Top significant factors that drives the growth of the smart speakers market
Smart speaker is a wireless speaker enabled by Bluetooth, Wi-Fi, or other wireless protocols and powered by virtual assistant, which is driven by artificial intelligence. It is the latest technological innovation dominating the consumer technology market and is activated by a voice command to perform different tasks such as listening to music, ordering food, and online shopping.
The Global Smart Speaker Market size was valued at $4,358 million in 2017, and is projected to reach $23,317 million by 2025, registering a CAGR of 23.4% from 2018 to 2025. North America constituted the highest smart speaker market share of 36.9%. The smart speaker market growth rate is highest in Asia-Pacific delivering a CAGR of 24.93%.
Increase in demand for smart home devices is the significant factor that drives the growth of the smart speakers market. Other factors, which influence the market growth are increase in consumer readiness to invest on trending technologies and rise in usage of smart devices among the younger generation.
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Top Impacting Factors:
· Advancement in Natural Language Processing (NLP)
· Establishment of 5G Infrastructure
· Localization of Languages
· Privacy and Security Concern
· Increase in Demand for Multifunctional Devices
· Rise in Disposable Income & Greater Inclination Toward Technological Products
· Proliferation of Smart Home Devices
Market Segmented by Region:
· North America
· Europe
· Asia-Pacific
· Asia-Pacific
Key Benefits for Stakeholders
- This study comprises of the analytical depiction of the global smart speaker market analysis along with current trends and future estimations to depict the imminent investment pockets.
- The overall smart speaker market potential is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities of smart speaker industry with a detailed impact analysis.
- The current smart speaker market is quantitatively analyzed from 2017 to 2025 to benchmark the financial competency.
- Porter’s Five Forces analysis illustrates the potency of the buyers and suppliers in the smart speaker industry.
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The key players operating in the smart speaker market include Amazon.com, Inc., Apple, Inc., Alibaba Group, Alphabet Inc. (Google Inc.), Sonos, Inc., Bose Corporation, Xiaomi, Samsung Electronics Co. Ltd., Baidu Inc., and Plantronics, Inc. (Altec Lansing/AL Infinity, LLC). Among the companies, Amazon.com, Inc. captured the highest smart speaker market size.
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