The Smart Speaker Market size was valued at USD 10.22 billion in 2022 and is expected to grow to USD 50.15 billion by 2030 and grow at a CAGR of 22 % over the forecast period of 2023-2030.
The majority of smart speakers are wireless voice-enabled devices that utilize Bluetooth, Wi-Fi, or other wireless protocols. Typically, it responds to voice commands to carry out a variety of tasks like online shopping, weather forecasting, placing food orders, listening to music, keeping up with the latest news, and daily activities. It is actually powered by an intelligent virtual assistant that assists with a variety of daily tasks like streaming music or podcasts, setting timers, answering questions, setting alarms or reminders, turning on lights, and adjusting thermostats managing the thermostat and other smart home appliances.
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A smart speaker often includes a number of additional features, such as the ability to play music, record appointments, and operate other smart home equipment house. With the latter, you can control the thermostat or turn on the lights with just a voice command. All the extra functions, including setting reminders and making appointments, must be understood by the speaker in order to function. The majority of companies have their own voice recognition software: Apple has Siri, Google has Google Assistant, and Amazon has Alexa. All virtual assistants are "woken up" by the user uttering their name, even if each one has a unique name.
Growing demand for smart display-based speakers
Increasing interest in Amazon Alexa
The market for smart speakers has expanded, increasing demand for Amazon Alexa, and that desire is anticipated to continue market hegemony during the anticipated period. The first-mover advantage goes to Amazon Alexa, which is also very well-liked by customers. Integration of Amazon Alexa with a variety of different smart home devices and the popularity of internet of things (loT devices) It is predicted that millennials will continue to be popular and have a growing market share.
RESTRAIN:
High privacy risk
Problems with compatibility, power, and connectivity range
The Connectivity and app-related challenges are the main factors impeding market's growth. The use of smart speakers is constrained by the presence of Internet access. To connect with smart speakers and control apps, users must always be online. Also, clever Sensors and other devices are connected to speakers. This break in communication between the app and the smart speaker when there are problems with sensor connectivity. Users are expected to position the smart speaker so that it may simultaneously access/connect to other smart devices and receive signals from the router.
OPPORTUNITY:
Growing popularity of display device
People are choosing technologically advanced products
There has been a substantial shift in consumer preference about the use of technology in daily life as a result of rising consumer spending on smart devices that are portable, simple to use, and integrated with cutting-edge technology. Also, consumer demand for quick, versatile, multifunctional solutions has compelled several speaker manufacturers to incorporate voice assistance into speakers. Due to its usability, connected products and services are now widely used by consumers. With the advent of smart speakers, consumers may now connect to online platforms and engage in real-time mobile conversation with greater comfort, convenience, safety, and security.
CHALLENGES:
High security risk
Using a voice assistant Smart houses with integrated personal data of users are becoming more and more common. To avoid risk, a secure local network and a strong account password are necessary. Additionally, smart speakers are connected to other smart devices that are usable by other people, such as smartphones, smart locks, TVs, and radios. Some smart speakers allow voice purchases, which adds still another convenience.
By Component
Hardware
Software
By Intelligent Virtual Assistant
Alexa
Google Assistant
DuerOS
AliGenie
Xiao Al
Siri
Others
By Application
Smart Home
Consumer
Smart Office
Others
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Rise in internet and smartphone use in the region, which is boosting the adoption of intelligent speakers as they become more widely available to consumers, Europe holds the second-largest market share for smart speakers. Additionally, the UK's smart speaker market grew the fastest in the European region, while the German smart speaker market had the biggest market share.
The smart speaker market in Asia-Pacific is anticipated to experience the fastest CAGR growth. Consumers in this region are increasingly seeking for ways to make their homes more convenient and efficient, including the use of smart speakers. The use of voice assistants and other speech-activated technology is expanding quickly in the area, which is fueling demand.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
The Major Players are Amazon, Harman International, Apple Inc., Sonos, Alibaba Group, Alphabet Inc., Baidu, Inc., Bose Corporation, Sony Corporation, Samsung Electronics and other players are listed in a final report.
February 2023: Sonos, a firm best known for its high-end speakers and soundbars, is getting ready to introduce a new generation of smart speakers in the near future. The speakers, code-named Optimo, are anticipated to rival Apple's HomePod and other comparable smart speakers from businesses like Google and Amazon.
In Saudi Arabia, Google debuted its virtual assistant powered by artificial intelligence in December 2021. Google has been specially modified to comprehend all Saudi dialects and respond in conventional Arabic. Google will be able to sing and crack jokes in Arabic thanks to these features.
Apple Inc. released the HomePod tiny speaker in October 2020. It is compatible with Edge software and Siri, Apple's voice assistant. The HomePod small also has built-in security and privacy features, as well as Wi-Fi and smart home functionality.
