Dublin, March 27, 2023 (GLOBE NEWSWIRE) -- The "Smart Speaker Market, Size, Global Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis" report has been added to ResearchAndMarkets.com's offering.
Global Smart Speaker Market will reach US$ 27.92 Billion by 2028 US$ 10.34 Billion in 2022, growing at a CAGR of 18% from 2022 to 2028
A smart speaker is a voice-activated device and loudspeaker with an integrated virtual assistant that provides interactive actions and hands-free activation. Smart speakers are gaining massive popularity due to several new features that have made lives easier and trouble-free. For example, with just command, smart speakers can now answer questions, set timers, play music, control other home devices, and help children with homework.
The world has become wiser with the introduction of technology and technological devices. Today, technology has become an integral part of life, resolving the complexities of daily routines and making things easier. Smartphones are regarded as one of the most significant technological developments.
Various manufacturers employ various speech recognition systems: Apple's Siri-Assistant-Speech-Recognition-System is used by Apple and Microsoft, Google Home Series uses Microsoft's Cortana, and Amazon Echo speakers employ their voice recognition techniques for their smart speakers.
Furthermore, specific smart speakers may function as devices that use Bluetooth, Wi-Fi, and other protocol standards to perform functions other than audio playing, such as controlling home automation systems.
Different age groups of savvy speaker users in the United States prefer voice-assistance programs.
Apple's Siri is famous among younger groups, with 60% of 18 to 24-year-olds. Amazon Alexa, on the other hand, is far more prevalent among voice assistant users 35 and older. More than 135 million individuals in the United States utilize voice as usual, including those who do not gain access to smart speakers. This can incorporate but is not limited to, features such as compatibility across some services and platforms, peer-to-peer connection through webbing, virtual assistants, and others.
Smart speakers have become very popular, and there is a collection of smart speakers on the market from many manufacturers. These smart speakers allow various things, from controlling wireless-enabled lights to ordering multiple products and takeaways online and providing information like the weather forecast, time, date, and many more.
Although the rising interest in smart speakers shows, the increasing number of smart homes, rising disposable income, and the rapid proliferation of multifunctional devices are all factors driving the smart speaker market growth. Additionally, the disclosure of new technologies, such as automated speech recognition technology and natural language processing (NLP), has shifted the market of manually controlled speakers to AI-controlled speakers.
These are authorized by wireless communication mediums such as Bluetooth and Wi-Fi, addressed by a virtual assistant, and are steered by artificial intelligence. However, data-steered innovations have threatened security and privacy, creating hindrances for the Global Smart Speaker Market.
Software Component will hold the Maximum Revenue in the Forecast Period
The Software will hold the largest market share in the future period due to technological advancements enabling smart features and functions. For example, modern Software is required to manage data, and even advanced Software is needed to collect data from various databases, which will significantly be expected to boost the market. On the other hand, hardware will also lead the market due to the increasing integration of advanced sensors in smart speakers for better voice recognition.
Smart Speaker Market for Google Home is expected to grow at a higher Growth rate during the Upcoming Years
By Platform, the market is classified into four types: Amazon Alexa, Google Home, Apple Home Pod, and others.
Google Home will dominate the market revenue in 2022 due to easy affordability and availability of a wide range of features, large audiences, continuously enhanced services, and offering for the user Google Home is very trend among consumers. In addition, it integrates with various other smart home appliances, and the craze for IoT devices among millennials is expected to retain its popularity and predict a rising market revenue.
Smart Home Application Market will grow by the end of 2028
The Smart Home captures the most significant share due to quick access to all Google services and data associated with the Google account. In addition, with the increasing deployment of smart speakers, advanced functionality, different features, Convenience, and smart office environments, employees can reserve meeting rooms, extend their meetings, or set reminders for a conference call through voice command to smart speakers has significantly boosted the market.
