Overview and Scope
Smart speakers (Bluetooth and Wi-Fi enabled) are devices that are integrated with virtual assistant devices powered by artificial intelligence. The companies involved in the smart speakers’ market are engaged in designing, manufacturing, and producing artificial intelligence-assisted speakers which are activated using voice recognition systems.
Sizing and Forecast
The smart speakers market size has grown exponentially in recent years. It will grow from $10.93 billion in 2023 to $14.56 billion in 2024 at a compound annual growth rate (CAGR) of 33.2%. The growth in the historic period can be attributed to voice assistant integration, smart home control, music streaming, information retrieval, ecosystem integration.
The smart speakers market size is expected to see exponential growth in the next few years. It will grow to $35.59 billion in 2028 at a compound annual growth rate (CAGR) of 25.0%. The growth in the forecast period can be attributed to multi-modal interfaces, improved voice recognition, localization and language support, health and wellness features, business and enterprise adoption. Major trends in the forecast period include voice commerce (v-commerce), privacy and data security, customizable wake words, personalized content, ai and contextual understanding.
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Segmentation & Regional Insights
The smart speakers market covered in this report is segmented –
1) By Intelligent Virtual Assistant: Amazon Alexa, Google Assistant, Siri, Cortana, Other Intelligent Virtual Assistants
2) By Distribution Channel: Online, Offline
3) By Application: Smart Home, Smart Office, Consumer, Other Applications
4) By End User: Personal, Commercial
Top 5 Major Players:
- Amazon.com Inc.,
- Apple Inc.,
- Xiaomi Corporation,
- Alibaba Group Holding Limited,
- Sonos Inc
Asia-Pacific was the largest region in the smart speakers market in 2023. Africa is expected to be the fastest-growing region in the smart speakers market during the forecast period. The regions covered in the smart speakers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
With increasing consumer preference for technologically advanced products, there is a rise in the penetration of smartphones and smart devices. The enhanced personal use of smart devices points to the integration of smart devices with devices such as smart lightbulbs, thermostats, and TVs. For instance, in February 2023, according to Uswitch Limited, a UK-based financial conduct authority, beginning in 2022, the UK population is expected to grow to 68.3 million by 2025, of which 95% (or around 65 million individuals) will own a smartphone. Regional manufacturers are being encouraged to produce innovative and advanced products with customer interest to accept and adopt emerging technology which is expected to drive the smart speakers market.
Key Industry Players
Major companies operating in the smart speakers market include Amazon.com Inc., Apple Inc., Xiaomi Corporation, Alibaba Group Holding Limited, Sonos Inc., Harman International Industries Incorporated, Bose Corporation, Sony Corporation, ONKYO CORPORATION, Panasonic Corporation, Alphabet Inc., Baidu Inc., Plantronics Inc., Pioneer Corporation, SK Telecom Co. Ltd., Lenovo Group Limited, Samsung Electronics Co. Ltd., Avnera Corporation, Fabriq, Invoxia, LG Electronics Inc., Libratone A/S, Mobvoi Inc., Mojo, Ultimate Ears, Yamaha Corporation, Edifier International Limited, Meta Platforms Inc., Jam Audio, Kakao Corporation, KitSound by Kondor Ltd., Koninklijke Philips N.V., Logitech International S.A., Beijing LingLong Electronics Co. Ltd., Deutsche Telekom AG, Anker Innovations, JBL, Marshall Amplification plc
The smart speakers market report table of contents includes:
1. Executive Summary
2. Smart Speakers Market Characteristics
3. Smart Speakers Market Trends And Strategies
4. Smart Speakers Market – Macro Economic Scenario
5. Global Smart Speakers Market Size and Growth
31. Global Smart Speakers Market Competitive Benchmarking
32. Global Smart Speakers Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Smart Speakers Market
34. Smart Speakers Market Future Outlook and Potential Analysis
35. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Smart Speakers Market, Segmentation By Intelligent Virtual Assistant, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Smart Speakers Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Smart Speakers Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
….
Table 75: Amazon.com Inc. Financial Performance
Table 76: Apple Inc. Financial Performance
Table 77: Xiaomi Corporation Financial Performance
Table 78: Alibaba Group Holding Limited Financial Performance
Table 79: Sonos Inc Financial Performance
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