Global Smart Speaker Market – Industry Trends and Forecast to 2030

Smart Speaker Market Analysis and Size

The growth of the smart speaker market is anticipated to register a significant growth pattern in forecast period on the back of an upsurge in digital technology and the increasing advent of the internet of things (IoT) in several countries all over the globe. The “Alexa’ is expected to be the fastest-growing intelligent virtual assistance segment during the forecast period. Alexa was the first smart device launched, giving it the benefit of the beginner in the market.

Data Bridge Market Research analyses that the smart speaker market is expected to reach USD 22.48 billion by 2030, which is USD 10.41 billion in 2022, at a CAGR of 10.10% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Smart Speaker Market Scope and Segmentation

Market Definition

Smart speakers are mostly a wireless voice-enabled device which Wi-Fi, Bluetooth, or other wireless protocols work. Normally, it is activated by the voice command to perform numerous activities such as online shopping, weather forecasting, order food, listen to music, latest news, and day to day activities and are actually driven by an intelligent virtual assistant that helps with a multitude of day to day tasks such as streaming music or podcasts, setting timers, answering questions, alarms, or reminders, turning on lights, adjusting the thermostat and controlling other smart devices at home.

Smart Speaker Market

Drivers

• Increasing adoption of smart home products

The growth of the smart speaker market during forecast period 2023-2030 will be highly influenced by the increasing adoption of smart home appliances and devices, including smart locks, security cameras, smart kitchen appliances, smart lights and smart TVs. Major market players are integrating advanced technologies such as Artificial Intelligence of Things into speakers to allow advanced functionality. For, instance, Xiaomi is developing an artificial intelligence of things-based product that can act as a control hub to connect to other internet of things products.

• Growing demand for Amazon Alexa

The rising demand for amazon Alexa has augmented the growth of the smart speaker market and is expected to maintain the dominance of the market in the forecast period. Amazon Alexa has the first-mover advantage and is very popular among consumers. Amazon Alexa integration with numerous other smart home appliances and the craze for internet of things (IoT devices among millennials is anticipated to retain its popularity and project an increasing market share.

Opportunities

• Increasing demand for the display-based smart speaker devices

The growing demand for display-based smart speaker devices is expected to create immense opportunities for the growth of the smart speaker market during the forecast period. The growing popularity of display devices is supporting for the expansion of the in the market. The evolving usage of display-based smart speaker in cases such as streaming online content, social networking and video call features progressively shifting focus of market leaders toward display-based devices. Furthermore, significant manufacturers provide a varied range of smart display device products. For instance, some devices having display capabilities include the Facebook Portal, Redmi Touch Screen Speaker 8, Xiaodu Zai Jia 1C (Baidu), Amazon Echo Show 5, Google Nest Hub (2nd Gen),  Alibaba Tmall Genie CC8, Lenovo Smart Display 7 and JBL link view. Moreover, these products are commonly improved and updated in accordance with end-user needs.

 Restraints

• Increasing data-steered innovations

Data is an important part for an individual pertaining to safety and privacy, so it is for commercial purposes for marketing and advertising. There is a concern associated with data misuse, which is a hamper for the market. All the speakers are triggered by voice commands such as “Alexa”, “OK Google” and “Siri” there is a risk posed to preserve the misemploying the data and voice patterns  for numerous purposes is becoming a fearing factor for consumers.

This smart speaker market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the smart speaker market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• In 2020 – Xiaomi introduced its first smart speaker in the Indian market with Google Assistant. This technology can converse in Hindi and English.

Global Smart Speaker Market Scope

The smart speaker market is segmented on the basis of intelligent virtual assistance, component, price, application and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Intelligent Virtual Assistance

• Alexa
• Google Assistance
• Siri
• Dueros
• Aligenie
• Xiao Ai
• Others

Component

• Hardware
• Software

Price

• Low
• Mid
• Premium

 Application

• Smart Home
• Consumer
• Smart Office
• Others

 Distribution Channel

• Online
• Offline

Smart Speaker Market Regional Analysis/Insights

The smart speaker market is analyzed and market size insights and trends are provided by country, intelligent virtual assistance, component, price, application and distribution channel as referenced above.

The countries covered in the smart speaker market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the smart speaker market in terms of revenue and market due to the strong presence of early providers and adopters of key smart speaker. The inclination of customers toward the usage of new technologies has also encouraged manufacturers to develop new and advanced products in the region. 

Asia-Pacific will continue to project the highest compound annual growth rate during the forecast period of 2023-2030 due to increasing trend of smart speakers in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Smart Speaker Market Share Analysis

The smart speaker market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to smart speaker market.

Some of the major players operating in the smart speaker market are:

• Harman International (U.S.)
• Apple Inc. (U.S.)
• Sonos, Inc. (U.S.)
• Alphabet (U.S.)
• Baidu, Inc (China)
• Bose Corporation (U.S.)
• Sony Corporation (Japan)
• Onkyo & Pioneer Corporation (Japan)
• SAMSUNG (South Korea)
• Panasonic Corporation (Japan)
• Lenovo (China)
• Altec Lansing (U.S.)
• Xiaomi (China)
• SK Telecom Co., Ltd. (South Korea)
• LG Electronics (South Korea)

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