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Smart Speaker Market

Global Smart Speaker Market Share, Outlook, Forecast: By Intelligent Virtual Assistant: Alexa, Google Assistant, Siri, Dueros, Aligenie, Xiao AI, Others; By Component: Hardware, Software; By Application: Smart Home, Consumer, Smart Office, Others; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032

Global Smart Speaker Market Outlook

The global smart speaker market attained a value about USD 10.55 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 19.5% to reach nearly USD 52.59 billion by 2032.

 

Global Smart Speaker Market

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Rising Advancements in Technology to Propel the Market Growth of Smart Speaker

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.

 

Smart Speaker: Market Segmentation

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.

 

Global Smart Speaker Market by Segment

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On the basis of intelligent virtual assistant, smart speaker industry is segmented into:

  • Alexa
  • Google Assistant
  • Siri
  • Dueros
  • Aligenie
  • Xiao AI
  • Others

Based on  component, the  market can be divided  into:

  • Hardware
  • Software

The market, on the basis of application, the market can be categorised  into:

  • Smart Home
  • Consumer
  • Smart Office
  • Others

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.

 

Global Smart Speaker Market by Region

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Increase in the Preference for Smart Homes to Augment the Market Growth of Smart Speaker

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.

 

Key Industry Players in the Global Smart Speaker 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:

  • Amazon.com, Inc.
  • Alphabet Inc.
  • Alibaba Group Holding Limited
  • Xiaomi Corporation
  • Apple Inc.
  • Others

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.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
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
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
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.

 

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.

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 (2018-2023) 
    8.3    Global Smart Speaker Market Forecast (2024-2032)
    8.4    Global Smart Speaker Market by Intelligent Virtual Assistant
        8.4.1    Alexa
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Google Assistant 
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
        8.4.3    Siri
            8.4.3.1    Historical Trend (2018-2023)
            8.4.3.2    Forecast Trend (2024-2032)
        8.4.4    Dueros 
            8.4.4.1    Historical Trend (2018-2023)
            8.4.4.2    Forecast Trend (2024-2032)
        8.4.5    Aligenie 
            8.4.5.1    Historical Trend (2018-2023)
            8.4.5.2    Forecast Trend (2024-2032)
        8.4.6    Xiao AI 
            8.4.6.1    Historical Trend (2018-2023)
            8.4.6.2    Forecast Trend (2024-2032)
        8.4.7    Others
    8.5    Global Smart Speaker Market by Component
        8.5.1    Hardware
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Software
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
    8.6    Global Smart Speaker Market by Application
        8.6.1    Smart Home 
            8.6.1.1    Historical Trend (2018-2023)
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Consumer  
            8.6.2.1    Historical Trend (2018-2023)
            8.6.2.2    Forecast Trend (2024-2032)
        8.6.3    Smart Office
            8.6.3.1    Historical Trend (2018-2023)
            8.6.3.2    Forecast Trend (2024-2032)
        8.6.4    Others    
    8.7    Global Smart Speaker Market by Region
        8.7.1    North America
            8.7.1.1    Historical Trend (2018-2023) 
            8.7.1.2    Forecast Trend (2024-2032)
        8.7.2    Europe
            8.7.2.1    Historical Trend (2018-2023) 
            8.7.2.2    Forecast Trend (2024-2032)
        8.7.3    Asia Pacific
            8.7.3.1    Historical Trend (2018-2023) 
            8.7.3.2    Forecast Trend (2024-2032)
        8.7.4    Latin America
            8.7.4.1    Historical Trend (2018-2023) 
            8.7.4.2    Forecast Trend (2024-2032)
        8.7.5    Middle East and Africa
            8.7.5.1    Historical Trend (2018-2023) 
            8.7.5.2    Forecast Trend (2024-2032)
9    North America Smart Speaker Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023) 
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023) 
        9.2.2    Forecast Trend (2024-2032)
10    Europe Smart Speaker Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023) 
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023) 
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023) 
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023) 
        10.4.2    Forecast Trend (2024-2032)
    10.5    Others
11    Asia Pacific Smart Speaker Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023) 
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023) 
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023) 
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023) 
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.1    Historical Trend (2018-2023) 
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America Smart Speaker Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023) 
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023) 
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023) 
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East and Africa Smart Speaker Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023) 
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023) 
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2023) 
        13.3.2    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2023) 
        13.4.2    Forecast Trend (2024-2032)
    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 2032
2.    Global Smart Speaker Historical Market: Breakup by Intelligent Virtual Assistant (USD Billion), 2018-2023
3.    Global Smart Speaker Market Forecast: Breakup by Intelligent Virtual Assistant (USD Billion), 2024-2032
4.    Global Smart Speaker Historical Market: Breakup by Component (USD Billion), 2018-2023
5.    Global Smart Speaker Market Forecast: Breakup by Component (USD Billion), 2024-2032
6.    Global Smart Speaker Historical Market: Breakup by Application (USD Billion), 2018-2023
7.    Global Smart Speaker Market Forecast: Breakup by Application (USD Billion), 2024-2032
8.    Global Smart Speaker Historical Market: Breakup by Region (USD Billion), 2018-2023
9.    Global Smart Speaker Market Forecast: Breakup by Region (USD Billion), 2024-2032
10.    North America Smart Speaker Historical Market: Breakup by Country (USD Billion), 2018-2023
11.    North America Smart Speaker Market Forecast: Breakup by Country (USD Billion), 2024-2032
12.    Europe Smart Speaker Historical Market: Breakup by Country (USD Billion), 2018-2023
13.    Europe Smart Speaker Market Forecast: Breakup by Country (USD Billion), 2024-2032
14.    Asia Pacific Smart Speaker Historical Market: Breakup by Country (USD Billion), 2018-2023
15.    Asia Pacific Smart Speaker Market Forecast: Breakup by Country (USD Billion), 2024-2032
16.    Latin America Smart Speaker Historical Market: Breakup by Country (USD Billion), 2018-2023
17.    Latin America Smart Speaker Market Forecast: Breakup by Country (USD Billion), 2024-2032
18.    Middle East and Africa Smart Speaker Historical Market: Breakup by Country (USD Billion), 2018-2023
19.    Middle East and Africa Smart Speaker Market Forecast: Breakup by Country (USD Billion), 2024-2032
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

Key Questions Answered in the Report

The global smart speaker market attained a value of nearly USD 10.55 billion in 2023.

The market is projected to grow at a CAGR of 19.5% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 52.59 billion by 2032.   

The major market drivers include advancements in audio technology, the increasing preference for smart homes, and surging investments in R&D activities by key players.

The versatile usability and advanced features of smart speakers, the development of innovative products, and the increasing adoption of smart homes are the key trends fuelling the market demand.

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

The various segments based on intelligent virtual assistance of smart speaker considered in the market report are Alexa, Google Assistant, Siri, Dueros, Aligenie, and Xiao AI, 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 market are Amazon.com Inc, Alphabet Inc, Alibaba Group Holding Limited, Xiaomi Corporation, and Apple Inc,  among others.

Analyst Review

The global smart speaker market attained a value of about USD 10.55 billion in 2023, driven by advancements in technology. Aided by the rising preference for smart homes, the market is expected to grow at a CAGR of 19.5% in the forecast period of 2024-2032 to reach approximately USD 52.59 billion by 2032.

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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