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The global smart speaker market attained a value about USD 7.38 billion in 2020. The market is further expected to grow in the forecast period of 2023-2028 at a CAGR of 19.54% to reach nearly USD 21.55 billion by 2026.
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The increasing number of smart homes, the growing demand for smart speaker displays, and the rapid proliferation of multifunctional and versatile devices are augmenting the market growth of smart speaker. Smart speakers such as Alexa, Google Assistant, and Siri are equipped with technologies, such as the Internet of Things (IoT) and Artificial intelligence (AI). In addition, the rise in the usage of smart devices among the younger generation and the increase in consumer readiness to invest in trending technologies are positively influencing the market growth of smart speakers. The rising market demand for smart speakers can be attributed to the development of partnerships between creators of smart speakers and smart home manufacturers, which is further invigorating the market growth. However, with the use of the smart speaker, user data privacy became a major issue as smart speaker provides personalised services to its users by collection and analysis of the user data, which may hinder the market growth. Yet, the ultra-fast 5G wireless innovation developed to support improved digital technology and smart homes is projected to boost the adoption of smart speakers in the coming years, thereby boosting the market growth.
A smart speaker refers to a wireless speaker equipped with an internet connection that can be controlled by voice instructions and is capable of playing audio content, streaming, relaying information, and communicating with another device. It provides interactive functions through voice commands and acts as the control hub for a smart home using a built-in virtual assistant feature.
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On the basis of intelligent virtual assistant, smart speaker industry is segmented into:
Based on component, the market can be divided into:
The market, on the basis of application, the market can be categorised into:
The EMR report looks into the regional markets of smart speaker like North America, Europe, the Asia pacific, Latin America, and the Middle East and Africa.
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The smart home is one of the major application segments of smart speakers owing to their versatile usability and advanced features. In this technologically advancing world, consumers are increasingly adopting smart homes at a rapid pace as a result of a rise in disposable incomes and increasing purchasing power. A smart home comprises smart devices, like smart lights, smart TVs, smart locks, thermostats, security cameras, and smart kitchen appliances, among others. Smart speakers thus act as a control hub to manage these devices by allowing a remote operation to smart devices with voice commands over the internet, thus, making everyday tasks easy and stimulating the industry growth.
Moreover, development in the audio technology segment aided by investments in R&D for the development of innovative products is anticipated to bolster the growth of the smart speaker industry over the forecast period. In addition, the forthcoming structuring of innovative wireless technology, 5G, Bluetooth, and wi-fi, along with the rising market penetration of smart phones is anticipated to enhance the growth of the market.
The report presents a detailed analysis of the following key players in the global smart speaker market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
REPORT FEATURES | DETAILS |
---|---|
Base Year | 2022 |
Historical Period | 2018-2022 |
Forecast Period | 2023-2028 |
Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Intelligent Virtual Assistant, Component, Application, Region |
Breakup by Intelligent Virtual Assistant | Alexa, Google Assistant, Siri, Dueros, Aligenie, Xiao AI, Others |
Breakup by Component | Hardware, Software |
Breakup by Application | Smart Home, Consumer, Smart Office, Others |
Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
Price Analysis | Historical and Forecast Price Trends- Regional |
Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
Companies Covered | Amazon.com, Inc., Alphabet Inc., Alibaba Group Holding Limited, Xiaomi Corporation, Apple Inc., Others |
Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Smart Speaker Market Analysis
8.1 Key Industry Highlights
8.2 Global Smart Speaker Historical Market (2018-2022)
8.3 Global Smart Speaker Market Forecast (2023-2028)
8.4 Global Smart Speaker Market by Intelligent Virtual Assistant
8.4.1 Alexa
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Google Assistant
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Siri
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.4.4 Dueros
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2018-2022)
8.4.4.3 Forecast Trend (2023-2028)
8.4.5 Aligenie
8.4.5.1 Market Share
8.4.5.2 Historical Trend (2018-2022)
8.4.5.3 Forecast Trend (2023-2028)
8.4.6 Xiao AI
8.4.6.1 Market Share
8.4.6.2 Historical Trend (2018-2022)
8.4.6.3 Forecast Trend (2023-2028)
8.4.7 Others
8.5 Global Smart Speaker Market by Component
8.5.1 Hardware
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Software
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.6 Global Smart Speaker Market by Application
8.6.1 Smart Home
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Consumer
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Smart Office
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.6.4 Others
8.7 Global Smart Speaker Market by Region
8.7.1 North America
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 Europe
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.7.3 Asia Pacific
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2022)
8.7.3.3 Forecast Trend (2023-2028)
8.7.4 Latin America
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2018-2022)
8.7.4.3 Forecast Trend (2023-2028)
8.7.5 Middle East and Africa
8.7.5.1 Market Share
8.7.5.2 Historical Trend (2018-2022)
8.7.5.3 Forecast Trend (2023-2028)
9 North America Smart Speaker Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Smart Speaker Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Smart Speaker Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Smart Speaker Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Smart Speaker Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Price Analysis
