Researchstore.biz launched a study titled “Global Smart Speaker Market by Intelligent Virtual Assistant (Google Assistant, Siri, Alexa, Cortana, Others), Component (Hardware, Software), Distribution Channel (Online, Offline), Application (Smart Office, Smart Home, Consumer, Others), End User (Personal, Commercial), Region (North America, Europe, Asia Pacific, South America and Middle East and Africa)” and Global Forecast 2018-2025.
In 2017, the global smart speaker market registered USD 1.35 Billion and now it is anticipated to reach USD 15.01 Billion by 2025 , with a CAGR of 35.13% during the forecast period from 2018-2025.
The global smart speaker market study includes following drivers along with their impact on the demand over the forecast period.
- Growth in adoption of cloud platforms
- Rising number of smart homes
- Increasing disposable income
- Rapid explosion of multifunctional devices
- Increasing trend of personalization
Smart speakers are wireless devices that can be connected to the internet and the network of a number of connected devices. These speakers can be operarted and controlled using voice commands or smartphones. The consumers use speakers for listening to news, music, or weather forecast in their daily lives. In addition, the technological advancement, developing smart devices and equipment, and the growing popularity of smart speakers has prominently raised smart speakers’ usage. The leading companies such as Amazon, Alibaba Group, and Apple had developed and launched their own smart speaker that supports several languages. Users can operate the smart speaker as per their convince.
In addition, the growing trend of personalization will be the leading factor to increase the growth of the smart speaker market across the globe in a couple of years.
Moreover, the connectivity range issues, compatibility problem, and power darning would be the growth limiting factors. Next, the rapid explosion of multifunctional devices in various industries is anticipated to boost the smart speaker market during the forecast period.
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The global smart speaker market segmentation on the basis of components (hardware and software), intelligent virtual assistant, application, end user, and regions covers the following key measures:
Google Assistant segment is expected to achieve the largest share of 24.68% during the forecast period
The intelligent virtual assistant segment comprises Google Assistant, Siri, Alexa, Cortana, Others. Google Assistant segment is estimated to hold the highest CAGR over the forecast period. The key drivers for the demand of Google Assistant segment include the growth in the demand for advanced microphones and automated speech recognition technology to recognize and process the voice command.
Software segment obtained a largest market share of 54.17% in 2017
The component segment is seperated into hardware and software. The software is performing a key role in shaping business growth, disrupting industry verticals and acting as a catalyst for business modernization. Enterprises can interconnect assets and machines using the smart speaker in order to obtain the real-time data. Through this data, they can track assets, products, and day-to-day operations.
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Regional Segmentation Overview:
The overall market size and forecast till 2025 estimates are given with respect to major regions, namely; North America, Europe, Asia Pacific, South America, and Middle East and Africa. North America held the market share of approximately 29.31% in 2017, indicating the largest market size. Further, ncrease in the demand of convenience, luxury, safe, and energy efficient device, as well as presence of major players and the technological advancements largely contributed to the growth of global smart speaker market in this region.
Competitive Strucutre Analysis:
Top Leading Companies of smart speaker market include Google Inc., Panasonic, Alibaba, Amazon.com Inc., Harman International, Apple Inc., Sonos, Bose Corporation, Sony Corporation, Onkyo Corporation, Xiaomi Corporation, Avnera Corporation, SK Telecom, Baidu, Inc., LG Electronics, Pioneer Corporation, Altec Lansing, Lenovo Group Ltd., Ultimate Ears, and Mobvoi.
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