ID: MRFR/SEM/1679-HCR | February 2021 | Region: Global | 100 pages
Smart Speaker Market Overview
A smart speaker is one that works wirelessly and can be enabled for use with the help of Wi-Fi signals and other wireless protocols like Bluetooth, amongst others. Smart speakers draw their power from intelligent virtual assistants. These assistants are driven by the concept of artificial intelligence (AI). The use of smart speakers is emerging as one of the finest innovations that are witnessing a significant demand under the head of consumer electronics. Also, the smart speakers come with an artificial voice embedded in them, and the speaker performs that function as per what that voice commands it to do. The functions range from weather forecasting to music, online shopping to daily transactions, and much more. They are somewhat like the traditional speakers but are enhanced when it comes to convenient functioning, better accessibility, and reliability.
The smart speaker market share is expected to rise at a 34.7% CAGR and is expected to attain a market worth of USD 11.57 billion by the end of the global forecast in 2023.
Source: MRFR Analysis
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 2023. 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
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.
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.
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.
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 2023. 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.
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.
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 2023. 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 2023.
The smart speaker market analysis is a clear depiction of the performance of the key market players of 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.
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 the 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.
Frequently Asked Questions (FAQ) :
Sonos. Inc. (US), Bose Corporation (US), Apple Inc. (US) Sony Corporation (Japan), ONKYO CORPORATION (Japan), and Google (US) are the select few in the market.
The occurrence of early adopters in the North American regional market is expected to promote growth.
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.
A CAGR of 34.7% roughly is anticipated to garner USD 11.57 billion in returns by 2023.