The Global Smart Speaker was US$ 10.34 Billion in 2022
Global Smart Speaker Market Analysis
Smart Speakers Market is expected to surpass US$ 45.14 billion by 2032 from 8.04 billion in 2023. Such a strong increase indicates a CAGR of 21.14% from 2024 to 2032 which is attributed by the rising demand of IOT home appliances and the development in artificial intelligence.
Global Smart Speaker Market Analysis
A smart speaker is an innovative loudspeaker equipped with voice control, which can have a built-in artificial assistant, such as Amazon Alexa, Google Assistant or Apple’s Siri. It directly links to the internet and uses the capabilities of artificial intelligence to perform numerous functions. Commands can be made through voice effectiveness and there is full control of the device without need to use hands making it fully convenient.Smart speakers work as entertainment, climate updates, schedule reminding, controlling the smart homes and respond to general solutions. They can also schedule meetings, make your phone calls for you and even typing of messages. When connected to smart home systems they also regulate lights, temperatures, and security systems. Besides, they provide convenience to known attributes of disability helping anyone with disabilities to effectively use technology. Offering a steady stream of rather frequent updates and new integrations, smart speakers steadily grow the list of their capabilities, becoming an increasingly more essential fixture of modern homes and people’s daily routines.
Driving Forces for the Smart Speaker Market
Convenience and Voice Control
Smart speakers are incredibly convenient as they enable users to manage different functions using voice instructions. This technology does away with the requirement of controlling individually the smart home devices, entertainment systems, and various online services. People can give voice instructions to play a song, turn on/off the lights, remind themselves of an event, inquire about the weather, or even order food items. Such a hands-free interaction is quite favorable for people who want to keep their hands occupied and for the persons with motion disabilities, making the use of home appliances and devices easier and faster. Furthermore, smart speakers are usually connected with other smart devices, and they form the smart home ecosystems, which help to control various processes within the house, making life easier. The elements of artificial intelligence integrate with the gadgets enhance and reveal the devices understanding of the user’s preference and this makes these devices even smarter and highly effective.Integration with Smart Home Ecosystems:
Smart speakers are located at the core of smart homes and are now active smart home controllers for managing connected devices such as lighting, climate control systems, and security systems. The speakers enable smooth automation of home appliances and management through voice control or an application installed on a smartphone and control of settings, activities as well as security improvements of a home. Smart speakers also help with the lack of time and convenience enhancing tendencies by uniting different functions into one tool. They allow the users to offer personalized schedule, details on malicious activities and save energy. Additionally, the connectivity with a plethora of smart home devices prevents complications among devices and the ability for homeowners to morph their smart homes, creating growth and mood modifications for desired changes. They increase convenience and help make the living environment safer and more responsive by integrating with each other.Rising Demand for Entertainment and Information:
Smart speakers are catching up to the current trend of instant availability of information and entertainment through voice commands regulating contents. It is easy for users to listen to the music, podcasts and news updates and get information on matters they are interested in without the need for searching the channels or operating the devices on their own. This is especially enjoying in the present world full of activity, where the users want to use the hands free and want instant information and entertainment. Smart speakers also have the capability to provide the user with content suggestions according to their interest and the web history they have produced. Another benefit is the possibility to connect them with widely used streaming services and news applications, which increases their value as useful companions in entertainment and education. In this capability, smart speakers are marketed as indispensable tools for being updated and entertained in the contemporary age.Asia Smart Speaker Market
The Asia smart speaker market is growing at a fast pace due to technological innovations, growth in the internet connection, and consumers’ demand for smart devices. The Asia Pacific is one of the largest contributing to this growth, especially Japan, China, Korea, and India are increasingly embracing smart home solutions boosted by their technology-literate citizens. These speakers are changing the face of homes and modifying the way people engage with the technologies also, providing voice command to switch on entertainment, news or home automation. Manufacturers are integrating technology in artificial intelligence and natural language processing to enable the device to become smarter and more adaptable enabling it to determine various forms of language used in the different countries in the region. ‘Affordability’, ‘localization’ and the inclusion of Asian content and services becomes important strategies to compete in Asia’s fast-growing market environment which is characterized by a diversified and volatile consumer’ demand.Smart Speaker Company Overview
The leading companies in the Smart Speaker market include Alibaba Group Holding Limited, Amazon.com Inc., Apple Inc., Baidu Inc., Bose Corporation, Lenovo Group Limited, LG Electronics Inc., Sonos, and Panasonic Corporation Inc.Smart Speaker Company News
In March 2024, LG Electronics' latest portable speaker, the LG StanbyME Speaker (model XT7S), was globally released. It has a remote control to quickly manage the speaker and screen, and users can pair them with Bluetooth. Additionally, the LG StanbyME includes a dedicated widget for centralized control and speaker status monitoring.In January 2024, the well-liked JBL portable audio lineup, including the JBL Xtreme 4, JBL Clip 5, and JBL Go 4, will be updated with Auracast for wider connectivity choices, improved sound quality, fashion-forward color options, and up to 80% PCR components. The JBL Xtreme 4 now includes Al Sound Boost for real-time audio output optimization.
