The global smart speaker market is expected to grow at a significant rate during the forecast period owing to growing demand for luxury entertainment systems. Growing number of smart homes and rising internet penetration is aiding to the growing demand for smart speaker, globally. Further, increasing technological advancement has led to variety of smart speakers found at in the market. This has also led to increase in demand for multifunctional devices and hence smart speakers are getting increasingly popular around the world.
Smart speakers are voice command devices with an integrated virtual assistant that offers interactive actions and hands-free activation with the help of one "hot word". The growing number of tech savvy consumers is leading to increasing demand for smart technology equipped devices like smart speakers. Consumers’ readiness to spend on trending technologies and rise in usage of smart devices, especially among youngsters is anticipated to fuel the demand for smart speakers in the coming years. The establishment of 5G network and advancement in Natural Language Processing (NLP) are further supporting the demand for smart speakers.
Global smart speaker market can be segmented based on
Regionally, North America h
Major companies operating in the global smart speaker market include Apple, Inc., Amazon, Harman International, Sonos, Alphabet, Bose, Sony, Onkyo, Panasonic, Alibaba, Xiaomi and Lenovo, among others. Leading companies are working on localization of smart speaker to expand their market and increase their revenue share.
Objective of the Study
- To analyse and forecast the market size of global smart speaker market.
- To forecast global smart speaker market based on intelligent virtualassistant, component, connectivity, application, distribution channel, company and regional distribution.
- To identify drivers and challenges for global smart speaker market.
- To examine competitive developments such as expansions, new productlaunches, mergers & acquisitions etc. in global smart speaker market.
- To identify and analyse the profile of leading players operating in theglobal smart speaker market.
Market insights research performed both primary as well as exhaustive secondary research for this study. Initially, Market insights research sourced a list of smart speaker companies across the globe. Subsequently, Market insights research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, Market insights research could include the vendors which could not be identified due to the limitations of secondary research.
Market insights research calculated global smart speaker market size using a bottom-up approach, where data for various end user industries and its application across various product types were recorded and forecast for the future years. Market insights research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also used by Market insights research.
Key Target Audience
- Smart speaker manufacturingcompanies/partners
- Suppliers/Distributers
- End-Users
- Government bodiessuch as regulating authorities and policy makers
- Organizations, industryassociations, forums and alliances related to smart speaker market
- Market researchand consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as smart speaker manufacturing companies and partners, end users etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
