The global Smart Speaker market size is expected to reach USD 23.93 billion in 2028 at a CAGR of 16.9% during the forecast period, according to the latest report by Emergen Research.
The personal use segment is expected to dominate other end-use segments in terms of revenue over the forecast period owing to rising adoption of smart home systems across the globe, increasing integration of smart speakers with various devices, and rising use of smart speakers to for various personal applications such as making phone calls, tracking user activity, and scheduling appointments, among others.
The report analyzes the leading players of the global Smart Speaker market by inspecting their market share, recent developments, new product launches, partnerships, mergers, or acquisitions, and their target markets. Smart speakers are internet-connected devices that can be controlled by voice commands and can seamlessly stream audio content, provide information, and communicate and connect with other devices. Growing trend of smart homes has led to a significant increase in the demand for smart speakers and other connected devices. Today, a wide range of house appliances, electronic devices, and systems are available in the market that can be accessed and controlled remotely via connected devices and smartphones.
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Some Key Highlights in the Report:
Key companies in the market include Apple, Inc., Alphabet, Inc., Amazon.com, Inc., Sony Corporation, Lenovo Group Ltd., Xiaomi Corporation, Altec Lansing, Inc., SK Telecom Co. Ltd., Onkyo Corporation, and Baidu, Inc.
Alexa segment accounted for a significant revenue share in the global market in 2020 and is expected to register robust revenue growth over the forecast period owing to its easy availability and affordability. Alexa has been the most preferred voice assistant for a wide range of smart speakers and is available in over 80 countries across the globe.
North America is expected to account for largest revenue share in the global market in terms of revenue over the forecast period owing to high adoption of smart speakers, preference for innovative and cost-effective devices, increasing purchasing power among individuals, and presence of key manufacturers in the region.
Hardware segment revenue is expected to expand at a robust revenue CAGR over the forecast period owing to increasing advancement in hardware of smart speaker and integration of advanced sensors for enhanced and accurate voice recognition.
Smart home segment is expected to account for largest revenue share in the global market during the forecast period owing to increasing integration of smart speakers in smart home devices such as lights, thermostats, and televisions, and other devices.
For the purpose of this report, Emergen Research has segmented the global smart speaker market on the basis of component, application, intelligent virtual assistant, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018-2028)
Hardware
Software
Application Outlook (Revenue, USD Billion; 2018-2028)
Smart Office
Smart Home
Others
Intelligent virtual assistant Outlook (Revenue, USD Billion; 2018-2028)
Google Assistant
Alexa
Siri
Cortana
Others
End-use Outlook (Revenue, USD Billion; 2018-2028)
Commercial
Personal
Regional Outlook: (Revenue, USD Billion; 2018-2028)
North America (U.S.) (Canada) (Mexico)
Europe (Germany) (UK) (France) (BENELUX) (Rest of Europe)
Asia Pacific (China) (Japan) (South Korea) (Rest of APAC)
Latin America (Brazil) (Rest of LATAM)
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Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2021–2028
Chapter 3. Key Insights
Chapter 4. Smart Speaker Market Segmentation & Impact Analysis
4.1. Smart Speaker Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Growing number of smart homes
4.2.2.2. Increasing formation of alliances among smart homemakers
4.2.2.3. Increasing smart home device demand
4.2.2.4. Rising customer preference for technically advanced products
4.2.3. Market restraints analysis
4.2.3.1. High level of security risk
4.2.3.2. Concerns regarding connectivity range
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter’s Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Continue…
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