Report Attributes | Details |
Market Size in 2022 | US$ 10.22 Bn |
Market Size by 2030 | US$ 50.15 Bn |
CAGR | CAGR of 22 % From 2023 to 2030 |
Base Year | 2022 |
Forecast Period | 2023-2030 |
Historical Data | 2020-2021 |
Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
Key Segments | • By Component (Hardware, Software) • By Intelligent Virtual Assistant (Alexa, Google Assistant, DuerOS, AliGenie, Xiao Al, Siri, Others) • By Application (Smart Home, Consumer, Smart Office, Others) |
Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Company Profiles | Amazon, Harman International, Apple Inc., Sonos, Alibaba Group, Alphabet Inc., Baidu, Inc., Bose Corporation, Sony Corporation, Samsung Electronics |
Key Drivers | • Growing demand for smart display-based speakers • Increasing interest in Amazon Alexa |
Market Restraints | • High privacy risk • Problems with compatibility, power, and connectivity range |
Ans: Smart Speaker Market is anticipated to expand by 22 % from 2023 to 2030.
Ans: USD 50.15 billion is expected to grow by 2030.
Ans: High privacy risk and Problems with compatibility, power, and connectivity range
Ans: Smart Speaker Market size was valued at USD 10.22 billion in 2022
Ans: Growing popularity of display device and People are choosing technologically advanced products.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Ukraine- Russia War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Smart Speaker Market Segmentation, By Component
8.1 Hardware
8.2 Software
9. Smart Speaker Market Segmentation, By Intelligent Virtual Assistant
9.1 Alexa
9.2 Google Assistant
9.3 DuerOS
9.4 AliGenie
9.5 Xiao Al
9.6 Siri
9.7 Others
10. Smart Speaker Market Segmentation, By Application
10.1 Smart Home
10.2 Consumer
10.3 Smart Office
10.4 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Smart Speaker Market by Country
11.2.2North America Smart Speaker Market by Component
11.2.3 North America Smart Speaker Market by Intelligent Virtual Assistant
11.2.4 North America Smart Speaker Market by Application
11.2.5 USA
11.2.5.1 USA Smart Speaker Market by Component
11.2.5.2 USA Smart Speaker Market by Intelligent Virtual Assistant
11.2.5.3 USA Smart Speaker Market by Application
11.2.6 Canada
11.2.6.1 Canada Smart Speaker Market by Component
11.2.6.2 Canada Smart Speaker Market by Intelligent Virtual Assistant
11.2.6.3 Canada Smart Speaker Market by Application
11.2.7 Mexico
11.2.7.1 Mexico Smart Speaker Market by Component
11.2.7.2 Mexico Smart Speaker Market by Intelligent Virtual Assistant
11.2.7.3 Mexico Smart Speaker Market by Application
11.3 Europe
11.3.1 Eastern Europe
11.3.1.1 Eastern Europe Smart Speaker Market by Country
11.3.1.2 Eastern Europe Smart Speaker Market by Component
11.3.1.3 Eastern Europe Smart Speaker Market by Intelligent Virtual Assistant
11.3.1.4 Eastern Europe Smart Speaker Market by Application
11.3.1.5 Poland
11.3.1.5.1 Poland Smart Speaker Market by Component
11.3.1.5.2 Poland Smart Speaker Market by Intelligent Virtual Assistant
11.3.1.5.3 Poland Smart Speaker Market by Application
11.3.1.6 Romania
11.3.1.6.1 Romania Smart Speaker Market by Component
11.3.1.6.2 Romania Smart Speaker Market by Intelligent Virtual Assistant
11.3.1.6.4 Romania Smart Speaker Market by Application
11.3.1.7 Turkey
11.3.1.7.1 Turkey Smart Speaker Market by Component
11.3.1.7.2 Turkey Smart Speaker Market by Intelligent Virtual Assistant
11.3.1.7.3 Turkey Smart Speaker Market by Application
11.3.1.8 Rest of Eastern Europe
11.3.1.8.1 Rest of Eastern Europe Smart Speaker Market by Component
11.3.1.8.2 Rest of Eastern Europe Smart Speaker Market by Intelligent Virtual Assistant
11.3.1.8.3 Rest of Eastern Europe Smart Speaker Market by Application
11.3.2 Western Europe
11.3.2.1 Western Europe Smart Speaker Market by Component
11.3.2.2 Western Europe Smart Speaker Market by Intelligent Virtual Assistant
11.3.2.3 Western Europe Smart Speaker Market by Application
11.3.2.4 Germany
11.3.2.4.1 Germany Smart Speaker Market by Component
11.3.2.4.2 Germany Smart Speaker Market by Intelligent Virtual Assistant
11.3.2.4.3 Germany Smart Speaker Market by Application
11.3.2.5 France
11.3.2.5.1 France Smart Speaker Market by Component
