Smart Speakers Market Estimated To Grow High Due To Growing Consumer Inclination Toward Smart Homes Till 2025: Grand View Research Inc.

“Grand View Research, Inc. – Market Research And Consulting.”
According to report published by Grand View Research,Increasing adoption of smart home technology and presence of smart home devices is enabling people to shift preferences toward smart speakers. The capability of these products to operate using voice commands is driving their adoption.

According to a new report, “Smart Speakers Market Size, Share & Trends Analysis Report By Virtual Personal Assistant (Amazon Alexa, Google Assistant, Apple Siri), By Region, And Segment Forecasts, 2018 – 2025”, published by Grand View Research, Inc., the global smart speakers market size is expected to reach USD 39.3 billion by 2025 at a 38.7% CAGR over the forecast period. The ability of a smart speaker to function as a centralized hub that can adequately control other smart home devices is expected to increase their popularity among consumers.

Key Takeaways from the report:

  • Amazon Alexa dominated the market in 2017 and is expected to register a CAGR of more than 19.0% over the forecast years. This growth is ascribed to its massive popularity among consumers and its advanced features such as machine learning and semi-supervised learning techniques

  • Several emerging players are entering into collaborations with existing participants to enhance their market presence. For instance, in July 2018, Pioneer Electronics announced its partnership with Amazon, Inc. to introduce Elite Smart Speaker F4 (VA-FW40) enabled with Amazon Alexa voice assistant. Pioneer Electronics is engaged in providing home entertainment products

  • The smart speakers market is marked by presence of industry participants such as Apple, Inc.; Amazon; Google; and Xiaomi. These players incorporate effective strategies to maintain their presence and gain popularity among users. For instance, after Amazon introduced its smart speaker in U.S., Xiaomi, Chinese electronics giant, introduced its smart speakers and is currently one of the pioneers in the consumer electronics market. The company holds more than 5% share in the smart speakers market.

 U.S. smart speakers market size, by VPA, 2015 - 2025 (USD Million)

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Global smart speakers market share, by VPA, 2017 (%)

The market is anticipated to witness significant growth over the forecast period owing to various technological advancements. One of the recent technological advancements is Echo Look, launched by Amazon in June 2018. Echo Look is integrated with a camera and programmed to function as a fashion advisor by capturing user’s images. Similarly, in March 2017, Google announced its strategy to incorporate smart displays in their speakers. The Google Assistant Smart Displays can be used to watch recipes, refer to Google maps, and shop online with the visual aid of a screen.

Furthermore, increasing penetration of broadband services, coupled with growing integration of AI technologies, is anticipated to bolster the smart speakers market over the forecast years. Another key factor driving the market is price differentiation. Various smart speaker providers offer their products at varied costs to maintain consumer preferences toward their products.  Additionally, smart speakers are expected to be the fastest-growing products among other smart devices included in the consumer electronics portfolio.

Despite growing consumer interest in smart speakers, data security and privacy continue to be primary concerns. These devices gather personal information pertaining to contact details, bank account number, and login credentials from Google Home, which has access to Gmail where users store their personal details. These security concerns may hinder market growth. However, with development of security compliances, the market is expected to overcome this challenge and exhibit an upward growth trend.

Grand View Research has segmented the global smart speakers market based on virtual personal assistants (VPA) and region:

Smart Speakers Virtual Personal Assistant Outlook (Volume, Million Units; Revenue, USD Million, 2015 – 2025)

  • Amazon Alexa

  • Google Assistant

  • Apple Siri

  • Others

Smart Speakers Regional Outlook (Volume, Million Units; Revenue, USD Million, 2015 –  2025)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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