Smart Speaker Market
Smart Speaker Market Forecasts to 2030 - Global Analysis By Component (Hardware and Software), Connectivity (Wi-Fi, Bluetooth and Zigbee), Type (Display and Non-Display), Intelligent Virtual Assistant, Price, Mode of Sale, Application and By Geography
According to Stratistics MRC, the Global Smart Speaker Market is accounted for $14.2 billion in 2024 and is expected to reach $40.7 billion by 2030 growing at a CAGR of 19.1% during the forecast period. A smart speaker is a voice-activated device that integrates artificial intelligence and internet connectivity to perform various tasks. It responds to voice commands, providing functionalities such as playing music, controlling smart home devices, answering questions, setting reminders, and more. Equipped with intelligent virtual assistants like Amazon Alexa or Google Assistant, smart speakers enhance user convenience and interactivity in everyday life.
According to the International Data Corporation (IDC), the global smart home device market, which includes smart speakers, is expected to grow to 1.4 billion devices by 2025, with a compound annual growth rate (CAGR) of 12.2% from 2021 to 2025.
Market Dynamics:
Driver:
Increasing adoption of smart homes
The increasing adoption of smart homes is a significant driver for the smart speaker market. Smart speakers serve as central hubs for controlling various smart home devices, such as lights, thermostats, and security systems, enhancing convenience and efficiency. The growing consumer preference for automated and interconnected home environments fuels the demand for smart speakers, driving market growth.
Restraint:
Technical complexities
Technical complexities, including connectivity issues, compatibility with other devices, and the need for constant updates, pose significant restraints to the smart speaker market. These challenges can lead to user frustration and hinder the seamless integration of smart speakers into home ecosystems, potentially slowing market adoption and growth.
Opportunity:
Integration with other smart devices
The integration of smart speakers with other smart devices presents a substantial opportunity for market expansion. By enabling seamless interaction with a wide range of smart home products, such as smart TVs, appliances, and security systems, smart speakers can enhance user experience and drive adoption. This interoperability is crucial for creating a cohesive smart home ecosystem.
Threat:
Privacy and security concerns
Privacy and security concerns are major threats to the smart speaker market. The always-on nature of smart speakers, which continuously listen for voice commands, raises issues about data privacy and potential misuse of personal information. These concerns can deter consumers from adopting smart speakers, impacting market growth.
Covid-19 Impact:
The Covid-19 pandemic significantly boosted the smart speaker market as more people stayed home and sought ways to enhance their home environments. Increased remote work and the need for home entertainment drove the demand for smart speakers, which offer hands-free control and access to information, music, and other services. This surge in demand is expected to have a lasting positive impact on the market.
The hardware segment is expected to be the largest during the forecast period
The hardware segment is expected to dominate the smart speaker market due to the essential role of physical components in smart speaker functionality. This includes microphones, speakers, and connectivity modules, which are critical for performance and user experience. The continuous advancements in hardware technology, such as improved sound quality and enhanced voice recognition, drive the growth of this segment.
The Google assistant segment is expected to have the highest CAGR during the forecast period
The Google assistant segment is projected to have the highest CAGR due to its advanced AI capabilities and integration with a wide range of Google services and third-party applications. Its ability to provide accurate responses, perform complex tasks, and integrate seamlessly with other smart home devices makes it highly attractive to consumers, driving rapid adoption and market growth.
Region with largest share:
North America is positioned to dominate the smart speaker market due to the high adoption rate of smart home technologies and the presence of major market players like Amazon and Google. The region's advanced technological infrastructure, high disposable income, and consumer preference for innovative home automation solutions contribute to its leading market share.
Region with highest CAGR:
The Asia Pacific region anticipates rapid growth in the smart speaker market, driven by increasing urbanization, rising disposable incomes, and growing consumer awareness of smart home technologies. Countries like China, Japan, and India are experiencing significant adoption of smart speakers, supported by local manufacturers and the expansion of global brands, leading to the highest CAGR in the region.
