Dublin, July 30, 2024 (GLOBE NEWSWIRE) -- The "Global Smart Speaker Market by Intelligent Virtual Assistant, Component, Connectivity, Distribution Channel, Price Range, End User, Countries, and Company Analysis, 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The Global Smart Speakers Market is expected to surpass US$ 45.14 billion by 2032 from $8.04 billion in 2023. Such a strong increase indicates a CAGR of 21.14% from 2024 to 2032, which is attributed by the rising demand of IOT home appliances and the development in artificial intelligence.
The leading companies in the Smart Speaker market include Alibaba Group Holding Limited, Amazon.com Inc., Apple Inc., Baidu Inc., Bose Corporation, Lenovo Group Limited, LG Electronics Inc., Sonos, and Panasonic Corporation Inc.
Driving Forces for the Smart Speaker Market
- Convenience and Voice Control
- Integration with Smart Home Ecosystems
- Rising Demand for Entertainment and Information
Asian Smart Speaker Market Insights
The Asia smart speaker market is growing at a fast pace due to technological innovations, growth in the internet connection, and consumers' demand for smart devices. The Asia Pacific is one of the largest contributing to this growth, especially Japan, China, Korea, and India are increasingly embracing smart home solutions boosted by their technology-literate citizens. These speakers are changing the face of homes and modifying the way people engage with the technologies also, providing voice command to switch on entertainment, news or home automation.
Manufacturers are integrating technology in artificial intelligence and natural language processing to enable the device to become smarter and more adaptable enabling it to determine various forms of language used in the different countries in the region. 'Affordability', 'localization' and the inclusion of Asian content and services becomes important strategies to compete in Asia's fast-growing market environment which is characterized by a diversified and volatile consumer' demand.
Smart Speaker Company News
- In March 2024, LG Electronics' latest portable speaker, the LG StanbyME Speaker (model XT7S), was globally released. It has a remote control to quickly manage the speaker and screen, and users can pair them with Bluetooth. Additionally, the LG StanbyME includes a dedicated widget for centralized control and speaker status monitoring.
- In January 2024, the well-liked JBL portable audio lineup, including the JBL Xtreme 4, JBL Clip 5, and JBL Go 4, will be updated with Auracast for wider connectivity choices, improved sound quality, fashion-forward color options, and up to 80% PCR components. The JBL Xtreme 4 now includes Al Sound Boost for real-time audio output optimization.
- In October 2023, Sonos launched the Era 100 and Era 300 smart speakers in India. The Era 300 features Dolby Atmos and an innovative design for exceptional spatial sound. The Sonos One has also been updated with the Era 100. Their prices are USD 360 and USD 660.
- Amazon India introduced the $60 Echo Pop smart speaker in June 2023. It is available in Charcoal, Lavender Bloom, Glacier White, and Midnight Teal hues and has a semi-hemisphere design. With Alexa, users of the tiny gadget may check the weather, read news, place orders, listen to music, audiobooks, and podcasts from different providers, set timers, and much more.
Component - Global Smart Speaker Market in 2 Viewpoints:
1) Hardware
2) Software
Intelligent Virtual Assistant - Global Smart Speaker Market in 5 Viewpoints:
1) Amazon Alexa
2) Google Assistant
3) Siri
4) Cortana
5) Others
Connectivity - Global Smart Speaker Market in 2 Viewpoints:
1) Wi-Fi
2) Bluetooth
Price Range - Global Smart Speaker Market in 3 Viewpoints:
1) Low-range (Less than $100)
2) Mid-range ($101 to $200)
3) Premium (Above $200)
Distribution Channel- Global Smart Speaker Market in 2 Viewpoints:
1) Online
2) Offline
End User - Global Smart Speaker Market in 2 Viewpoints:
1) Personal
2) Commercial
Geography - Global Smart Speaker Market by 5 Regions and 25 Countries:
North America:
1. United States
2. Canada
Europe:
1. France
2. Germany
3. Italy
4. Spain
5. United Kingdom
6. Belgium
7. Netherlands
8. Turkey
Asia Pacific:
1. China
2. Japan
3. India
4. Australia
5. South Korea
6. Thailand
7. Malaysia
8. Indonesia
9. New Zealand
Latin America:
1. Brazil
2. Mexico
3. Argentina
Middle East & Africa:
1. South Africa
2. Saudi Arabia
3. United Arab Emirates
Company Analysis:
1. Alibaba Group Holding Limited
2. Amazon.com Inc.
3. Apple Inc.
4. Baidu Inc.
5. Bose Corporation
6. Lenovo Group Limited
7. LG Electronics Inc.
8. Panasonic Corporation
9. Sonos Inc.
Company Insights:
- Overviews
- Recent Developments & Strategies
- Product Portfolio & Product Launches (Past Year)
- Revenue
Key Attributes
| Report Attribute | Details |
| No. of Pages | 180 |
| Forecast Period | 2023-2032 |
| Estimated Market Value (USD) in 2023 | $8.04 Billion |
| Forecasted Market Value (USD) by 2032 | $45.14 Billion |
| Compound Annual Growth Rate | 21.1% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/soto2x
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
