Covina, March 16, 2023 (GLOBE NEWSWIRE) -- “According to the latest research study, the demand of Smart Speaker Market size was valued at USD 7.4 billion in 2020 and is expected to grow to USD 33.70 in 2030 at a compound annual growth rate (CAGR) of 16.5%”
Key Highlights:
- With the all-new Echo, Echo Flex, Echo Dot with clock, and Echo Show 8, Amazon announced an all-new line-up of Echo devices to access Alexa at home in September 2019. The Echo Studio is the company's best-sounding Echo and the first smart speaker to use Dolby Atmos, which provides an immersive, three-dimensional audio experience.
- Baidu released its latest Xiaodu Smart Display X8 smart speaker for the Chinese market in December 2019. The new smart home device features an 8-inch full-view touchscreen display with 1280800 resolution, as well as a powerful four-microphone array for far-field voice interactions. Face and gesture recognition are among the biometric modalities supported by the X8.
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Segmentation of Report:
- By Intelligent Virtual Assistant - (Alexa, Google Assistant, Siri, Cortana, and Others (Xiaowei, DuerOS, Bixby, and AliGenie))
- By Application - (Smart Home, Smart Office, Consumer, and Others (Commercial and Automotive))
- By Component - (hardware (Speaker Driver, Connectivity IC, Processor, Audio IC, Memory, Power IC, and Microphone) and Software)
Regional Insights:
On the basis of region, global smart speaker market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. North America is the dominating market region for global smart speaker market in terms of market revenue share. This is due to presence of large number of leading manufacturers of smart speakers such as Amazon, Apple Inc., Harman International, Sonos etc. Europe and Asia Pacific are the regions which will be dominating the market due to technological innovations and advancements, which led to the introduction of new products.
Analyst View:
The rise in demand for smart home devices is a major driver propelling the smart speaker industry forward. Other factors influencing market expansion include a rise in customer willingness to invest in cutting-edge technologies and a surge in smart device usage among the younger generation. In addition, the creation of agreements between smart house manufacturers and smart speaker producers allows for seamless integration of smart home devices with smart speakers. This appears to be a significant element in smart speaker adoption. However, as smart speakers become more popular, the privacy of users' data becomes a big concern for consumers.
Key Market Insights from the report:
The Global Smart Speaker Market size was valued at USD 7.4 billion in 2020 and is expected to grow to USD 33.70 in 2030 at a compound annual growth rate (CAGR) of 16.5%. Global smart speaker market is segmented on the basis of intelligent virtual assistant, application, component and region.
- Based on Intelligent Virtual Assistant, Global Smart Speaker Market is segmented into Alexa, Google Assistant, Siri, Cortana, and Others (Xiaowei, DuerOS, Bixby, and AliGenie).
- Based on Application, Global Smart Speaker Market is segmented into Smart Home, Smart Office, Consumer, and Others (Commercial and Automotive).
- Based on Component, Global Smart Speaker Market is segmented into hardware (Speaker Driver, Connectivity IC, Processor, Audio IC, Memory, Power IC, and Microphone.
- By Region, the Global Smart Speaker Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Scope of the Report:
- Smart Speaker Market, By Intelligent Virtual Assistant
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Alexa
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Google Assistant
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Siri
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Cortana
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Others (Xiaowei, DuerOS, Bixby, and AliGenie)
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Smart Speaker Market, By Application, 2020 – 2030, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Smart Home
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Smart Office
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Consumer
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Others (Commercial and Automotive)
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Smart Speaker Market, By Component, 2020 – 2030, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Hardware (Speaker Driver, Connectivity IC, Processor, Audio IC, Memory, Power IC, and Microphone)
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Software
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
Who are the Top Key players operating in the Smart Speaker Market?
- Amazon.com, Inc.
- Apple, Inc.
- Alibaba Group
- Alphabet Inc.
- Google Inc
- Sonos, Inc.
- Bose Corporation
- Xiaomi
- Samsung Electronics Co. Ltd.
- Baidu Inc.
- Plantronics, Inc.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
Key Reasons to Purchase:
Here are some potential reasons for purchasing a smart speaker market:
- Voice Assistant: Smart speakers come equipped with voice assistants like Amazon Alexa, Google Assistant, or Apple Siri. These voice assistants can help users perform various tasks like setting alarms, making to-do lists, checking the weather, playing music, and even controlling other smart devices in your home.
- Entertainment: Smart speakers can be used to stream music, audiobooks, and podcasts. Some smart speakers also have built-in screens, which allow users to watch videos or make video calls.
- Home Automation: Smart speakers can be used to control other smart devices in your home, such as smart lights, smart thermostats, and smart locks. With the help of voice assistants, users can control these devices hands-free.
- Convenience: Smart speakers allow users to perform various tasks hands-free. This can be especially useful for individuals who have mobility issues or who have their hands full with other tasks.
- Information: Smart speakers can be used to answer questions, providing users with information on a wide range of topics. This feature can be useful for students, researchers, and individuals who are always seeking information.
- Personalization: Many smart speakers come with features that allow users to customize their experience. For example, users can set up personalized routines that can be triggered by voice commands.
- Compatibility: Smart speakers are compatible with a wide range of other smart devices. This means that users can easily integrate their smart speakers with other smart home devices to create a more cohesive home automation experience.
Overall, the key reasons for purchasing a smart speaker market can be summed up as convenience, entertainment, and home automation.
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