According to the research report titled ‘Global Smart Speaker Market Size study, by Intelligent Virtual Assistant, by Component, by Application and Regional Forecasts 2020-2027‘, available with Market Study Report LLC, Global Smart Speaker Market to reach USD 21.6 billion by 2027 and was accounted for USD 6.1 billion in 2019 and is expected to grow with a CAGR of 17.1% during 2020-2027.
Increasing number of smart homes, rising trend of personalization, and growing disposable income are expected to drive the growth of global smart speaker market during 2020-2027.
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Notably, a smart speaker is a wireless speaker with various features such as Wi-Fi, Bluetooth, or other wireless protocols, and often works as virtual assistant. It is controlled by voice command to do certain tasks like online shopping, listening to music, and ordering food online. It also performs other tasks such as collecting weather information, listing daily tasks, and obtaining latest news. Integration of smart speakers with home appliances across numerous households along with technological inventions are impelling the market growth globally.
Although, growing prevalence of COVID-19 has caused decline in manufacturing operations, which alongside suspension of ecommerce platforms due to lockdown imposed by the governments is negatively impacting the smart speaker industry. Also, the problems with compatibility, connectivity range, and power along with security & privacy concerns will act as growth restraints.
Key players operating in global smart speaker market size include Alphabet Inc., Alibaba Group, Amazon.com, Inc., Apple Inc., Xiaomi Corporation, Harman International Industries Inc., Sonos, Bose Corporation, Baidu Inc., and Lenovo Group Limited.
Based on intelligent virtual assistant scope, the industry is segmented into DuerOS, Google Assistant, Alexa, Siri, AliGenie, and others. With regards to the component type, smart speaker market is bifurcated into software and hardware. While as per application terrain, the market is classified into consumer, smart home, smart offices, and others.
From regional frame of reference, global smart speaker market is segmented into Asia Pacific, Latin America, Europe, North America, and rest of the world. North America market is the major contributor in terms of revenue currently, due to significant penetration of smart speakers and presence of leading companies in the region.
Parallelly, Asia-Pacific smart speaker market size is expected to grow rapidly during 2020-2027, owing to increasing disposable income and ongoing trend of smart homes in the region.
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