Smart Speaker Market

Smart Speakers Market is expected to witness a higher CAGR over the upcoming years, owing to the growing penetration of broadband services and increasing incorporation of Artificial Intelligence technologies.

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Key Drivers

The major factors that are fuelling the growth of the global smart speaker market include the rising development of smart homes, which is leading to an increase in the demand for smart devices and increasing penetration of smartphones. Continuous technological advancements such as the implementation of the internet of things (IoT) technology and growing usage of data networks such as 3G and 4G are giving users the ease to access the internet at enhanced speed will further energize the demand of the market in the coming years. Additionally, the rising disposable income, rapid urbanization, along with the increasing use of wireless technology, and the accelerating demand among the consumers for multifunctional and advanced products will create innumerable growth opportunities in the market.

Increasing inclination toward human-to-machine interaction and the increasing demand for automation of domestic tasks have augmented the market growth. Moreover, increasing investment by leading players in research and development (R&D) activities to introduce smart speakers with advanced features, functions and compatibility with all smartphones is expected to offer enormous opportunities to the market. Moreover, the ongoing advancements in audio and wireless technology and the inclination of consumers to try new products, rising sales of consumer electronics, growing penetration of smart devices, and easy product availability via online and offline retail channels, are projected to expand the market growth over the forecast period.

The increasing spending of the consumers to enhance the quality of life in technologically advancing economies, rising per capita income, and the increasing focus of the companies to enhance the customer experience, will surge the demand of the global smart speaker market. The development of partnerships among smart speaker developers and smart home manufacturers is leading to the smooth incorporation of a smart speaker with smart home devices, which in turn, is further leading to an increase in the adoption of the smart speaker. The ongoing coronavirus crisis is creating new growth opportunities for the market. The increasing number of people working from home and the accelerating usage of smart speakers to automatically control various home devices such as TV remotes, light switches, and door handles, thus avoiding getting in contact with the commonly touched surfaces around the home, is drastically surgings the demand for smart speakers, especially in 2020. The factors that are restraining the growth of the global smart speaker market include the risk associated with the security and problems related to the connectivity range and compatibility issues.

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Intelligent Virtual Assistant Market Segment Analysis

Based on the intelligent virtual assistant, the Alexa segment is anticipated to increase at a higher compound annual growth rate during the forecast period due to the high adoption of Alexa-enabled smart speakers and the low cost of these speakers. Furthermore, several advantages related to the use of Alexa-enabled smart speakers, such as the ability to control smart homes, play music, and games are further surging the demand of the segment in the market. Growing demand for virtual assistants across residential and commercial is estimated to expand the market growth. Leading companies like Apple Inc., Avnera, Baidu, Beijing LingLong (JD.com), Deutsche Telekom, Fabriq, are increasingly investing in the development of advanced virtual assistants, which is predicted to offer enormous opportunities to the market. Also, the increasing incorporation of solutions with artificial intelligence (AI) to offer virtual assistants with voice control, audio quality, and enhanced battery life.

Google’s assistant is expected to witness significant growth over the forecast period, due to the growing use of Google Home voice assistant in the Asia Pacific with the development of products in Asian countries such as India and Japan.

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Based on the region, North America is expected to dominate the market during the forecast period owing to the increasing development of smart homes and the accelerating demand for technologically advanced products to enhance their lives. Furthermore, the large presence of major providers of smart speakers and the increasing number of launch of various products are some other key factors propelling the growth of the global smart speaker market in this region.

Europe is forecast to witness a promising CAGR over the forecast period, due to the development of digital technologies. For example, in 2019, nearly 13 million people use speakers with 22% penetration rate in the U.K. Also, increasing investment by leading players in the market, government projects, and growing allowance in research and development activities projected to drive the market growth in the region.

Various notable players operating in the market include HARMAN International, Amazon.com, Inc., Apple Inc., Alphabet Inc., Sonos Inc., Sony Corporation, Bose Corporation, Panasonic Corporation, Onkyo Corporation, and Alibaba.com among others.

