Global Smart Speaker Market to Reach Around USD 52.43 Billion by 2032, Driven by Increasing Demand for Smart Home Appliances

North America holds a significant market share due to the incorporation of technologies into speakers. The USA is the hub of technological centres, with leading IT giants such as Alphabet, Inc., Amazon.com, Intel Corporation, and others.

According to industry sources, 63.43 million homes in the United States actively use smart home devices. As a result, consumer electronics with advanced features are gaining popularity in the region. Additionally, strong urbanisation, high per capita income, and growing demand for convenient and comfortable lifestyles support the smart speaker market expansion.

Reportedly, 50% of Americans welcome at least one guest into their home once a month and 21% do so every day, which positively influences smart speaker demand among Americans. Additionally, consumers' growing willingness to invest in cutting-edge technologies is driving the demand for smart speakers.

The incorporation of AI in smart speakers also drives the market growth. In September 2023, Amazon.com, Inc. (NASDAQ: AMZN) launched a smarter and more conversational Alexa, driven by generative AI. Its foundation is a brand-new, massive language model that has been specially designed and tuned for voice interactions. It also incorporates features like real-time information retrieval and effective smart home control, hence optimising home entertainment.

Through its eye gaze mode, customers with speech or movement impairments can use their tablet to execute pre-programmed Alexa tasks like playing music and shows, controlling their home environment, and even making phone calls, all without using their hands or voices. By incorporating such smart features, the company anticipates a significant improvement in Alexa's capacity to reason, deduce user intent, and comprehend complex requests.

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Market Analysis by Intelligent Virtual Assistant, Component, Application, and Region:

• The market, on the basis of intelligent virtual assistant, can be divided into Alexa, Google Assistant, Siri, Dueros, Aligenie, and Xiao AI, among others.

• Based on component, the market can be divided into hardware and software.

• The various applications for smart speaker include smart home, consumer, and smart office, among others.

• The major regional markets for smart speaker include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• With smart speakers, users simply speak to get information and operate their devices. Currently, there are more than 6.5 billion smartphones in operation globally. Global Internet usage via mobile devices has surged by 67% in 2022-23, and the number of Internet users is significantly rising. The increasing smartphone penetration globally supports the increased application of smart speakers.

• Smart speakers serve as central hubs for managing a variety of smart home appliances, such as security systems, lights, and alarms. One important factor driving the market is the ease with which various devices may be managed via a single interface. Consumers rising disposable income and busy lifestyles aid the smart speaker market growth.

• Technological innovations such as the integration of neural network-based voice recognition and mood-sensing technology offer personalised audio experiences, which further drive smart speaker demand.

• Increasing consumer expenditure on portable, easy-to-use, and wireless smart devices creates opportunities for the market for smart speaker.

Key Offerings of the Report:

• The EMR report gives an overview of the global smart speaker market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the intelligent virtual assistants, components, applications, and major regions of smart speaker.

• It assesses the regional price trends for the (2018-2023) and (2024-2032) periods.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global smart speaker market are Amazon.com, Inc., Alphabet Inc., Alibaba Group Holding Limited, Xiaomi Corporation, and Apple Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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