Global Smart Speakers Market [2021-2028] | Expansion Driven by Professional Data from Leading Countries

In recent years, the smart speaker market has experienced remarkable development and innovation, transforming the way we engage with technology and our surroundings. Because of their ease, variety, and integration capabilities, smart speakers with virtual voice assistants have grown in popularity. These gadgets use voice commands to perform a variety of functions such as playing music, answering inquiries, managing smart home devices, and even making online transactions. The smart speaker market is distinguished by fierce rivalry, innovation, and a diverse range of product offerings from a variety of vendors.

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.

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Smart Speakers are internet-connected devices that can be controlled by voice commands and can seamlessly stream audio content, provide information, and communicate and connect with other devices. Growing trend of smart homes has led to a significant increase in the demand for smart Speakers and other connected devices. Today, a wide range of house appliances, electronic devices, and systems are available in the market that can be accessed and controlled remotely via connected devices and smartphones.

The expanding trend of home automation and the Internet of Things (IoT) is another important driver of the smart speaker market. Smart speakers act as central hubs for controlling various smart home appliances such as lighting systems, thermostats, security cameras, and more as more devices become connected. Smart speakers' easy integration and ease have contributed to their widespread adoption and commercial expansion. Furthermore, the simplicity and intuitiveness of voice commands have made smart speakers particularly appealing to elderly folks and anyone with restricted mobility.

Despite the market's rapid expansion, many constraints must be recognised. Among the major issues associated with smart speakers are privacy and security concerns. Because these gadgets are constantly listening for spoken commands, there are concerns about unintentional recordings or potential data breaches. To overcome these issues and retain customer faith in technology, manufacturers must prioritise effective security measures and transparent privacy policies. Furthermore, some consumers may be hesitant to accept smart speakers owing to perceived complications, a lack of information, or privacy issues.

Competitive Terrain:

Due to the existence of a large number of players in this industry, the Global Smart Speaker Market is highly concentrated. The study goes into detail about these firms' present market position, past performance, demand and supply graph, production and consumption trends, sales network, distribution methods, and market growth potential. The study examines prominent market players' strategic approaches to growing their product offerings and fortifying their market position.

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The leading market contenders listed in the report are as follows:

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.

Key Highlights presented 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 personal use segment is expected to dominate other end-use segments in terms of revenue over the forecast period owing to rising adoption of smart home systems across the globe, increasing integration of smart Speakers with various devices, and rising use of smart Speakers to for various personal applications such as making phone calls, tracking user activity, and scheduling appointments, among others.

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Segments Covered in the Report:

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)

• Hardware
• Software

Application Outlook (Revenue, USD Billion; 2018-2028)

• Smart Office
• Smart Home
• Others

Intelligent virtual assistant Outlook (Revenue, USD Billion; 2018-2028)

• Google Assistant
• Alexa
• Siri
• Cortana
• Others

End-use Outlook (Revenue, USD Billion; 2018-2028)

• Commercial
• Personal

Key regions in the market include:

• North America
• S.
• Canada
• Europe
• K.
• Italy
• Germany
• France
• Rest of EU
• Asia Pacific
• India
• Japan
• China
• South Korea
• Australia
• Rest of APAC
• Latin America
• Chile
• Brazil
• Argentina
• Rest of Latin America
• Middle East & Africa
• Saudi Arabia
• A.E.
• South Africa
• Rest of MEA

Some of the important topics addressed in this study include:

• What is the global sales value, production value, consumption value, import and export of Smart Speaker Market (North America, Europe, Asia-Pacific, South America, Middle East, and Africa)?
• Who are the worldwide leaders in the Smart Speaker Market? What is the state of their business (capacity, production, sales, pricing, cost, gross, and revenue)?
• What are the Smart Speaker Market opportunities and dangers that vendors in the worldwide Smart Speaker Market are facing?
• Which application/end-user or product type may be looking for incremental growth opportunities? What is each type's and application's market share?

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