According to Acumen Research & Consulting, the global smart speaker market size is estimated to grow a CAGR above 19.4% over the forecast timeframe and reach a market value of around USD 29,021 million by 2028.
A smart speaker is a type of speaker and voice command device that includes an integrated virtual assistant and allows for hands-free activation with the use of a single keyword or wake word. A smart speaker is similar to a regular speaker, but it also includes a microphone and a tiny computer. The computer provides access to smart assistant functions such as Google Assistant, Amazon's Alexa, Microsoft's Cortana, and Apple's Siri. These assistants will enable user to control virtually every aspect of digital life, including playing music, schedule of events and list management, online ordering, web search, climate, lighting, and other smart devices in the house. Moreover, MEMS microphones, touch or voice controllers, and emerging technologies such as radar, as well as wireless connectivity, are critical to improving customer experience in the smart speaker market.
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Global Smart Speaker Market Summary
The characteristics such as playing music, ordering online food, flight bookings, controlling smart devices, getting factual and other information, and various other things through a simple voice command provide more utility to the consumer at minimal incremental cost when compared with other alternative products, for instance wearable technology. Thus, there is a boost in consumer adoption of smart speakers. Furthermore, there is an increase in consumer awareness via social media feeds, radio broadcasting, and connecting with friends or other platforms. Furthermore, smart speakers, which were once considered a novelty in households, are gradually becoming the norm. As a result of this rapid adoption, user expectations are increasing, and frustration with devices that do not understand or hear commands leads to lower usage rates and growth that falls short of its full potential.
Smart home device proliferation fuels the growth of smart speaker industry
The market for smart speakers is being driven by the increased use of smart home devices. As the global market transitions from the digital age to the era of artificial intelligence, many technological disruptions and innovations are enabled by the power of automation. As a result, traditional consumer home devices that were previously operated by hand are gradually being replaced by smart devices. The ability of smart speakers to seamlessly integrate with smart home devices dramatically improves the smart speaker market's growth.
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global smart speaker market. Over the forecast period, the Asia-Pacific smart speakers market is expected to grow at the fastest rate. Manufacturers' focus on launching smart speakers and smart building appliances enabled by IoT solutions has a significant impact on the growth of the smart speaker market in Asia pacific. As a result, there is an increase in investment in smart gadgets and technological innovations. Other driving factors in the development of smart home devices include internet connectivity, an abundance of smart phones, and smart speakers. Furthermore, strategies such as offering discounts for smart speakers by major companies such as Alibaba have enabled regional consumers to adopt smart speakers.
Acumen Research and Consultancy has segmented the global smart speaker market by intelligent virtual assistant, application, and component. Based on the intelligent virtual assistant, the market is divided into Alexa, Siri, Google Assistant, Cortana, Xiao AI, and others. Based on application, the market is classified into consumer, smart home, smart office, and others. Based on component, the market is bifurcated into hardware and software.
Some major players covered in the global smart speaker market are Apple, Inc., Amazon.com, Inc., Samsung Electronics Co. Ltd., Alphabet Inc.(Google Inc.), Alibaba Group Holding Limited, Bose Corporation, Sonos, Inc., Baidu, Inc., Xiaomi Inc., and Plantronics, Inc.