The global smart speakers market is expected to grow from $5.5 billion in 2019 and to $5.7 billion in 2020 at a growth rate of 3%. The slow growth in 2020 is mainly due to the economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to grow and reach $11 billion in 2023 at CAGR of 24.5%.
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The smart speakers market consists of sales of smart speakers and related products that include Bluetooth-, Wi-Fi-enabled and wireless devices which are integrated with virtual assistant device powered by artificial intelligence. The smart speakers market consists of revenue generated through the sales of speakers with virtual assistant intelligence such as Alexa, Google Assistant, Siri, and Cortana, among others which are distributed through online or offline channels to personal and commercial users for smart home, smart office, automotive, commercial and more applications. The companies involved in the smart speakers market are engaged in designing, manufacturing, producing artificial intelligence assisted speakers which are activated with one `hot word` using voice recognition systems to perform wide range of wireless activities.
Global Smart Speakers Market Segmentation –
The smart speakers market covered in this report is segmented
1) By Intelligent Virtual Assistant: Amazon Alexa, Google Assistant, Siri, Cortana, Others
2) By Application: Smart Home, Smart Office, Consumer, Others
3) By End User: Personal, Commercial
4) By Distribution Channel: Online, Offline
Global Smart Speakers Market Drivers –
With increasing consumer preference for technologically advanced products there is a rise in penetration of smartphones and smart devices. The enhanced personal use of smart devices points at integration of smart devices with devices such as smart lightbulbs, thermostats, and TVs. The consumer interest in technologically advanced products has resulted in 205 million installed smart speakers in 2019 from 114 million units in 2018 and is expected to reach 325 million by 2020.
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A Few Points From The Global Smart Speakers Market ToC
1. Executive Summary
2. Smart Speakers Market Characteristics
3. Smart Speakers Market Size And Growth
3.1. Global Smart Speakers Historic Market, 2015 – 2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Smart Speakers Forecast Market, 2019 – 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market
4. Smart Speakers Market Segmentation
5. Smart Speakers Market Regional And Country Analysis
5.1. Global Smart Speakers Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Smart Speakers Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
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