Smart Speaker Market Size By Intelligent Virtual Assistant (Alexa, Google Assistant, Siri, Cortana, Others), By Application (Personal, Professional, Commercial), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 – 2024
Published Date: March - 2025 | Publisher: MRA | No of Pages: 240 | Industry: Media and IT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationSmart Speaker Market Size By Intelligent Virtual Assistant (Alexa, Google Assistant, Siri, Cortana, Others), By Application (Personal, Professional, Commercial), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 – 2024
Smart Speaker Market Size By Intelligent Virtual Assistant (Alexa, Google Assistant, Siri, Cortana, Others), By Application (Personal, Professional, Commercial), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 – 2024
Smart Speaker Market Size
Smart Speaker Market size was over 4.5 billion in 2017 and is estimated to exhibit 20% CAGR from 2018 to 2024. The global industry shipments will cross 500 million units by 2024.
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Hey, have you noticed how many smart devices are popping up these days? From your phone to your fridge, it seems like everything is getting connected to the internet. And guess what? This trend is only going to keep growing. Thanks to the Internet of Things (IoT), more and more devices are becoming smarter. We're talking gadgets like social media apps, games, weather updates, e-books, music players, cameras, and even GPS navigation. Plus, with the cost of these devices dropping and Wi-Fi connections getting stronger, it's no wonder our homes are filling up with them. And don't forget about our phones! Smartphones are spreading like wildfire, and the fast networks they use (like 3G and 4G) are making it easier than ever to stay connected. This is making smart devices more accessible to everyone, and they're becoming more and more popular as a result.
In addition to the provision of sound and entertainment, these devices have extended their functionality to include several other applications such as live music & news streaming, problem-solving, setting reminders, and ordering of household supplies. The integration of the virtual assistant software has established new pathways for the market expansion. Virtual assistants are projected to undergo a high growth over the forecast period and various companies have leveraged this opportunity to launch products integrated with virtual assistants.
| Report Attribute | Details |
|---|---|
| Base Year | 2017 |
| Smart Speaker Market Size in 2017 | 4.5 Billion (USD) |
| Forecast Period | 2018 to 2024 |
| Forecast Period 2018 to 2024 CAGR | 20% |
| 2024 Value Projection | 30 Billion (USD) |
| Historical Data for | 2013 to 2017 |
| No. of Pages | 300 |
| Tables, Charts & Figures | 401 |
| Segments covered | Intelligent Virtual Assistant, Application and Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
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Impounding security issues are major factors restraining the global market value. These devices are developed with the prime focus on listening to the vocal commands from the users. The microphone within these systems hear the command keywords even when the devices are idle. This allows the personal customer data to be registered over the internet without the knowledge of the user. The security loophole allows the external entities to hack into these systems and use the customer data for nefarious purposes.
Smart Speaker Market Analysis
Learn more about the key segments shaping this market
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Siri-enabled smart speaker market is poised to witness a significant growth rate of over 35% till 2024 driven by the large established market of Apple and iOS for the smart devices. For instance, in 2017, Siri constituted 48.4% share of voice assistants on smartphones. Furthermore, Siri provides a high quality of virtual surround sound and deep integration technology, which will increase the popularity of these devices among the consumers.
Alexa-enabled smart speaker dominated a market share of around 70% in 2017 owing to its low cost and a large number of benefits such as controlling smart homes appliances, playing games, and playing music. Several companies are developing devices equipped with Alexa that are affordable to a wide range of customers. For instance, companies such as Sonos and Fabriq have launched their devices integrated with Alexa voice assistants.
Personal applications will account for over 90% of revenue share through 2024 led by the increasing usage of the smart home devices. The integration of smart speaker with these devices such as smart lightbulbs, thermostats, and TVs is encouraging the consumers to adopt these devices for personal uses. Devices such as Google Home allow the users to make phone calls and send messages, monitor the user activity, set alarms, and go shopping.
Increasing use of these devices in commercial applications such as banking will drive the market demand. Financial corporations and big banks such as the U.S. Bank, Capital One, and American Express are increasingly using virtual assistants to offer services such as paying bills and checking balances using personal assistants such as Alexa and Siri.
Smart speakers are becoming increasingly popular in the United States. The market for these devices is expected to grow by more than 25% each year between 2020 and 2024. This growth is being driven by the increasing popularity of smart homes. More and more people are interested in using technology to make their lives easier. As more and more devices and services become connected to the internet, the number of smart homes is growing rapidly. Smart homes offer a number of benefits, including convenience, luxury, safety, entertainment, and energy efficiency. As a result, consumers are increasingly interested in smart home technologies. After security, smart entertainment and connectivity are the most popular smart home features. This is because smart speakers can make it easy to control your entertainment system and stay connected with friends and family.
Smart Speaker Market Share
Prominent companies in the smart speaker market comprise of
- Amazon
- Apple, Inc.
- Google, Inc
- Sonos
- Sony
- Onkyo
- Fabriq
- Harman International
- Lenovo
The industry is characterized by intense competition among the players to develop products with innovative functionalities. These companies are investing in product development on a large scale to cater to the increasingly increasing consumer demand.
The participants in the market are increasingly investing in research & development to improve the functionalities of their devices to combat the increasing competition.
Industry Background
In 2014, Amazon launched the Echo Back, which made waves with its voice-controlled music feature. This innovation sparked a trend, with companies like Apple, Google, and Sonos jumping on the bandwagon and introducing smart audio devices of their own. With their built-in cameras and displays, these devices offered even more functionality, making them instant hits with consumers. The growing popularity of smart audio has created a bustling market, with opportunities galore for everyone from app developers and component suppliers to distributors and network operators. By meeting the needs of consumers, these businesses are raking in the profits.
This market research report on smart speaker includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipment in Units from 2018 to 2024, for the following segments
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Market, By Intelligent Virtual Assistant
- Alexa
- Google Assistant
- Siri
- Cortana
- Others
Market, By Application
- Personal
- Professional
- Commercial
The above information is provided on a regional and country basis for the following
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Middle East
- Saudi Arabia
- UAE
- South Africa
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