17 Competitive Landscape
17.1 Market Structure
17.2 Company Profiles
17.2.1 Amazon.com, Inc.
17.2.1.1 Company Overview
17.2.1.2 Product Portfolio
17.2.1.3 Demographic Reach and Achievements
17.2.1.4 Certifications
17.2.2 Alphabet Inc.
17.2.2.1 Company Overview
17.2.2.2 Product Portfolio
17.2.2.3 Demographic Reach and Achievements
17.2.2.4 Certifications
17.2.3 Alibaba Group Holding Limited
17.2.3.1 Company Overview
17.2.3.2 Product Portfolio
17.2.3.3 Demographic Reach and Achievements
17.2.3.4 Certifications
17.2.4 Xiaomi Corporation
17.2.4.1 Company Overview
17.2.4.2 Product Portfolio
17.2.4.3 Demographic Reach and Achievements
17.2.4.4 Certifications
17.2.5 Apple Inc.
17.2.5.1 Company Overview
17.2.5.2 Product Portfolio
17.2.5.3 Demographic Reach and Achievements
17.2.5.4 Certifications
17.2.6 Others
18 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Smart Speaker Market: Key Industry Highlights, 2018 and 2028
2. Global Smart Speaker Historical Market: Breakup by Intelligent Virtual Assistant (USD Billion), 2018-2022
3. Global Smart Speaker Market Forecast: Breakup by Intelligent Virtual Assistant (USD Billion), 2023-2028
4. Global Smart Speaker Historical Market: Breakup by Component (USD Billion), 2018-2022
5. Global Smart Speaker Market Forecast: Breakup by Component (USD Billion), 2023-2028
6. Global Smart Speaker Historical Market: Breakup by Application (USD Billion), 2018-2022
7. Global Smart Speaker Market Forecast: Breakup by Application (USD Billion), 2023-2028
8. Global Smart Speaker Historical Market: Breakup by Region (USD Billion), 2018-2022
9. Global Smart Speaker Market Forecast: Breakup by Region (USD Billion), 2023-2028
10. North America Smart Speaker Historical Market: Breakup by Country (USD Billion), 2018-2022
11. North America Smart Speaker Market Forecast: Breakup by Country (USD Billion), 2023-2028
12. Europe Smart Speaker Historical Market: Breakup by Country (USD Billion), 2018-2022
13. Europe Smart Speaker Market Forecast: Breakup by Country (USD Billion), 2023-2028
14. Asia Pacific Smart Speaker Historical Market: Breakup by Country (USD Billion), 2018-2022
15. Asia Pacific Smart Speaker Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Latin America Smart Speaker Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Latin America Smart Speaker Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Middle East and Africa Smart Speaker Historical Market: Breakup by Country (USD Billion), 2018-2022
19. Middle East and Africa Smart Speaker Market Forecast: Breakup by Country (USD Billion), 2023-2028
20. North America Historical Price Trends and Forecast 2018-2028
21. Europe Historical Price Trends and Forecast 2018-2028
22. Asia Pacific Historical Price Trends and Forecast 2018-2028
23. Latin America Historical Price Trends and Forecast 2018-2028
24. Middle East and Africa Historical Price Trends and Forecast 2018-2028
25. Global Smart Speaker Market Structure
The global smart speaker market attained a value of nearly USD 7.38 billion in 2020.
The market is projected to grow at a CAGR of 19.54% between 2021 and 2026.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach about USD 21.55 billion by 2026.
The growth of smart speaker industry can be attributed to the increasing preference for smart homes due to advancements in audio technology as a result of rising investments in the R&D sector.
The rising preference for smart home infrastructure owing to increasing purchasing power of the people is augmenting the market growth of smart speakers.
The major regional markets for smart speaker are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The various types of intelligent virtual assistant in the industry are Alexa, google assistant Siri, Dueros, Aligenie, and xiao AL, among others.
The significant components of smart speaker include hardware and software.
The major applications of smart speaker are smart home, consumer, and smart office, among others.
The major players in the industry are Amazon.com Inc, Alphabet Inc, Alibaba Group Holding Limited, Xiaomi Corporation, and Apple Inc, among others.
The global smart speaker market attained a value of about USD 7.38 billion in 2020, driven by advancements in technology. Aided by the rising preference for smart homes, the market is expected to grow at a CAGR of 19.54% in the forecast period of 2023-2028 to reach approximately USD 21.55 billion by 2026.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on intelligent virtual assistant, , the industry can be segmented into Alexa, google assistant, Siri, Dueros, Aligenie, and xiao AL, among others. On the basis of component, the market can be divided into hardware and software. The market, based on application, can be categorised into smart home, consumer, and smart office, among others. The major regional markets for smart speaker are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the industry are Amazon.com Inc, Alphabet Inc, Alibaba Group Holding Limited, Xiaomi Corporation, and Apple Inc, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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