The global smart speakers market size is expected grow from $6.16 billion in 2021 to $6.60 billion in 2022 at a compound annual growth rate (CAGR) of 7.1%. The growth in the market 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 speaker market is expected to reach $8.63 billion in 2026 at a CAGR of 6.9%.
What is the Global Smart Speakers Market?
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.
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What drives the Global Smart Speakers Market?
With increasing consumer preference for technologically advanced products there is a rise in penetration of smartphones and smart devices. The enhanced personal use of smart devices points at integration of smart devices with devices such as smart lightbulbs, thermostats, and TVs. The consumer interest in technologically advanced products has resulted in 205 million installed smart speakers in 2019 and reached 325 million by 2020. In 2019, Amazon could integrate LIDAR technology into Amazon Echo through which it will be able to recognize hand gestures, type of food, and even the clothes being worn. In India, in 2019 the total number of smartphones users are 502.2 million and the smartphones market is expected to gain 859 million users by 2022. Regional manufacturers are being encouraged to produce innovative and advanced products with customer interest to accept and adopt emerging technology which is expected to drive the smart speakers market.
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Global Smart Speakers Market Segments
The global smart speakers market is 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 regions covered in the smart speakers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Smart Speakers Global Market Report 2022 provides market size and growth forecasts for the global smart speakers market, global smart speakers market share, smart speakers market segments and geographies, smart speakers market competitive landscape including 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.
Global Smart Speakers Industry Players include Amazon Inc., Apple Inc., Xiaomi, Alibaba Group Holding Limited, Sonos. Inc., Harman International, Bose Corporation, Sony Corporation, ONKYO CORPORATION, and Panasonic Corporation. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
