Smart Speaker - Global Market Outlook (2019 -2027)
According to Stratistics MRC, the Global Smart Speaker Market is accounted for $6.17 billion in 2019 and is expected to reach $24.97 billion by 2027 growing at a CAGR of 19.1% during the forecast period. Some of the factors like the growing trend of personalization and rapid proliferation of multifunctional devices are boosting the market growth. However, issues related to connectivity range, compatibility, and power is hindering the market growth.
The smart speaker is a wireless speaker enabled by Wi-Fi, Bluetooth, or other wireless protocols and powered by a virtual assistant, which is determined by artificial intelligence. It is the most modern technological innovation dominating the customer technology market and is activated by a voice demand to execute dissimilar tasks such as ordering food, listening to music, and online shopping. It also performs other activities, such as obtaining weather information, listing day to day activities, and integrating with the smart home appliances. These multiple features provide an edge to a smart speaker market over other substitute technological products and services.
Based on the application, the smart home segment is estimated to have a lucrative growth due to their features and usability. The changing lifestyles, rising per capita income and the preference of smart homeowners toward comfortable entertainment systems have spurred the command for smart speakers in smart homes. Smart speakers understand the natural way of speaking and are less complicated to operate than other smart devices.
By geography, North America is going to have a lucrative growth during the forecast period due to the enthusiasm of customers to allow and use new technologies has also encouraged producers in the region to increase new and advanced products. The penetration of smart speakers in North American countries, particularly in the US, is high due to the existence of early adopters and key smart speaker providers. Key players such as Google, Amazon, Apple, and Bose that smart speakers are based in the US, due to which most products are launched and shipped first in this region.
Some of the key players profiled in the Smart Speaker Market include Amazon, Alphabet, Baidu, Alibaba, Xiaomi, Harman International, Apple, Sonos, Bose, Lenovo, Facebook, Samsung, Sony, Onkyo Corporation, SK Telecom, LG Electronics, Panasonic, Altec Lansing, Libratone, and Mobvoi.
• Single Room
Intelligent Virtual Assistant’s Covered:
• Amazon Alexa
• Google Assistant
• Xiaomi Al Assistant
• Naver Clova
• SKT NUGU
• Bluetooth Connectivity
• Wi-Fi Connectivity
• Near Field Communication
Distribution Channels Covered:
• Low (Less Than 100)
• Mid ($101 to $200)
• Premium (Above $200)
• Smart Home
• Smart Office
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
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 2018, 2019 2020, 2024, and 2027
- 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
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