Global smart speaker market is valued at US$ 5,592.6 Mn in 2018 and is anticipated to grow at a CAGR of 19.6% to reach US$ 28,385.4 Mn in 2027. The advancement of smart speaker software including voice recognition technology to accurately interpret commands of users and deliver desired performance is anticipated to boost the demand in global smart speaker market over forecast years. Smart speakers generally use intelligent virtual assistant which decodes the voice commands from users, on usage of the activation phrase or word, and generates a digital response for users. IVAs not only respond to voice commands, but also can play music if asked, perform keyword searches, order items, turn on lights, open garage doors, and can even converse with users. This key technology of voice recognition in operation of smart speaker imparts the hands-free operation capabilities to it. The history of voice recognition technology dates back to 1784, however it was until 2008 when this technology was commercial adopted with launch of Google’s voice search apps. Since then, voice recognition technology has transformed remarkably with capabilities of interpreting multiple languages which has improved its user-friendliness. The integration of latest cutting-edge technologies are poised to enhance the capabilities of voice recognition technologies. Artificial Intelligence is one of the emerging technologies which has potential applications in voice or speech recognition. This technology can assist in recognizing the individual for enhanced security, analyse the tempo of voice to identify the mood of user and many other such use cases. This competencies of artificial intelligence in combination with voice recognition has lured industry players to actively invest in this technology. For instance, the Amazon Alexa, which powers Amazon Inc.’s Echo smart speaker products uses conversational AI for delivering ubiquitous voice interfaces. Thus integration of advanced technologies with voice recognition for enhancing human machine interface is anticipated to boost the growth of global smart speakers market over forecast period.
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As smart speaker popularity increases, customer requirements are inclining towards faster responses and privacy-focused solutions along with reliable connectivity. The increasing adoption of smart speakers by commercial entities is driving the requirement for high speed and security. These requirements have enforced industry players in smart speaker market to innovate hardware along with software offerings. For instance, MediaTek Inc. has inculcated AI capabilities in its chipsets for voice assistant devices including smart speakers. Also, a smart speaker provider AUDEA introduced a new smart speaker in January 2020 which features an in-built screen for mobile less operation. This upgrades in hardware offerings are poised to drive the demand in global smart speakers market over forecast years.
The detailed research study provides qualitative and quantitative analysis of smart speaker market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Key Findings of the Report:
- Based on the type of application commercial segment is anticipated to grow at highest rate in global smart speaker market over the forecast period owing to rise in adoption of by various businesses such as restaurants, hospitals and others.
- North America held significant market share in global smart speaker market in 2018. Asia Pacific is expected to register the highest compound annual growth rate (CAGR) over the period of next eight years owing to rise in investment from key industry players.
- Some of the players operating in the smart speaker market are Alphabet Inc., Amazon, Inc., Apple Inc., AUDEA Inc., Bose Corporation, Devialet, Exploding Phone, Harman International Industries, Inc., Infineon Technologies AG, Microsoft, Mitsue-Links Co.,Ltd, Qualcomm Technologies, Inc., Shenzhen Shiningworth Technology Co., Ltd., Sonos Inc., SONY Electronics Inc., Texas Instruments Inc., Xiaomi and ZOUND INDUSTRIES amongst others.
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Global Smart Speaker Market:
- By Intelligent Virtual Assistant (IVA)
- Alexa
- Siri
- Google Now & Google Assistant
- Cortana
- Others
- By Offerings
- Hardware
- Speaker
- Components
- Software
- Hardware
- By Sales Channel
- Online
- Offline
- By Application
- Residential
- Commercial
- By Region
- North America
- U.S
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- North America
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