKYO CORPORATION (Japan)

  • Sonos. Inc. (US)


  • Google (US)

  • Lenovo Group Limited (US)

  • Sony Corporation (Japan)


The geographical analysis of the key market players is increasing the smart devices and speakers penetration attaining the local language support.


Recent Developments


April 2022


The Xiaomi Smart Speaker with IR control is finally available globally for consumers to buy, and it was released last year in China. Its model number L05G; the intelligent speaker measures 95 x 95 x 14 mm and weighs 628g.


Amazon might be the next big tech company to get into augmented reality, as the company is hiring for a "new-to-world smart-home product" that uses "XR" technology in some fashion.


Apple may launch a smarter HomePod with a TV that includes FaceTime features to improve the company.


Intended Audience



  • Suppliers of raw materials, OEMs, and providers of OEM technology solutions

  • Providers of technologies, services, and solutions

  • Distributor and supplying firms, in collaboration with the forums

  • Associations of analysts, along with the strategic business planning management

  • Government sector

  • End-users of smart homes and offices

  • Providers of IO core and licensing

  • Research and consultancy firms

  • Other different regulatory bodies


Smart Speaker Market Report Overview


The global smart speakers market research report covers the market dynamics of the smart speaker market and the impact of the spread of the coronavirus pandemic on market growth. The report analyses the market size and the potential of the market that is different for all market segments. The report mentions the conduct of an in-depth analysis of the competitive players, their profiles, along with the market strategies and recent developments of the product portfolios, mergers, and joint ventures.



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 36.4 Billion
  CAGR   16.30% (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2020
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Virtual Assistant, Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Amazon.com (US), SK Telecom Co Ltd (South Korea), Altec Lansing/AL Infinity, LLC (US), Bose Corporation (US), Harman International (US), Alibaba Group Holding Ltd (China), Panasonic Corporation (Japan), Apple Inc. (US), Xioami Corporation (China), ONKYO CORPORATION (Japan), Sonos. Inc. (US), Google (US), Lenovo Group Limited (US), Sony Corporation (Japan)
  Key Market Opportunities   Smart speakers are an advanced version of traditional speakers
  Key Market Drivers

  • Expansion of Wireless Technology.
  • Advancement in Audio Technology


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    Frequently Asked Questions (FAQ) :

    A CAGR of 16.30% roughly is anticipated to garner USD 36.4 Billion in returns by 2030.

    Sonos. Inc., Bose Corporation, Apple Inc., Sony Corporation, ONKYO CORPORATION, and Google are the select few in the market.

    The segments of intelligent virtual assistants, applications, and regions are backing up the development of the market in the impending period.

    The development of different voice recognition systems is estimated to steer the market for smart speakers.

    The occurrence of early adopters in the North American regional market is expected to promote growth.