The global smart speaker market was valued at US$ 2.28 Bn in 2018 and is expected to reach US$ XX Bn by 2026, growing at a CAGR of 28.3% during the forecast period. Rising purchasing power of consumers and increasing proliferation of internet are expected to drive the growth of the global smart speaker market.
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A smart speaker is a wireless speaker integrated with an intelligent virtual assistant for performing interactive operations such as browsing the web, listening to the latest news, streaming music, and purchasing products online. These devices are activated by a voice command to perform these operations. Advancements in speakers and their integration with automated speech recognition technology and natural language processing (NLP) have changed the way users listen to music.
Increasing use of AI-enabled smart speakers in smart home applications is driving the demand for smart speakers. Increasing innovation and technological advancements have encouraged consumers to shift towards more sophisticated and premium innovative appliances. Further, an increase in the proliferation of internet-enabled and smart home devices and rising disposable income of consumers are expected to increase the market growth during the forecast period.
Apart from these, advantages of smart speakers over Bluetooth speakers are also a major driving factor for the market. The Bluetooth speaker does not support voice integration, which is one of the significant factors in driving the shift towards smart speakers over the forecast period. The proliferation of smartphones is also expected to fuel the growth of the market during the forecast period.
Additionally, growing consumer preference for technologically advanced products is a factor that is expected to boost the demand for smart speakers. Further, major manufacturers are investing on the development of IoT-enabled smart speakers which will further increase the demand for these smart speakers.
However, the presence of substitute products and issues related to compatibility, connectivity range, and power are expected to impede the growth of the market. The threat of cyber-attacks and the possibility of exploiting users’ private data by manufacturers are expected to hamper the growth of the market.
Based on Intelligent Virtual Assistant, Amazon Alexa is anticipated to hold the largest share in the market.
Based on Price Range, the medium segment is expected to hold the largest share in the market.
Based on distribution channel, online retailing is anticipated to lead the market with the largest market share.
Based on End-users, the individual segment is expected to hold the largest market share.
Based on regions, North America is expected to hold the largest market share.
In July 2018, Pioneer Electronics entered into a partnership with Amazon to present a new VA-FW40 Elite F4 Smart Speaker enabled with Amazon Alexa voice assistant.
In September 2019, Amazon has introduced a range of new Alexa features and an all new line-up of Echo devices. These updated variants consist of an LED display that shows time, alarms, and outdoor temperatures.
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