Key Developments:

• • In 2019, Amazon.com, Inc. launched a portable smart speaker named as Echo Input in India. The smart speaker incorporates a 4800mAh in-built battery and has the ability to function wirelessly.
  • In 2018, Bose Corporation launched a smart wireless speaker and two smart soundbars named as Bose Home Speaker 500 for music and Bose Soundbar 700 and Soundbar 500 for home theatre and music. The speaker comprises of the proprietary mic technology that is present in the headsets and headphones of Bose.

The global smart speaker market has been segmented on the basis of the intelligent virtual assistant, component, application, and region. Based on the intelligent virtual assistant, the market is segmented into google assistant, Alexa, Siri, Cortana, and others. Based on the component, the market is segmented into hardware and software. The hardware segment is further categorized into memory, processor, connectivity IC, power IC, speaker driver, microphone, audio IC, and others. Based on the application, the market is segmented into consumer, smart home, smart office, and others.

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Key questions answered in this research report:

• • At what pace is the global smart speaker market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global smart speaker market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global smart speaker market?
  • Which component generated maximum revenues in 2019 and identify the most promising component during the forecast period?
  • What are the various application areas of the smart speaker market, and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Intelligent Virtual Assistant, By Component, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	HARMAN International, Amazon.com, Inc., Apple Inc., Alphabet Inc., Sonos Inc., Sony Corporation, Bose Corporation, Panasonic Corporation, Onkyo Corporation, and Alibaba.com among others; a total of 10 companies covered
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Smart Speaker Market by Intelligent Virtual Assistant

• • Google Assistant
  • Alexa
  • Siri
  • Cortana
  • Others

Global Smart Speaker Market by Component

• • Hardware
    • Memory
    • Processor
    • Connectivity IC
    • Power IC
    • Speaker Driver
    • Microphone
    • Audio IC
    • Others
  • Software

Global Smart Speaker Market by Application

• • Consumer
  • Smart Home
  • Smart Office
  • Others

Global Smart Speaker Market by Region

• • North America Smart Speaker Market (Option 1: As a part of the free 25% customization)
    • North America Smart Speaker Market by Intelligent Virtual Assistant
    • North America Smart Speaker Market by Component
    • North America Smart Speaker Market by Application
    • US Smart Speaker Market All-Up
    • Canada Smart Speaker Market All-Up
  • Europe Smart Speaker Market (Option 2: As a part of the free 25% Customization)
    • Europe Smart Speaker Market by Intelligent Virtual Assistant
    • Europe Smart Speaker Market by Component
    • Europe Smart Speaker Market by Application
    • UK Smart Speaker Market All-Up
    • Germany Smart Speaker Market All-Up
    • France Smart Speaker Market All-Up
    • Spain Smart Speaker Market All-Up
    • Rest of Europe Smart Speaker Market All-Up
  • Asia-Pacific Smart Speaker Market (Option 3: As a part of the free 25% Customization)
    • Asia-Pacific Smart Speaker Market by Intelligent Virtual Assistant
    • Asia-Pacific Smart Speaker Market by Component
    • Asia-Pacific Smart Speaker Market by Application
    • China Smart Speaker Market All-Up
    • India Smart Speaker Market All-Up
    • Japan Smart Speaker Market All-Up
    • Rest of APAC Smart Speaker Market All-Up
  • RoW Smart Speaker Market (Option 4: As a part of the free 25% Customization)
    • RoW Smart Speaker Market by Intelligent Virtual Assistant
    • RoW Smart Speaker Market by Component
    • RoW Smart Speaker Market by Application
    • Brazil Smart Speaker Market All-Up
    • South Africa Smart Speaker Market All-Up
    • Saudi Arabia Smart Speaker Market All-Up
    • UAE Smart Speaker Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Smart Speaker Market All-Up

Global Smart Speaker Leading Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • HARMAN International
  • Amazone.com, Inc.
  • Apple Inc.
  • Alphabet Inc.
  • Sonos Inc.
  • Sony Corporation
  • Bose Corporation
  • Panasonic Corporation
  • Onkyo Corporation
  • Alibaba.com