In October 2023, Sonos launched the Era 100 and Era 300 smart speakers in India. The Era 300 features Dolby Atmos and an innovative design for exceptional spatial sound. The Sonos One has also been updated with the Era 100. Their prices are USD 360 and USD 660.
Amazon India introduced the $60 Echo Pop smart speaker in June 2023. It is available in Charcoal, Lavender Bloom, Glacier White, and Midnight Teal hues and has a semi-hemisphere design. With Alexa, users of the tiny gadget may check the weather, read news, place orders, listen to music, audiobooks, and podcasts from different providers, set timers, and much more.
Component - Global Smart Speaker Market in 2 Viewpoints :
1) Hardware2) Software
Intelligent Virtual Assistant - Global Smart Speaker Market in 5 Viewpoints :
1) Amazon Alexa2) Google Assistant
3) Siri
4) Cortana
5) Others
Connectivity - Global Smart Speaker Market in 2 Viewpoints :
1) Wi-Fi2) Bluetooth
Price Range - Global Smart Speaker Market in 3 Viewpoints :
1) Low-range (Less than $100)2) Mid-range ($101 to $200)
3) Premium (Above $200)
Distribution Channel- Global Smart Speaker Market in 2 Viewpoints :
1) Online2) Offline
End User - Global Smart Speaker Market in 2 Viewpoints :
1) Personal2) Commercial
Geography - Global Smart Speaker Market
North America
1. United States2. Canada
Europe
1. France2. Germany
3. Italy
4. Spain
5. United Kingdom
6. Belgium
7. Netherlands
8. Turkey
Asia Pacific
1. China2. Japan
3. India
4. Australia
5. South Korea
6. Thailand
7. Malaysia
8. Indonesia
9. New Zealand
Latin America
1. Brazil2. Mexico
3. Argentina
Middle East & Africa
1. South Africa2. Saudi Arabia
3. United Arab Emirates
Company Insights:
- Overviews
- Recent Developments & Strategies
- Product Portfolio & Product Launch in Last 1 Year
- Revenue
Company Analysis:
1. Alibaba Group Holding Limited2. Amazon.com Inc.
3. Apple Inc.
4. Baidu Inc.
5. Bose Corporation
6. Lenovo Group Limited
7. LG Electronics Inc.
8. Panasonic Corporation
9. Sonos Inc.
Table of Contents
1. Introduction2. Research Methodology3. Executive Summary5. Global Smart Speaker Market
4. Market Dynamic
6. Global Smart Speaker Market Share Analysis
7. Component - Global Smart Speaker Market
8. Intelligent Virtual Assistant - Global Smart Speaker Market
9. Connectivity - Global Smart Speaker Market
10. Price Range - Global Smart Speaker Market
11. Distribution Channel- Global Smart Speaker Market
12. End User - Global Smart Speaker Market
13. Region - Global Smart Speaker Market
14. Porter's Five Forces Analysis
15. SWOT Analysis
16. Key Players Analysis
Companies Mentioned
- Alibaba Group Holding Limited
- Amazon.com Inc.
- Apple Inc.
- Baidu Inc.
- Bose Corporation
- Lenovo Group Limited
- LG Electronics Inc.
- Panasonic Corporation
- Sonos Inc.
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 180 |
| Published | July 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 8.04 Billion |
| Forecasted Market Value ( USD | $ 45.14 Billion |
| Compound Annual Growth Rate | 21.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 9 |
