About Smart Speakers
Smart speakers, equipped with an integrated virtual assistant, are internet-connected devices activated by voice commands. They're designed to respond to user requests, perform tasks, and offer services, utilizing artificial intelligence and natural language processing. These devices include speakers for audio output and microphones to capture voice instructions, allowing users to interact and access information hands-free. The smart speaker's market is advancing, driven by notable trends like integrating smart displays, broadening their capabilities beyond voice commands. This evolution creates opportunities fueled by growing desires for personalized experiences, especially in voice commerce, and the untapped potential in emerging markets. Collaborations among industries offer promising prospects, potentially unlocking fresh functionalities and applications, fostering growth and innovation in the smart speaker's sector.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
CAGR | 19.6% |
Global Smart Speakers Market is a fragmented market. This competitive arena is characterized by relentless innovation, the continual expansion of functionalities, and strategic collaborations aimed at securing market share, broadening user bases, and enhancing the overall smart speaker user experience. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Smart Speakers market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Apple Inc. (United States), Amazon (United States), Microsoft (United States), Google (United States), Baidu Inc. (China), Deutsche Telecom (Germany), Yandex (Russia), Xiaomi (China), Sonos (United States) and Alibaba Group (China) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Kakao (South Korea), Naver Clova (South Korea), Duero's (China) and Ali Genie (China).
Segmentation Overview
AMA Research has segmented the market of Global Smart Speakers market by Type (Virtual Assistant and Wireless Speakers), Application (Smart Home, Consumer, Smart Office and Others) and Region.
On the basis of geography, the market of Smart Speakers has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel, the sub-segment i.e. Online will boost the Smart Speakers market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Software will boost the Smart Speakers market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Connectivity Type, the sub-segment i.e. Wi-Fi will boost the Smart Speakers market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising popularity of voice-controlled smart devices and Integration of smart speakers with other smart home devices
Market Growth Drivers:
Increasing demand for smart home automation. and Advancements in artificial intelligence and natural language processing.
Challenges:
Regulatory challenges related to data privacy and security. and Competition among tech giants in the market
Restraints:
Privacy and security concerns related to voice data. and Connectivity issues affecting user experience.
Opportunities:
Penetration into emerging markets and Development of specialized industry-specific applications
Market Leaders and their expansionary development strategies
In March 2022, Microsoft Corp on Friday announced the completions of its acquisition of Nuance Communication Inc. a leader in Conversational AI and ambient intelligence across industries Including healthcare, financial service, retail and telecommunications.
In January 2023, Apple today announced Home Pod Powerful smart speaker that delivers next level acoustics in a gorgeous,ioconic design. Packed with Apple Innovations and Siri Intelligence,HomePod offer advanced Computational audio for a groundbreaking Listening experience including support for Immersive Spatial Audio tracks.
Key Target Audience
Consumers, Tech Enthusiasts, Retailers and E-commerce Platforms, Developers and App Creators, Smart Home Solution Providers and Content Providers
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.