What Has Been the Progress and Growth of the Smart Speakers Market in Recent Years?
The smart speakers market has seen considerable growth due to a variety of factors.
• The market size of smart speakers has seen substantial growth in the last few years. The market value is projected to increase from $14.36 billion in 2024 to $19.01 billion in 2025, with a compound annual growth rate (CAGR) of 32.4%.
Factors contributing to the growth during the historic period include the incorporation of voice assistants, control of smart homes, music streaming, information access, and ecosystem integration.
What Is The Expected Growth In The Smart Speakers Market Size Evolve over the Forecast Period?
The smart speakers market is expected to maintain its strong growth trajectory in upcoming years.
• The smart speakers industry is projected to witness a significant expansion in the coming years, with the market size anticipated to reach $42.95 billion by 2029, growing at a compound annual growth rate (CAGR) of 22.6%.
The surge in growth during the forecast period can be linked to numerous factors including multi-modal interfaces, superior voice recognition, localization and language support, health and wellness features, as well as business and enterprise adoption. Key trends projected to shape the market during this period include voice commerce (v-commerce), privacy and data protection, customizable activation phrases, personalized content, and advancements in artificial intelligence and contextual comprehension.
What Main Forces Are Fueling Expansion In The Smart Speakers Market?
The attraction for technologically upgraded products amongst consumers is increasing, leading to a higher penetration of smartphones and smart devices. This amplification in the personal use of smart devices is encouraging their integration with other smart appliances like lightbulbs, thermostats, and TVs. For example, Uswitch Limited, a financial conduct authority based in the UK, noted in February 2023, that the UK's population, from 2022, will surge to 68.3 million by 2025, with a projected 95% (equivalent to about 65 million people) owning a smartphone. This trend is fueling regional manufacturers to develop intricate and advanced products, with the aim of stimulating customer interest and driving the adoption of emerging technology. Consequently, this is predicted to propel the smart speakers market.
What Are The Primary Segments In The Global Smart Speakers Market?
The smart speakers market covered in this report is segmented –
1) By Intelligent Virtual Assistant: Amazon Alexa, Google Assistant, Siri, Cortana, Other Intelligent Virtual Assistants
2) By Distribution Channel: Online, Offline
3) By Application: Smart Home, Smart Office, Consumer, Other Applications
4) By End User: Personal, Commercial
Subsegments:
1) By Amazon Alexa: Echo Devices, Third-party Alexa-enabled Smart Speakers
2) By Google Assistant: Google Nest Devices, Third-party Google Assistant-enabled Smart Speakers
3) By Siri: Apple HomePod, Siri-integrated Third-party Smart Speakers
4) By Cortana: Microsoft Cortana-enabled Smart Speakers, Enterprise-focused Cortana Devices
5) By Other Intelligent Virtual Assistants: Samsung Bixby-enabled Smart Speakers, Baidu DuerOS-powered Smart Speakers, Alibaba Tmall Genie, Xiaomi XiaoAI Speakers
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What Trends Are Reshaping The Future Of The Smart Speakers Market?
Artificial intelligence-driven virtual assistant devices provide the ultimate convenience to their users. These devices continually listen for commands, evaluate user needs and carry out tasks when needed. The Amazon Echo smart assistant, Alexa, can be triggered with a simple spoken word. Siri, Apple's voice assistant, enables hands-free use and provides a high-quality virtual surround sound experience. Features include setting timers, managing calendar events, and more. The Google Assistant, initiated with "Ok Google," grants immediate access to Google services and any data linked to the Google account. In May 2023, for example, Amazon, the US-based tech firm, launched Echo Pop. This updated Echo speaker series includes a new model priced at $40 with a semi-circular design. This latest Alexa-powered entry-level device from Amazon features a half-globe design with a forward-facing speaker perfect for compact spaces. It incorporates the AZ2 Neural Edge processor for on-device machine learning and can be paired with Eero mesh routers to extend the network range by up to 1,000 square feet. The Echo Pop is available in charcoal, white, lavender bloom, and midnight teal color options.
Who Are the Key Players In The Smart Speakers Market?
Major companies operating in the smart speakers market include:
• Amazon.com Inc.
• Apple Inc.
• Xiaomi Corporation
• Alibaba Group Holding Limited
• Sonos Inc.
• Harman International Industries Incorporated
• Bose Corporation
• Sony Corporation
• ONKYO CORPORATION
• Panasonic Corporation
• Alphabet Inc.
• Baidu Inc.
• Plantronics Inc.
• Pioneer Corporation
• SK Telecom Co. Ltd.
• Lenovo Group Limited
• Samsung Electronics Co. Ltd.
• Avnera Corporation
• Fabriq
• Invoxia
• LG Electronics Inc.
• Libratone A/S
• Mobvoi Inc.
• Mojo
• Ultimate Ears
• Yamaha Corporation
• Edifier International Limited
• Meta Platforms Inc.
• Jam Audio
• Kakao Corporation
• KitSound by Kondor Ltd.
• Koninklijke Philips N.V.
• Logitech International S.A.
• Beijing LingLong Electronics Co. Ltd.
• Deutsche Telekom AG
• Anker Innovations
• JBL
• Marshall Amplification plc
What Is The Most Dominant Region In The Smart Speakers Market?
Asia-Pacific was the largest region in the smart speakers market in 2023. Africa is expected to be the fastest-growing region in the smart speakers market during the forecast period. The regions covered in the smart speakers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
