Newark, July 03, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 8 billion in 2022 global smart speaker market will reach USD 49.53 billion in 2032. The development and integration of intelligent virtual assistants with speakers have led to the expansion of the smart speaker market. According to Business Insider, Alexa has 71.6 million users, placing it third in popularity behind Google Assistant with 81.5 million users and Apple's Siri with 77.6 million users. However, Alexa is highly popular in the smart speaker market, given the wide range of products Amazon offers. Furthermore, the expansion of 4G and 5G services has improved accessibility to internet services, positively contributing to smart speaker expansion. The busy schedules of today's population have contributed to the rising popularity and adoption of smart, convenient devices that can remind, schedule and work on voice commands.
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Key Insight of the Global smart speaker Market
Asia Pacific is expected to rise the fastest during the forecast period.
The need for smart home appliances is driven by a growing population with more disposable income, which is positive for the market. Furthermore, the adoption of smart home technologies like smart speakers has accelerated due to the growing internet penetration and improved data connectivity infrastructure. Given India's growing young population and considerable consumer market, the market for smart speakers is growing as many major businesses enter the market to take advantage of its potential and provide consumers with a wide range of accessible and reasonably priced options.
In 2022, the Alexa segment dominated the market with the largest market share of 45% and market revenue of 3.6 billion.
The intelligent virtual assistant segment is divided into Alexa, Siri, AliGenie, Google Assistant, DuerOS, Xiao AI and others. In 2022, the Alexa segment dominated the market with the largest market share of 45% and market revenue of 3.6 billion.
In 2022, the software segment dominated the market with the largest market share of 59% and market revenue of 4.72 billion.
The component segment is divided into hardware and software. In 2022, the software segment dominated the market with the largest market share of 59% and market revenue of 4.72 billion.
In 2022, the commercial segment dominated the market with the largest market share of 60% and market revenue of 4.80 billion.
The application segment is divided into residential and commercial. In 2022, the commercial segment dominated the market with the largest market share of 60% and market revenue of 4.80 billion.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 90 Billion |
| Market Size in 2032 | USD 657.41 Billion |
| CAGR | 22% |
| No. of Pages in Report | 236 |
| Segments covered | Product Type, Protocols and Sales Channel |
| Drivers | The increasing disposable income of consumers |
| Opportunities | The development and integration of new technologies |
| Restraints | The lack of interoperability between different brands |
Advancement in market
June 2023 - The IP67 water and dustproof Sonos Roam Bluetooth speaker was declared the best speaker by Vogue in 2023. The Sonos Roam has built-in Wi-Fi and also functions as a smart speaker, thanks to the presence of Google Assistant and Alexa. The small Sonos speaker delivers a strong sound. It is complete when you factor in its tough design, superb networking features, and smart home control. It works well outside, given its bass-heavy audio output, and indoors thanks to its innovative Automatic Switching feature.
Market Dynamics
Driver: the rising ownership of smartphones.
The increased demand for smart home equipment results from the young generation making up a sizeable share of the world population. They also know how to use automated and smart gadgets and are technologically literate. They favour the comfort that smart gadgets provide. Additionally, as consumers' disposable income rises, their purchasing power rises, making purchasing expensive goods like smart speakers simpler for them. The number of market participants and makers of smart appliances is increasing, which has boosted product selection, lower retail prices, and made smart speakers more widely available. The government initiative to create smart cities has boosted the smart home sector, which is good news for the global market for smart speakers.
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Restraints: The deficiencies in the infrastructure.
Internet access is required for the smart speakers to function. To manage and control them, they must be close to the internet and the smart equipment they need to use. These devices are ineffective because of the shoddy internet infrastructure and intermittent access. Its progress in the market is further hampered by the restricted selection they provide. Therefore, the market's expansion will be constrained by insufficient infrastructure.
Opportunities: the creation of novel features.
The market participants have increased their research and development spending to better understand customer demand and create solutions that address it due to the rising demand for smart appliances. The emergence of smart speakers that can access call logs, make calls, and accept or reject them results from ongoing innovation. Given the simple integration of smart speakers with smartphones, they may remind users of significant events, dates, etc., if requested. Like smart speakers, these devices may assess user requests and give suggestions or recommendations based on historical data. As a result, during the projection period, the development of new features will present profitable prospects for market participants.
Challenges: The rising concerns over privacy invasion.
Smart speakers have inbuilt features that can assess the user's daily commands, questions, choices etc., to recommend services catering to such choices and requirements. They can compile this information and transfer it to their parent companies, who can then run targeted ad campaigns to influence consumer decisions without robust security rules and regulations. Such privacy invasion threatens consumer security and can translate to national security interests. Therefore, the rising concerns over the invasion of privacy will challenge the market's growth.
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Some of the major players operating in the global smart speaker market are:
• Alphabet
• Amazon Inc.
• Apple Inc.
• Baidu, Inc
• Bose Corporation
• Harman International
• Lenovo
• Panasonic Corporation
• Sonos, Inc.
• Sony Corporation
Key Segments cover in the market:
By Intelligent Virtual Assistant
• Alexa
• Siri
• AliGenie
• Google Assistant
• DuerOS
• Xiao AI
• Others
By Component
• Hardware
• Software
By Application
• Residential
• Commercial
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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