Technology

Global Smart Speaker Market Study Reveals Growth Factors and Competitive Outlook for Future

The market is segmented on the basis of intelligent virtual assistant, by end-user, by price and distribution channel. On the basis of intelligent virtual assistant, the market can be segmented into Google Assistant, Amazon Alexa, Cortana, Siri and others. On the basis of end-user, it is sub-segmented into personal and commercial. Personal is anticipated to be the major sub-segment during the forecast period. On the basis of price, it is sub-segmented into low, mid and premium. On the basis of distribution channel, it is sub- segmented into online and offline. Online sales channel is expected to be the fastest developing sub-segemnt.

Smart speaker market is anticipated to record a CAGR of 22.2% over the forecast period. The smart speaker market is expected to exhibit show significant growth by the end of the forecast period. It is expected to attain a total market size of USD 34.4 billion by 2027. The market is witnessing robust growth during the forecast period. The growth of the Smart Speaker Market can be attributed to increasing adoption of the IoT based applications by various industries. The high adoption of multifunctional devices by the consumer is expected to be the major factor for the growth of smart speaker market.

On the basis of regional analysis, global smart speaker market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America is expected to be the leading region during the forecast period. The presence of highly advanced industrial infrastructure in the region is expected to be the major factor driving the growth of smart speaker market in the region. Additionally, the increasing number of smart homes in the region is also major reason for the growth of smart speaker market. Asia-Pacific is anticipated to witness highest growth during the forecast period. The growth can be attributed to increasing e-commerce industry in the region.

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Rising technological development across the globe

The advent of technologies including artificial intelligence is the major factor driving the overall smart speaker market during the forecast period. The various technologies such as memory, processor and power IC are integrated in smart speakers. This is expected to propel the market growth of the smart speaker during the forecast period.

The report titled “Smart Speaker Market: Global Demand Analysis & Opportunity Outlook 2027” delivers the detailed overview of the global smart speaker market in terms of market segmentation by intelligent virtual assistant, by end-user, by price, by distribution channel and by region.

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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model. This report also provides the existing competitive scenario of some of the key players of the global smart speaker market which includes company profiling of key companies such as Apple, Inc., Amazon.com, Inc., Alphabet Inc. (Google Inc.), Alibaba Group, Bose Corporation, Sonos, Inc., Samsung Electronics Co. Ltd, Xiaomi and Baidu Inc. The outlining enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global smart speaker market that is expected to help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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