The latest report by IMARC Group, titled “Smart Speaker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on smart speaker market growth. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global smart speaker market reached a value of US$ 5.08 Billion in 2021. Looking forward, the market is expected to reach a value of US$ 21.94 Billion by 2027, exhibiting a CAGR of 26.10% during the forecast period (2022-2027).
A smart speaker is a wireless speaker that aids in performing varied tasks, such as seeking information and playing music, upon receiving voice commands from users. It is integrated with a virtual voice assistant and acts as a control hub for a smart home. It is widely used as a central information source that offers information regarding the weather, traffic conditions, directions, and more.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Smart Speaker Market Trends:
The global market is primarily driven by the proliferation of smart home products. This, along with the rising awareness regarding the enhanced convenience offered by smart speakers, is positively influencing the market growth. Furthermore, the widespread product integration with artificial intelligence (AI) technology and continual advancements in Natural Language Processing (NPL) and voice recognition technologies are significantly contributing to market growth. Besides this, the widespread preference for display-based product variants is also catalyzing the market growth. Additionally, the shifting consumer preferences towards luxurious entertainment systems due to improving lifestyles is further providing an impetus to market growth.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Alibaba Group Holding Limited
- Altec Lansing
- com Inc.
- Apple Inc.
- Baidu Inc.
- Bose Corporation
- Google LLC
- Lenovo Group Limited
- LG Electronics Inc.
- Onkyo Corporation (VOXX International Corp.)
- Panasonic Corporation
- Samsung Electronics Co. Ltd.
- Sonos Inc.
- Sony Corporation
- Xiaomi Inc
Smart Speaker Market Segmentation:
Our report has categorized the market based on region, component, intelligent virtual assistant, connectivity, price range, distribution channel and end user.
Breakup by Component:
- Hardware
- Software
Breakup by Intelligent Virtual Assistant:
- Amazon Alexa
- Google Assistant
- Siri
- Cortana
- Others
Breakup by Connectivity:
- Wi-Fi
- Bluetooth
Breakup by Price Range:
- Low-range (Less than $100)
- Mid-range ($101 to $200)
- Premium (Above $200)
Breakup by Distribution Channel:
- Online
- Offline
Breakup by End User:
- Personal
- Commercial
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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