Smart Speaker Market is valued at USD 3.85 Billion in 2020 and is expected to reach USD 41.16 Billion By 2028 with a CAGR of 34.69% over the forecast period.
Smart Speaker is a wireless Speaker driven by the artificial intelligence and powered by virtual assistant and enables by wireless technology such as Bluetooth, Wi-Fi and others. These Smart Speakers are command operated and used to perform various functions by voice command such as listening music, obtaining weather information, news and other day-to-day activities. These Smart Speakers can easily connect with the other smart devices and those devices can also be controlled by the single voice command and helps in the building of smart homes.
Smart Speaker Market report is segmented on components, Intelligent Virtual Assistant, application and by regional & country level. Based upon components, Smart Speaker market is segmented into hardware and software. On the basis of Intelligent Virtual Assistant, the market is segmented into Alexa, Google Assistant, Siri, Cortana, and Others. Based upon application, Smart Speaker market is classified into Smart Home, Smart Office, Consumer, and Others.
Some major key players for Smart Speaker market are
As the development in technology is taking place the demand of advanced devices are increasing rapidly to replace the human efforts with ease. There has been significant increase in the smart home devices due to the increasing demand of smart home. Smart Speakers can easily integrate with other smart devices and works efficiently with single voice command. Furthermore, increasing demand of multifunctional devices on a large scale assisted with advanced technology. These multifunctional devices helps the users in the accomplishment of multiple task with the help of single device such as, calling, light control, news, weather forecast and others. All the above mentioned factors are expected to support the growth of Smart Speakers market over the forecast period. Moreover, constant development of technology and its fast integration coupled with increase in disposable income are expected to create ample opportunities in the Smart Speakers market over the forecast period. However, privacy and security issues coupled with language issues are expected to hinder the Smart Speaker market in the near future.
North America is expected to dominate the Smart Speaker market in terms of market share which was further followed by Europe. The North America contributes the major market share due to the presence of developed economies such as U.S., Canada and others coupled with increased use of internet of things and increased used of smart devices on a large scale. Moreover, the presence of major manufacturers in the region which is further expected to drive the growth of Smart Speaker market in the near future.
Europe is expected to accounts for the second highest market share due to the increased use of advanced technology and increased demand of goods that provide lot of convenience such as smart devices are expected to boost the growth of Smart Speaker market over the forecast period.
Asia Pacific is expected to develop significantly in terms of growth rate ad expected to maintain its dominance over the forecast period. The presence of developing economies such as India, China, and others coupled with increased demand for smart devices and increase in disposable income of people in the region are expected to gain traction. However, Middle East, Latin America and Africa is expected to develop moderately over the forecast period.
|Historical data||2018 - 2021|
|Forecast Period||2022- 2028|
|Market Size in 2020:||USD 3.85 Billion|
|Base year considered||2020|
|Forecast Period CAGR %:||34.69%|
|Market Size Expected in 2027:||USD 41.16 Billion|
|Tables, Charts & Figures:||175|
|Smart Speaker Companies:||Amazon.com, Inc., Apple Inc., Google Inc., Panasonic Corporation, Logitech International S.A., Sonos Inc., LG Electronics Inc., Sony Corporation, Harman International Industries, and Samsung Electronics among others.|
|Segments Covered||By Component, By Intelligent Virtual Assistant, By Application|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
Middle East and Africa
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