11.3.2.5.2 France Smart Speaker Market by Intelligent Virtual Assistant
11.3.2.5.3 France Smart Speaker Market by Application
11.3.2.6 UK
11.3.2.6.1 UK Smart Speaker Market by Component
11.3.2.6.2 UK Smart Speaker Market by Intelligent Virtual Assistant
11.3.2.6.3 UK Smart Speaker Market by Application
11.3.2.7 Italy
11.3.2.7.1 Italy Smart Speaker Market by Component
11.3.2.7.2 Italy Smart Speaker Market by Intelligent Virtual Assistant
11.3.2.7.3 Italy Smart Speaker Market by Application
11.3.2.8 Spain
11.3.2.8.1 Spain Smart Speaker Market by Component
11.3.2.8.2 Spain Smart Speaker Market by Intelligent Virtual Assistant
11.3.2.8.3 Spain Smart Speaker Market by Application
11.3.2.9 Netherlands
11.3.2.9.1 Netherlands Smart Speaker Market by Component
11.3.2.9.2 Netherlands Smart Speaker Market by Intelligent Virtual Assistant
11.3.2.9.3 Netherlands Smart Speaker Market by Application
11.3.2.10 Switzerland
11.3.2.10.1 Switzerland Smart Speaker Market by Component
11.3.2.10.2 Switzerland Smart Speaker Market by Intelligent Virtual Assistant
11.3.2.10.3 Switzerland Smart Speaker Market by Application
11.3.2.11.1 Austria
11.3.2.11.2 Austria Smart Speaker Market by Component
11.3.2.11.3 Austria Smart Speaker Market by Intelligent Virtual Assistant
11.3.2.11.4 Austria Smart Speaker Market by Application
11.3.2.12 Rest of Western Europe
11.3.2.12.1 Rest of Western Europe Smart Speaker Market by Component
11.3.2.12.2 Rest of Western Europe Smart Speaker Market by Intelligent Virtual Assistant
11.3.2.12.3 Rest of Western Europe Smart Speaker Market by Application
11.4 Asia-Pacific
11.4.1 Asia-Pacific Smart Speaker Market by Country
11.4.2 Asia-Pacific Smart Speaker Market by Component
11.4.3 Asia-Pacific Smart Speaker Market by Intelligent Virtual Assistant
11.4.4 Asia-Pacific Smart Speaker Market by Application
11.4.5 China
11.4.5.1 China Smart Speaker Market by Component
11.4.5.2 China Smart Speaker Market by Application
11.4.5.3 China Smart Speaker Market by Intelligent Virtual Assistant
11.4.6 India
11.4.6.1 India Smart Speaker Market by Component
11.4.6.2 India Smart Speaker Market by Intelligent Virtual Assistant
11.4.6.3 India Smart Speaker Market by Application
11.4.7 Japan
11.4.7.1 Japan Smart Speaker Market by Component
11.4.7.2 Japan Smart Speaker Market by Intelligent Virtual Assistant
11.4.7.3 Japan Smart Speaker Market by Application
11.4.8 South Korea
11.4.8.1 South Korea Smart Speaker Market by Component
11.4.8.2 South Korea Smart Speaker Market by Intelligent Virtual Assistant
11.4.8.3 South Korea Smart Speaker Market by Application
11.4.9 Vietnam
11.4.9.1 Vietnam Smart Speaker Market by Component
11.4.9.2 Vietnam Smart Speaker Market by Intelligent Virtual Assistant
11.4.9.3 Vietnam Smart Speaker Market by Application
11.4.10 Singapore
11.4.10.1 Singapore Smart Speaker Market by Component
11.4.10.2 Singapore Smart Speaker Market by Intelligent Virtual Assistant
11.4.10.3 Singapore Smart Speaker Market by Application
11.4.11 Australia
11.4.11.1 Australia Smart Speaker Market by Component
11.4.11.2 Australia Smart Speaker Market by Intelligent Virtual Assistant
11.4.11.3 Australia Smart Speaker Market by Application
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific Smart Speaker Market by Component
11.4.12.2 Rest of Asia-Pacific Smart Speaker Market by Intelligent Virtual Assistant
11.4.12.3 Rest of Asia-Pacific Smart Speaker Market by Application
11.5 Middle East & Africa
11.5.1 Middle East
11.5.1.1 Middle East Smart Speaker Market by Country
11.5.1.2 Middle East Smart Speaker Market by Component
11.5.1.3 Middle East Smart Speaker Market by Intelligent Virtual Assistant
11.5.1.4 Middle East Smart Speaker Market by Application
11.5.1.5 UAE
11.5.1.5.1 UAE Smart Speaker Market by Component
11.5.1.5.2 UAE Smart Speaker Market by Intelligent Virtual Assistant
11.5.1.5.3 UAE Smart Speaker Market by Application
11.5.1.6 Egypt
11.5.1.6.1 Egypt Smart Speaker Market by Component
11.5.1.6.2 Egypt Smart Speaker Market by Intelligent Virtual Assistant
11.5.1.6.3 Egypt Smart Speaker Market by Application
11.5.1.7 Saudi Arabia
11.5.1.7.1 Saudi Arabia Smart Speaker Market by Component