Low Range Smart Speakers Market will dominate in the Future
By Price Range, The Global Smart Speaker Market is differentiated into Low range smart speakers (less than $100), Mid-range Smart speakers ($101 to 200), and Premium Smart speakers (Above $200). The low-range smart speaker will dominate the maximum revenue due to a wide range of arability, technological advancement, Convenience for customer interest, propelling market expansion, offers, and better services in such a low price range have driven the growth of the market.
United States Market will capture half of the Smart Speaker Market
Based on the Country analysis, The Global Smart Speaker Market is segmented into the United States, China, Canada, the United Kingdom, South Korea, Germany, and Japan. The United States captured the most significant share because of the rapid development of digital technology, solid economic growth, propelling market expansion in the area investments by leading market players, government programs, and increased funding for research and development efforts.
Most smart speaker sales are handled by firms from the United States and account for more than two-thirds of the overall market. Amazon's Echo/Alexa, Google Home/Google Assistant, and Apple's Home Pod are the most popular smart speaker brands from American firms.
Asia Pacific is gaining Positive Momentum in the Forecast Period
Geographically the Global Smart Speaker industry is segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America has more market share due to the region's high purchasing power, and the region's internet penetration is also high compared to other areas. In addition, the region is also highly urbanized, with people integrating new technologies.
In recent years, the Asia-Pacific smart speaker sector has grown significantly. The emergence of IoT and rising consumer interest in smart home technologies have been important growth factors in the region's smart speaker industry. Companies such as Baidu, Alibaba, and Samsung have launched smart speaker devices in China and South Korea, establishing them as important participants in the smart speaker industry.
Key Company Analysis
Some major key players in the Global Smart Speaker Market include Amazon, Apple Inc., Microsoft, Google, Baidu Inc., Deutsche Telekom, Yandex, Xiaomi, Sonos, and Alibaba Group.
Xiaomi launched its innovative 'own my voice' initiative in May 2022, which uses Text-To-Speech technology to assist patients with speech impairments.
Apple intends to release a new generation of its HomePod smart speaker in late 2022 or early 2023.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 180 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $10.34 Billion |
| Forecasted Market Value (USD) by 2028 | $27.92 Billion |
| Compound Annual Growth Rate | 18.0% |
| Regions Covered | Global |
Key Topics Covered:
1. Introduction
2. Research & Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges
4.3 Opportunities
5. Global Smart Speaker Market
6. Market Share - Global Smart Speaker Market
6.1 By Component
6.2 By Platform
6.3 By Application
6.4 By Price Range
6.5 By Country
6.6 By Region
7. Component - Global Smart Speaker Market
7.1 Software
7.2 Hardware
8. Platform - Global Smart Speaker Market
8.1 Amazon Alexa
8.2 Google Home
8.3 Apple HomePod
8.4 Others
9. Application - Global Smart Speaker Market
9.1 Smart Home
9.2 Consumers
9.3 Smart Office
10. Price Range - Global Smart Speaker Market
10.1 Low-range Smart Speaker (Less than $100)
10.2 Mid-range Smart Speaker ($101 to 200)
10.3 Premium Smart Speaker (Above $200)
11. Countries - Global Smart Speaker Market
11.1 United States
11.2 Mainland China
11.3 United Kingdom
11.4 Germany
11.5 South Korea
11.6 Canada
11.7 Japan
12. Region - Global Smart Speaker Market
12.1 North America
12.2 Europe
12.3 Asia-Pacific
12.4 Rest of the World
13. Mergers and acquisitions
14. Company Analysis
14.1 Apple Inc.
14.1.1 Overview
14.1.2 Recent Development
14.1.3 Revenue
14.2 Amazon
14.3 Microsoft
14.4 Google
14.5 Baidu Inc.
14.6 Deutsche Telekom
14.7 Yandex
14.8 Xiaomi
14.9 Sonos
14.10 Alibaba Group
For more information about this report visit https://www.researchandmarkets.com/r/442hvj
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