Pune, 05, Dec, 2022: According to the “Smart Speaker Market” study published by Maximize Market Research, the market is expected to grow from USD 8.31 Billion in 2021 to USD 29.38 Billion in 2029, at a CAGR of 17.1 percent over the forecast period from 2022 to 2029. Smart home product penetration is increasing, and audio technology advancements are fuelling the growth of the smart speaker market.
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Smart Speaker Market Scope and Research Methodology
Primary and secondary data sources both play a significant role in the study report. In the research process, various industry-affecting factors are examined, including governmental regulations, the market environment, the competitive landscape, historical data, current market trends, technological innovation, upcoming technologies, technical advancement in related industries, as well as market risks, opportunities, barriers, and challenges. All possible factors that could have an impact on the markets covered by this research study have been taken into account, thoroughly studied, verified through primary research, and reviewed to provide the final quantitative and qualitative data. The market forecast takes into account the influence of variables such as inflation, economic downturns, regulatory & policy changes, and other factors in addition to standardizing the market size for top-level markets and sub-segments.
This information is coupled with extensive inputs and analysis and given in the report. Extensive primary research was carried out to gather information and check and confirm the critical numbers arrived at after extensive market engineering and calculations for market statistics; market size estimations; market projections; market breakdown; and data triangulation. Bottom-up techniques, as well as numerous data triangulation procedures, are commonly used in the whole market engineering process to do market estimation and forecasting for the overall market segments and sub-segments included in this research.
Smart Speaker Market Overview
Smart speakers act as the central control points for a variety of smart home functions, such as entertainment, query resolution, online surfing, and more. Smart speakers are driven by a voice-enabled virtual intelligent assistant. Along with the rising popularity of smart home technology, these smart speaker devices have become increasingly common in homes all over the world. Global shipments of smart speakers were expected to reach 186 million by 2021, and in 2022 or 2023, shipments were expected to reach 200 million annually.
In the near future, demand for the product is expected to increase due to the growing need for speaker systems in residential applications. A few of the important factors expected to provide market opportunities for major competitors are the proliferation of smart home products, the development of artificial intelligence, and the expansion of display-based technologies. Important market competitors are also looking to grow their organizational functions internationally.
Smart Speaker Market Dynamics
The market has grown as a result of the growing use of display devices. Industry leaders are gradually moving to display-based devices as a result of emerging use cases including social networking, streaming web content, and video calling capabilities. A wide range of smart display device devices is also offered by important manufacturers. The Redmi Touch Screen Speaker 8, Lenovo Smart Display 7, Xiaodu Zai Jia 10 (Baidu), Alibaba Tmall Genie CC8, Facebook Portal, Google Nest Hub (2nd Gen), and JBL Link View are a few examples of devices with displays. In response to customer input, these items are also often updated and improved. In September 2020, Baidu announced an investment in the Smart Living Group (SLG), which includes the Dueros voice assistant platform and Xiaodu smart gadgets. Additionally, it is a Series A financing with a valuation of USD 2.9 billion.
Smart Speaker Market Regional Insights
North America is expected to dominate the smart speaker market during the forecast period. North America has had rapid growth in smart speakers due to the early adoption of new technologies and a solid economic foundation. The region’s speaker penetration is helped by the presence of significant speaker providers. The eagerness of consumers to adopt and use new technology has also encouraged important North American suppliers to create complex and cutting-edge products. Additionally, according to Smart Speaker, from 1.8 users in 2018 to 2.0 users in 2019, there was a 10% rise in speaker use per user. Furthermore, according to the report, there were around 133 million smart speakers in the US in 2019 with 60% of consumers claiming to use them often. The products of the major market players, including Apple Inc., Amazon Web Services, and Bose, are initially supplied and introduced in the region. These primary factors are driving the sector ahead. Furthermore, the United States had the greatest rate of smart speaker penetration in 2019 at 26%, according to the Smart Speaker Consumer Adoption research.
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Smart Speaker Market Segmentation
By Intelligent Virtual Assistant:
- Amazon Alexa
- Google Assistant
- Siri
- Cortana
- Other
By End-User:
- Personal
- Commercial
By Distribution Channel:
- Online
- Offline
By Price:
- Low (Less than 100)
- Mid ($101 to $200)
- Premium (Above $200)
Smart Speaker Market Key Competitors:
- Amazon.com, Inc.
- Apple, Inc.
- Alibaba Group
- Alphabet Inc.
- Tmall Genie
- Sonos one
- Bose Corporation
- Xiaomi
- Panasonic SC-GA10
- Samsung Electronics Co. Ltd.
- Baidu Inc.
- JBL Link 20
- Sonas Beam
- Google home mini
- Insignia voice
- AliGenie
- DuerOS
- SKT NUGU
- NaverClova
- Kakao.
Key questions answered in the Smart Speaker Market are:
- What is Smart Speaker?
- What is the growth rate of Smart Speaker Market for the forecast period?
- What is the nature of competition in Smart Speaker industry in developed economies and developing economies?
- Who are the key players in the Smart Speaker Market?
- Who are the market leaders in Smart Speaker in Europe
- Who are the market leaders in Smart Speaker in USA and Canada
- Who are the market leaders in Smart Speaker in India, China, Japan and South Korea?
- What are the factors affecting growth in the Smart Speaker Market?
- Who held the largest market share in Smart Speaker Market?
- What are the factors for the growth of Asia-Pacific region in Smart Speaker Market?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Intelligent Virtual Assistant, End User, Distribution Channel, Price, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading research firm, has also published the following reports:
Text-To-Speech Market– The Text-To-Speech Market was valued at US$ 2.27 Bn. in 2021 and the total Text-To-Speech revenue is expected to grow at 13.8% from 2022 to 2029, reaching nearly US$ 6.39 Bn. The Text-To-Speech Market is expected to be driven by growing public investments in education for differently abled children.
Home Automation System Market –The Home Automation System Market size was valued at US$ 47.65 Bn. in 2021 and the total revenue is expected to grow at 6.59% through 2022 to 2029, reaching nearly US$ 74.5 Bn. The Home Automation System Market is expected to be driven by the rise in demand for safety & security for homes is the major factor driving the home automation market
Microphone Market –The Microphone Market size was valued at US$ 2.04 Bn. in 2021 and the total revenue is expected to grow at CAGR 8.13% from 2021 to 2029, reaching nearly US$ 3.53 Bn. The Microphone Market is expected to be driven by growing demand for an efficient and reliable sound system with high audio quality is increasing, as the growing number of concerts, festivals, public meetings, sports events, corporate gatherings, and others fuelling the necessity of microphone for communication peoples
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Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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