Global Smart Speaker Market Report and Forecast 2024-2032

Global Smart Speaker Market Outlook

The global smart speaker market attained a value about USD 10.55 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 19.5% to reach nearly USD 52.43 billion by 2032.

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Rising Advancements in Technology to Propel the Market Growth of Smart Speaker

The increasing number of smart homes, the growing demand for smart speaker displays, and the rapid proliferation of multifunctional and versatile devices are augmenting the market growth of smart speaker. Smart speakers such as Alexa, Google Assistant, and Siri are equipped with technologies, such as the Internet of Things (IoT) and Artificial intelligence (AI). In addition, the rise in the usage of smart devices among the younger generation and the increase in consumer readiness to invest in trending technologies are positively influencing the market growth of smart speakers. The rising market demand for smart speakers can be attributed to the development of partnerships between creators of smart speakers and smart home manufacturers, which is further invigorating the market growth. However, with the use of the smart speaker, user data privacy became a major issue as smart speaker provides personalised services to its users by collection and analysis of the user data, which may hinder the market growth. Yet, the ultra-fast 5G wireless innovation developed to support improved digital technology and smart homes is projected to boost the adoption of smart speakers in the coming years, thereby boosting the market growth.

Smart Speaker: Market Segmentation

A smart speaker refers to a wireless speaker equipped with an internet connection that can be controlled by voice instructions and is capable of playing audio content, streaming, relaying information, and communicating with another device. It provides interactive functions through voice commands and acts as the control hub for a smart home using a built-in virtual assistant feature.

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On the basis of intelligent virtual assistant, smart speaker industry is segmented into:

• Alexa
• Google Assistant
• Siri
• Dueros
• Aligenie
• Xiao AI
• Others

Based on  component, the  market can be divided  into:

• Hardware
• Software

The market, on the basis of application, the market can be categorised  into:

• Smart Home
• Consumer
• Smart Office
• Others

The EMR report looks into the regional markets of smart speaker like North America, Europe, the Asia pacific, Latin America, and the Middle East and Africa.

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Increase in the Preference for Smart Homes to Augment the Market Growth of Smart Speaker

The smart home is one of the major application segments of smart speakers owing to their versatile usability and advanced features. In this technologically advancing world, consumers are increasingly adopting smart homes at a rapid pace as a result of a rise in disposable incomes and increasing purchasing power. A smart home comprises smart devices, like smart lights, smart TVs, smart locks, thermostats, security cameras, and smart kitchen appliances, among others.  Smart speakers thus act as a control hub to manage these devices by allowing a remote operation to smart devices with voice commands over the internet, thus, making everyday tasks easy and stimulating the industry growth.

Moreover, development in the audio technology segment aided by investments in R&D for the development of innovative products is anticipated to bolster the growth of the smart speaker industry over the forecast period. In addition, the forthcoming structuring of innovative wireless technology, 5G, Bluetooth, and wi-fi, along with the rising market penetration of smart phones is anticipated to enhance the growth of the market.

Key Industry Players in the Global Smart Speaker Market

The report presents a detailed analysis of the following key players in the global smart speaker market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Amazon.com, Inc.
• Alphabet Inc.
• Alibaba Group Holding Limited
• Xiaomi Corporation
• Apple Inc.
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report