Market overview
Globally, the smart speaker market is anticipated to grow from USD 1.94 billion in 2017 to USD 11.57 billion at a CAGR of 34.7%. This significant growth is expected to happen during the forecast period 2018–2023. Many factors ranging from the growing number of smart homes to more interest in personalized service makes the market highly established. At the same time, addressing various issues ranging from connectivity to greater compatibility makes the market most established during the forecasted period.
The global smart speaker market is thoroughly enriched due to the distinguishing features of smart speakers. In comparison to the traditional speakers, these are technologically much developed. With advancing technologies like speech recognition technology, advancing microphone technology, the market is getting more reasons to be enriched at the global level. Starting from small to largely populated domains, the market of the smart speaker is expected to remain equally buzzed all over. The steady growth rate and increasing consumer base attract investors the most.
Smart speakers are primarily wireless speakers getting functional with Wi-Fi, Bluetooth, etc. It is mainly powered by an intelligent virtual assistant, which is driven by artificial intelligence. Being the most advanced and noteworthy discoveries, it is certainly the most promising segment in the consumer electronics sector. Be it about ordering food or enjoying songs on demand; people love these devices for all purposes. With the growing trend of personalized online shopping, remaining updated with the latest n, this market shows great prospects of growth.
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Segmentation
The global smart speaker market can be segmented on the basis of an intelligent virtual assistant, Applications, and region.
On the basis of an intelligent virtual assistant, the Global smart speaker market is further segmented into Alexa, Google Assistant, Cortana, Siri, and others.
On the basis of Applications, the global smart speaker market is segmented into personal use and commercial use.
On the basis of region, the global smart speaker market is segmented into North America, Europe, Asia-Pacific, and the rest of the world. Among these, North America is speculated to be the most leading market among all, with the US being the frontrunner.
Industry news
3rd Watch News publishes a report about the growth prospects of the global smart speaker market. It analyses all the growth factors associated with it, predicting the rate all throughout. The report identifies the segments to remain most encouraging among all. Also, it identifies the key markets or regions where the market is supposed to be the most encouraging.
Regional analysis
From a geographical point of view, the global smart speaker market is segmented into North America, Europe, Asia-Pacific, and the rest of the world. Among these, North America is undoubtedly the most leading nation with a growing level of users.
Asia-Pacific is speculated to grow at a much significantly faster rate during the forecast period. India, China, and Japan are the frontrunners in the smart speaker market in Asia-Pacific. Smart speaker market is growing swiftly as the rate of adoption of smart homes, and smart offices have been much encouraging here. The commencement of smart city projects in India and China is expected to expedite the process at a much faster rate.
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Top Market Players
The top players in the smart speaker market are listed to be Sony Corporation (Japan), Harman International (US), Amazon.com (US), Sonos. Inc. (US), Apple Inc. (US), Alibaba Group Holding Ltd (China) Bose Corporation (US), Google (US), Panasonic Corporation (Japan), ONKYO CORPORATION (Japan), and among others.
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