11.5.1.7.2 Saudi Arabia Smart Speaker Market by Intelligent Virtual Assistant
11.5.1.7.3 Saudi Arabia Smart Speaker Market by Application
11.5.1.8 Qatar
11.5.1.8.1 Qatar Smart Speaker Market by Component
11.5.1.8.2 Qatar Smart Speaker Market by Intelligent Virtual Assistant
11.5.1.8.3 Qatar Smart Speaker Market by Application
11.5.1.9 Rest of Middle East
11.5.1.9.1 Rest of Middle East Smart Speaker Market by Component
11.5.1.9.2 Rest of Middle East Smart Speaker Market by Intelligent Virtual Assistant
11.5.1.9.3 Rest of Middle East Smart Speaker Market by Application
11.5.2 Africa
11.5.2.1 Africa Transfusion Diagnostics Market by Country
11.5.2.2 Africa Smart Speaker Market by Component
11.5.2.3 Africa Smart Speaker Market by Intelligent Virtual Assistant
11.5.2.4 Africa Smart Speaker Market by Application
11.5.2.5 Nigeria
11.5.2.5.1 Nigeria Smart Speaker Market by Component
11.5.2.5.2 Nigeria Smart Speaker Market by Intelligent Virtual Assistant
11.5.2.5.3 Nigeria Smart Speaker Market by Application
11.5.2.6 South Africa
11.5.2.6.1 South Africa Smart Speaker Market by Component
11.5.2.6.2 South Africa Smart Speaker Market by Intelligent Virtual Assistant
11.5.2.6.3 South Africa Smart Speaker Market by Application
11.5.2.7 Rest of Africa
11.5.2.7.1 Rest of Africa Smart Speaker Market by Component
11.5.2.7.2 Rest of Africa Smart Speaker Market by Intelligent Virtual Assistant
11.5.2.7.3 Rest of Africa Smart Speaker Market by Application
11.6 Latin America
11.6.1 Latin America Smart Speaker Market by Country
11.6.2 Latin America Smart Speaker Market by Component
11.6.3 Latin America Smart Speaker Market by Intelligent Virtual Assistant
11.6.4 Latin America Smart Speaker Market by Application
11.6.5 Brazil
11.6.5.1 Brazil America Smart Speaker Market by Component
11.6.5.2 Brazil America Smart Speaker Market by Intelligent Virtual Assistant
11.6.5.3 Brazil America Smart Speaker Market by Application
11.6.6 Argentina
11.6.6.1 Argentina America Smart Speaker Market by Component
11.6.6.2 Argentina America Smart Speaker Market by Intelligent Virtual Assistant
11.6.6.3 Argentina America Smart Speaker Market by Application
11.6.7 Colombia
11.6.7.1 Colombia America Smart Speaker Market by Component
11.6.7.2 Colombia America Smart Speaker Market by Intelligent Virtual Assistant
11.6.7.3 Colombia America Smart Speaker Market by Application
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Smart Speaker Market by Component
11.6.8.2 Rest of Latin America Smart Speaker Market by Intelligent Virtual Assistant
11.6.8.3 Rest of Latin America Smart Speaker Market by Application
12 Company profile
12.1 Amazon (US)
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Harman International (US)
12.2.1 Company Overview
12.2.2 Financials
12.2.3 Product/Services Offered
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Apple Inc. (US)
12.3.1 Company Overview
12.3.2 Financials
12.3.3 Product/Services Offered
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Sonos (US)
12.4.1 Company Overview
12.4.2 Financials
12.4.3 Product/Services Offered
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Alibaba Group (China)
12.5.1 Company Overview
12.5.2 Financials
12.5.3 Product/Services Offered
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Alphabet Inc. (US)
12.6.1 Company Overview
12.6.2 Financials
12.6.3 Product/Services Offered
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Baidu, Inc. (China)
12.7.1 Company Overview
12.7.2 Financials
12.7.3 Product/Services Offered
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 Bose Corporation (US)
12.8.1 Company Overview
12.8.2 Financials
12.8.3 Product/Services Offered
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Sony Corporation (Japan)
12.9.1 Company Overview
12.9.2 Financials
12.9.3 Product/Services Offered
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Samsung Electronics (South Korea)
12.10.1 Company Overview
12.10.2 Financials
12.10.3 Product/Services Offered
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Bench marking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
15. Conclusion
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