Key players in the market
Some of the key players in Smart Speaker Market include Amazon, Google LLC, Apple Inc., Sonos, Inc., Alibaba Group Holding Limited, Xiaomi Corporation, Baidu, Inc., Samsung Electronics Co., Ltd., Bose Corporation, Harman International Industries, Incorporated, Sony Corporation, Lenovo Group Limited, LG Electronics Inc., Panasonic Corporation, Huawei Technologies Co., Ltd., Microsoft Corporation, Tencent Holdings Limited, SK Telecom Co., Ltd. and Philips.
Key Developments:
In January 2024, Amazon announced several new developments at CES 2024, including a global partnership with Panasonic to integrate Fire TV into new smart TVs, and the introduction of Matter Casting support for Fire TV and Echo Show 15 devices.
In May 2024, Apple released new features for HomePod with tvOS 17, including Enhanced Dialogue for clearer audio and Siri support for AirPlay. For the first time, the Apple TV hardware integrates with the iPhone camera with the Continuity Camera feature on tvOS 17. With that, Apple added the FaceTime app to the set-top box.
In December 2023, video conferencing apps like Webex by Cisco and Zoom launched on tvOS and brought their communications capabilities to Apple TV 4K. Developers can use Continuity Camera APIs on Apple TV 4K to integrate the iPhone or iPad camera and microphone into their tvOS apps.
Components Covered:
• Hardware
• Software
Connectivity’s Covered:
• Wi-Fi
• Bluetooth
• Zigbee
Types Covered:
• Display
• Non-Display
Intelligent Virtual Assistants Covered:
• Amazon Alexa
• Google Assistant
• Apple Siri
• Microsoft Cortana
• Bixby
• Other Intelligent Virtual Assistants
Prices Covered:
• Low (Less than $100)
• Mid ($101 to $200)
• Premium (Above $200)
Mode of Sales Covered:
• Online
• Offline
Applications Covered:
• Smart Home
• Consumer
• Smart Office
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Smart Speaker Market, By Component
