The latest research from Meticulous Research® projects that the global smart speaker market will reach $48.8 billion by 2031, growing at a CAGR of 18.6% between 2024 and 2031. In terms of volume, the market is expected to reach 143.1 million units by 2031, with a CAGR of 3.6%. The growth of this market is being propelled by the increasing prevalence of smart homes, the surge in multifunctional devices, and the rising demand for voice-activated technologies. However, challenges such as connectivity range limitations could potentially slow down the market's expansion.
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The market is poised for growth due to increasing consumer interest in technologically advanced products and the growing popularity of smart speakers with displays. Nevertheless, obstacles such as the underdeveloped state of voice user interfaces (VUIs) and ongoing privacy and security concerns could hinder market progress.
Noteworthy trends influencing the market include advancements in natural language processing (NLP) and a heightened focus on multi-room audio systems and smart displays.
The smart speaker market is segmented by type (display and non-display), audio output mode (stereo and surround), portability (wired and wireless), wattage (up to 99W, 100W to 199W, 200W to 499W, 500W to 799W, and more than 800W), distribution channel (online retail and offline retail), and application (personal and commercial usage). The study also assesses key industry competitors and analyzes the market at the regional and country levels.
In terms of audio output mode, the market is categorized into stereo and surround sound. In 2024, the surround sound segment is expected to account for 77% of the market, driven by the benefits of hands-free interaction and high-quality audio experiences, which are particularly attractive to audiophiles. Ongoing technological innovations are also contributing to the development of advanced and affordable surround smart speakers.
The market is also segmented by type into display and non-display smart speakers. The non-display segment is anticipated to hold the largest share in 2024, thanks to lower manufacturing costs and affordability, making these speakers accessible to a broader audience. Additionally, non-display speakers are particularly valued for their excellent voice interaction capabilities, offering a hands-free experience ideal for multitasking.
Leading companies are actively introducing new non-display smart speakers. For instance, in June 2023, Amazon launched the Echo Pop, a budget-friendly smart speaker featuring a semi-sphere design and Alexa integration. Similarly, Apple introduced the second-generation HomePod in January 2023, offering superior acoustics and Siri intelligence.
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On the other hand, the display segment is projected to grow at the highest CAGR during the forecast period, driven by the enhanced user experience, visual entertainment, and multitasking capabilities that smart displays offer.
Regarding portability, wireless smart speakers are expected to dominate the market in 2024, with an 84% share. The growth in this segment is fueled by advancements in voice recognition, the rising demand for smart home devices, and the expansion of the Internet of Things (IoT) ecosystem. The increasing popularity of music streaming services, podcasts, and audiobooks also drives the demand for wireless smart speakers.
In the wattage segment, the up to 99W category is expected to hold the largest market share in 2024, due to superior sound quality and deeper bass. However, the 100W to 199W segment is anticipated to register the highest CAGR, driven by the growing demand for smart speakers in professional environments.
The distribution channel segment is led by online retail, which is projected to hold the largest market share in 2024. This is attributed to the convenience of online shopping, the availability of a wide range of products, and competitive pricing.
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By application, personal usage is expected to dominate the market in 2024, accounting for 89% of the market. This dominance is driven by the hands-free operation and voice control features of smart speakers, which make them indispensable in daily life.
Regionally, North America is expected to lead the market in 2024, with a 39% share, driven by the region's early adoption of technology and consumer preference for convenience. However, the Asia-Pacific region is expected to grow at the highest CAGR of 20% during the forecast period, supported by the region's growing population, rising purchasing power, and rapid technological advancements.
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