Smart Speaker Market to Develop at CAGR of 16.9% During Forecast Period, Notes Emergen Research Study
The global smart speaker market size is expected to reach USD 23.93 billion in 2028 at a CAGR of 16.9% during the forecast period, according to the latest report by Emergen Research. Increasing demand for smart appliances and devices due to growing trend of smart homes, rising preference for connected devices, and availability of technologically advanced smart devices are key factors expected to drive market revenue growth over the forecast period. In addition, introduction and launch of smart speakers with advanced features, support for popular voice assistants, and reasonable prices are some other key factors expected to further fuel revenue growth of the market going ahead.
Factors influencing the growth of the Smart Speaker market and impacting the growth of the industry are studied extensively in the report. The report considers the COVID-19 pandemic as one of the key influencing factors of the Smart Speaker market. The report discusses in detail the positive and negative impact of the pandemic on the Smart Speaker industry. The supply chain disruptions and economic volatility have altered the dynamics of the Smart Speaker industry. The report explores the effects of the pandemic on the market and its key segments and regions. It also offers a forecast estimation of the market growth in a post-COVID-19 scenario.
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Some Key Highlights in the Report:
- Hardware segment revenue is expected to expand at a robust revenue CAGR over the forecast period owing to increasing advancement in hardware of smart speaker and integration of advanced sensors for enhanced and accurate voice recognition.
- Smart home segment is expected to account for largest revenue share in the global market during the forecast period owing to increasing integration of smart speakers in smart home devices such as lights, thermostats, and televisions, and other devices.
- Alexa segment accounted for a significant revenue share in the global market in 2020 and is expected to register robust revenue growth over the forecast period owing to its easy availability and affordability. Alexa has been the most preferred voice assistant for a wide range of smart speakers and is available in over 80 countries across the globe.
The Smart Speaker research report also includes an insightful study of the prominent players of the industry along with their business overview, strategic planning, and business expansion plans adopted by them. This assists the readers and business owners in formulating strategic expansion and investment plans. The report focuses on mergers and acquisitions, joint ventures, collaborations, partnerships, corporate and government deals, and others. The report also talks about the expansions these prominent players are vying for in the key regions of the market. The report focuses on the detailed analysis of the technological and product developments undertaken by these companies.
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The key companies studied in the Smart Speaker report are:
Apple, Inc., Alphabet, Inc., Amazon.com, Inc., Sony Corporation, Lenovo Group Ltd., Xiaomi Corporation, Altec Lansing, Inc., SK Telecom Co. Ltd., Onkyo Corporation, and Baidu, Inc.
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On the basis of regional analysis, the market is segmented into the following regions: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The market is expected to be dominated by North American nations closely followed by European countries. Asia Pacific is expected to show a significant growth owing to recent advancements and rising investments in the R&D sector.
For the purpose of this report, Emergen Research has segmented the global smart speaker market on the basis of component, application, intelligent virtual assistant, end-use, and region:
- Component Outlook (Revenue, USD Billion; 2018-2028)
- Application Outlook (Revenue, USD Billion; 2018-2028)
- Smart Office
- Smart Home
- Intelligent virtual assistant Outlook (Revenue, USD Billion; 2018-2028)
- Google Assistant
- End-use Outlook (Revenue, USD Billion; 2018-2028)
The report addresses the following key points:
- The report provides a forecast of market drivers, restraints, and future opportunities for the Smart Speaker market
- The report further analyses the changing market dynamics
- Regional analysis and segmentation of the market with analysis of the regions and segments expected to dominate the market growth
- Extensive competitive landscape mapping with profiles of the key competitors
- In-depth analysis of business strategies and collaborations such as mergers and acquisitions adopted by the key companies
- Revenue forecast, country scope, application insights, and product insights
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