(Pages 150), The Global Smart Speaker Market Size was exhibited USD 1.57 billion in 2017 and will generate revenues of the USD XX Billion up to 2025 in coming years. The average growth of the global market is expected to 34 % CAGR from 2017-2025, as reported in the latest study by our industry experts and analyst.
Smart Speaker Market: Introduction
Smart speakers are wireless speakers that utilize wireless protocols such as Wi-Fi and Bluetooth, follows voice commands, driven by AI (Artificial Intelligence) and powered by virtual assistant technology.
Smart Speaker Market: Dynamics
Smart speaker market was valued at US$ 4,350 million in 2017, and is expected to grow significantly over the forecast period, due to rising demand of smart home devices. Advancement is technology, coupled with increasing inclination of youth towards the use of smart devices are anticipated to fuel the smart speaker device market. Furthermore, advancements in IoT (Internet of Things) technology and escalated interest of consumer in spending on latest or trending technologies and devices will boost the smart speaker market during the forecast period. However, escalating security, data theft & misuse concerns associated with data stored in individual’s smart device coupled with complexity associated with training of virtual assistants to learn different languages can hinder the growth of smart speaker market.
Global Smart Speaker Market Size Analysis, By Region 2018 -2025
Smart Speaker Market: Segment Analysis
Among IVA, smart speaker enabled by Siri is anticipated to hold the major market share over the forecast period, owing to Apple’s huge and established market across the globe. Presence of deep integration and superior virtual sound technology in Siri enabled smart speakers are another reasons for the dominance of the segment.
Among application, usage of smart speakers by individuals are expected to grow over the forecast period, hence personal application segment is expected to rise. Increasing preference of people to purchase devices that can be integrated with home devices such as televisions, thermostats and others are expected to contribute greatly in the growth of the segment. Credibility and versatility of smart speakers are making them popular for commercial applications in banking & finance and other sectors, which in turn is expected to boost the applicatiuon of smart speakers in commercial sectors.
Online segment is expected to grow significantly during the forthcoming years, due to rising preference of consumers towards online shopping, in order to save time and ease of shopping. The distribution of smart speakers through online channels is also expected to rise in upcoming years due to the discounts offered by huge online channels such as Amazon, Alibaba and others on various products, coupled with enormous choices offered by online channels.
Smart Speaker Market: Regional Analysis
The market of smart speakers is expected to grow enormously in North America due to escalation in number of smart homes in the region, coupled with increased demand of smart devices that can aid in improving the lifestyle of people. Growing demand for smart entertainment, high integration, luxury and energy efficient devices in North America is propelling the market growth of smart speakers in the region.
Asia Pacific is expected to be rising greatly over the forecast period, due to rising adoptation of smart device in the region, coupled with increased consumer interest in the investment of trending technologies and devices. Moreover, presence of countries like, China and Japan in Asia, that have a strong market for technically developed affordable smart devices are expected to aid the growth of the market.
Smart Speaker Market: Key Players Operating
Major companies operating in global smart speaker market include Apple Inc., Bose Corporation, Alibaba Group, Xiomi, Samsung Electronics Company Ltd., Amazon.com Inc., Alphabet Inc., Plantronics Inc. and Baidu Inc.
Global Smart Speaker Market Report Offer You!
Global Smart Speaker Market Size report gives an idea about market size, share, stock, equity, investment and total price analysis. Also, the report provides comprehensively industry insights with all major factors such as market credit, allocation, demand, distribution, market scope, key players, end user & applications, provisions, livestock, commodities and industry economics analysis, future growth & forecast.
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