Globally, the smart speaker market is expected to grow from USD 1.94 billion in 2017 to USD 11.57 billion by 2023, at a CAGR of 34.7% during the forecast period 2018–2023. Increasing number of smart homes, growing trend of personalization, and rising disposable income will expected to drive the smart speaker market during forecast period. However, various issues related to connectivity range, compatibility, and power and data security will expect to restrain the market during period.
Smart speakers are a wireless speaker which is enabled with Wi-Fi, Bluetooth, or other wireless protocols. This smart speaker is powered by intelligent virtual assistant which is driven by artificial intelligence (AI). Smart speakers are a one of the latest innovations dominates the consumer electronics sector and it is activated by voice command to perform various tasks such as order food, listen to music, online shopping, weather forecasting, latest news, and day to day activities. These speakers are similar in nature with a traditional speaker but provide different benefits which traditional speakers are not able to provide. Advancement in automated speech recognition technology, advancement in microphone technology, and natural language processing help in identifying process of the voice command.
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Major Key Players
- Beats Electronics (U.S.),
- Bose Corporation (U.S.),
- Samsung Electronics Limited (Korea),
- Harman (U.S.),
- LG Electronics (South Korea),
- Altec Lansing (U.S.),
- Avnera Corporation (U.S.),
- Panasonic (Japan) ,
- D&M Holdings, Inc (Japan),
- Sharp Corporation (Japan),
- Sony Corporation (Japan),
- Sennheiser electronic GmbH & Co. KG (Germany),
- JBL Professional (U.S.),
- Skullcandy Inc (U.S.),
- Koninklijke Philips N.V.(Netherlands),
- Onkyo Corporation (Japan)
and others are at the forefront of competition in the global smart speakers market.
Globally, the smart speaker market is expected to grow from USD 1.94 billion in 2017 to USD 11.57 billion by 2023, at a CAGR of 34.7% during the forecast period 2018–2023.
Amazon brings its Echo smart speakers and music unlimited service to 28 new countries. Amazon is mostly contributing to push its media services worldwide after it expands its Alexa smart speakers and its standalone music unlimited service to an additional 28 countries. The initial market for Echo included the U.S, the U.K, India and Japan. The music streaming service covers more than 40 million tracks and it is available independently of Amazon’s Prime package. Amazon has introduced the Echo smart speakers to countries like Belgium, Iceland, Bolivia, Latvia, Bulgaria, Liechtenstein, Chile, Lithuania, Colombia, Luxembourg, Costa Rica, Malta, Cyprus, Netherlands, Czech Republic, Panama, Ecuador, Peru, El Salvador, Poland, Estonia, Portugal, Finland, Slovakia, Greece, Sweden, Hungary and Uruguay. These countries mostly fall in Europe, making Europe the most preferred market for smart speakers.
The global market for smart speker’s is estimated to grow at a significant rate during the forecast period. The geographical analysis of smart speaker market is studied for North America, Europe, Asia-Pacific, and the rest of the world.
The smart speaker market in North America will expected to dominate smart speaker market during the forecast period owing to the presence of early adopters and key smart speaker providers such as Google Inc. and Amazon. com. North america region also growing rapidly due to adoption of new technologies such as IoT and Artificial Intelligence.
Asia-Pacific is expected to grow at the faster rate during forecast period. China and Japan dominates the smart speaker market in Asia-Pacific. In Asia-Pacific, smart speaker market is been growing very rapidly as they growing with adoption of smart homes and smart offices. Moreover, the smart city project announcement in India and China will expected to drive the smart speaker market in Asia-Pacific during forecast period.
By product type, the market is segmented into single speakers, double speakers and multi speakers.
By connectivity, the market is segmented into Bluetooth, Wi-Fi, Near Field communication (NFC) among others.
By application, the market is segmented into, personal use and commercial use.
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- Smart Speakers Manufacturers
- Smart Speakers Distributors
- Research/Consultancy firms
- Vendors from various verticals such as Bose, Harman, Samsung among others
- Semiconductor Manufacturers
LIST OF TABLES
Table 1 Global Smart Speakers Market, By Product Type
Table 2 Global Smart Speakers Market, By Application
Table 3 Global Smart Speakers Market, By Connectivity
Table 4 Global Smart Speakers Market, By Regions
Table 5 North America Smart Speakers Market, By Country
LIST OF FIGURES
Figure 1 Research Type
Figure 2 Global Smart Speakers Market: By Product Type (%)
Figure 3 Global Smart Speakers Market: By Application (%)
Figure 4 Global Smart Speakers Market: By Connectivity (%)
Figure 5 Global Smart Speakers Market: By Region
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