The smart speakers market consists of sales of smart speakers and related products that include Bluetooth-, Wi-Fi-enabled and wireless devices which are integrated with virtual assistant device powered by artificial intelligence. The smart speakers market consists of revenue generated through the sales of speakers with virtual assistant intelligence such as Alexa, Google Assistant, Siri, and Cortana, among others which are distributed through online or offline channels to personal and commercial users for smart home, smart office, automotive, commercial and more applications. The companies involved in the smart speakers market are engaged in designing, manufacturing, producing artificial intelligence assisted speakers which are activated with one 'hot word' using voice recognition systems to perform wide range of wireless activities.
Global Smart Speakers Market Size And Drivers:
The global smart speakers market is expected grow from $4.66 billion in 2020 to $6.98 billion in 2021 at a compound annual growth rate (CAGR) of 49.8%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The smart speakers market is expected to reach $17.85 billion in 2025 at a CAGR of 26%. With increasing consumer preference for technologically advanced products there is a rise in penetration of smartphones and smart devices.
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Trends In The Global Smart Speakers Market
Virtual assistant devices are powered by artificial intelligence which offer ultimate luxury to the owner. They keep on listening to the command, analyze the needs and performs the task when necessary. The Amazon Echo with smart assistant Alexa can be activated with voice command of one hot word “Alexa”. Siri, the Apple voice assistant provides hands-free activation with deep integration technology and high-quality virtual surround sound and exhibits features like setting timer, managing calendar events and more. Google Assistant activated with “Ok Google” provides instant access to all of the Google services and the data associated with the Google account. In 2019, a survey states that Amazon Alexa/Echo dominates the US market with 70% market share followed by Google home with 25% and Apple HomePod with 5% which was largely because of the high sales of entry-level devices like Google Home Mini and Amazon Echo Dot with reasonable price. The proliferation of virtual assistance is, in turn, driving the smart speaker market.
Global Smart Speakers Market Segments:
The global smart speakers market is further segmented –
By Intelligent Virtual Assistant: Amazon Alexa, Google Assistant, Siri, Cortana, Others
By Application: Smart Home, Smart Office, Consumer, Others
By End User: Personal, Commercial
By Distribution Channel: Online, Offline
By Geography: The global smart speakers market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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Smart Speakers Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides smart speakers market overviews, analyzes and forecasts market size and growth for the global smart speakers market, smart speakers market share, smart speakers market players, smart speakers market segments and geographies, smart speakers market’s leading competitors’ revenues, profiles and market shares. The smart speakers market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