5.1 Introduction
5.2 Hardware
5.2.1 Microphones
5.2.2 Speakers
5.2.3 Processors
5.2.4 Power Management
5.2.5 Sensors
5.2.6 Other Hardware
5.3 Software
5.3.1 Voice Recognition Software
5.3.2 Natural Language Processing (NLP)
5.3.3 Security Software
6 Global Smart Speaker Market, By Connectivity
6.1 Introduction
6.2 Wi-Fi
6.3 Bluetooth
6.4 Zigbee
7 Global Smart Speaker Market, By Type
7.1 Introduction
7.2 Display
7.3 Non-Display
8 Global Smart Speaker Market, By Intelligent Virtual Assistant
8.1 Introduction
8.2 Amazon Alexa
8.3 Google Assistant
8.4 Apple Siri
8.5 Microsoft Cortana
8.6 Bixby
8.7 Other Intelligent Virtual Assistants
9 Global Smart Speaker Market, By Price
9.1 Introduction
9.2 Low (Less than $100)
9.3 Mid ($101 to $200)
9.4 Premium (Above $200)
10 Global Smart Speaker Market, By Mode of Sale
10.1 Introduction
10.2 Online
10.3 Offline
11 Global Smart Speaker Market, By Application
11.1 Introduction
11.2 Smart Home
11.3 Consumer
11.4 Smart Office
11.5 Other Applications
12 Global Smart Speaker Market, By Geography
12.1 Introduction
12.2 North America
12.2.1 US
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 Italy
12.3.4 France
12.3.5 Spain
12.3.6 Rest of Europe
12.4 Asia Pacific
12.4.1 Japan
12.4.2 China
12.4.3 India
12.4.4 Australia
12.4.5 New Zealand
12.4.6 South Korea
12.4.7 Rest of Asia Pacific
12.5 South America
12.5.1 Argentina
12.5.2 Brazil
12.5.3 Chile
12.5.4 Rest of South America
12.6 Middle East & Africa
12.6.1 Saudi Arabia
12.6.2 UAE
12.6.3 Qatar
12.6.4 South Africa
12.6.5 Rest of Middle East & Africa
13 Key Developments
13.1 Agreements, Partnerships, Collaborations and Joint Ventures
13.2 Acquisitions & Mergers
13.3 New Product Launch
13.4 Expansions
13.5 Other Key Strategies
14 Company Profiling
14.1 Amazon
14.2 Google LLC
14.3 Apple Inc.
14.4 Sonos, Inc.
14.5 Alibaba Group Holding Limited
14.6 Xiaomi Corporation
14.7 Baidu, Inc.
14.8 Samsung Electronics Co., Ltd.
14.9 Bose Corporation
14.10 Harman International Industries, Incorporated
14.11 Sony Corporation
14.12 Lenovo Group Limited
14.13 LG Electronics Inc.
14.14 Panasonic Corporation
14.15 Huawei Technologies Co., Ltd.
14.16 Microsoft Corporation
14.17 Tencent Holdings Limited
14.18 SK Telecom Co., Ltd.
14.19 Philips
List of Tables
1 Global Smart Speaker Market Outlook, By Region (2022-2030) ($MN)
2 Global Smart Speaker Market Outlook, By Component (2022-2030) ($MN)
3 Global Smart Speaker Market Outlook, By Hardware (2022-2030) ($MN)
4 Global Smart Speaker Market Outlook, By Microphones (2022-2030) ($MN)
5 Global Smart Speaker Market Outlook, By Speakers (2022-2030) ($MN)
6 Global Smart Speaker Market Outlook, By Processors (2022-2030) ($MN)
7 Global Smart Speaker Market Outlook, By Power Management (2022-2030) ($MN)
8 Global Smart Speaker Market Outlook, By Sensors (2022-2030) ($MN)
9 Global Smart Speaker Market Outlook, By Other Hardware (2022-2030) ($MN)
10 Global Smart Speaker Market Outlook, By Software (2022-2030) ($MN)
11 Global Smart Speaker Market Outlook, By Voice Recognition Software (2022-2030) ($MN)
12 Global Smart Speaker Market Outlook, By Natural Language Processing (NLP) (2022-2030) ($MN)
13 Global Smart Speaker Market Outlook, By Security Software (2022-2030) ($MN)
14 Global Smart Speaker Market Outlook, By Connectivity (2022-2030) ($MN)
15 Global Smart Speaker Market Outlook, By Wi-Fi (2022-2030) ($MN)
16 Global Smart Speaker Market Outlook, By Bluetooth (2022-2030) ($MN)
17 Global Smart Speaker Market Outlook, By Zigbee (2022-2030) ($MN)
18 Global Smart Speaker Market Outlook, By Type (2022-2030) ($MN)
19 Global Smart Speaker Market Outlook, By Display (2022-2030) ($MN)
20 Global Smart Speaker Market Outlook, By Non-Display (2022-2030) ($MN)
21 Global Smart Speaker Market Outlook, By Intelligent Virtual Assistant (2022-2030) ($MN)
22 Global Smart Speaker Market Outlook, By Amazon Alexa (2022-2030) ($MN)
23 Global Smart Speaker Market Outlook, By Google Assistant (2022-2030) ($MN)
24 Global Smart Speaker Market Outlook, By Apple Siri (2022-2030) ($MN)
25 Global Smart Speaker Market Outlook, By Microsoft Cortana (2022-2030) ($MN)
26 Global Smart Speaker Market Outlook, By Bixby (2022-2030) ($MN)
27 Global Smart Speaker Market Outlook, By Other Intelligent Virtual Assistants (2022-2030) ($MN)
28 Global Smart Speaker Market Outlook, By Price (2022-2030) ($MN)
29 Global Smart Speaker Market Outlook, By Low (Less than $100) (2022-2030) ($MN)
30 Global Smart Speaker Market Outlook, By Mid ($101 to $200) (2022-2030) ($MN)
31 Global Smart Speaker Market Outlook, By Premium (Above $200) (2022-2030) ($MN)
32 Global Smart Speaker Market Outlook, By Mode of Sale (2022-2030) ($MN)
33 Global Smart Speaker Market Outlook, By Online (2022-2030) ($MN)
34 Global Smart Speaker Market Outlook, By Offline (2022-2030) ($MN)
35 Global Smart Speaker Market Outlook, By Application (2022-2030) ($MN)
36 Global Smart Speaker Market Outlook, By Smart Home (2022-2030) ($MN)
37 Global Smart Speaker Market Outlook, By Consumer (2022-2030) ($MN)
38 Global Smart Speaker Market Outlook, By Smart Office (2022-2030) ($MN)
39 Global Smart Speaker Market Outlook, By Other Applications (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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