Market Research Future published a research report on “Smart Speaker Market Research Report – Global Forecast till 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Market Research Future takes into account the impact of the novel COVID-19 pandemic on the smart speaker market 2020. It offers a clear assessment of the projected market fluctuations during the forecast period (2018–2023). Various factors are likely to impact the overall dynamics of the Multi-layer Security market with a 34.7% CAGR in the same forecasted period. Valuations to be recorded are expected USD 1.94 billion in 2017 to USD 11.57 billion by 2023.
Top Grossing Factors
The most trending smart speakers are integrated with Google Home and Amazon Echo, which can automate digital tasks along with playing high-quality sound. Smart speakers can work equivalently to Smartphones. Siri and Cortana are also currently included in smart speakers. Thud, the global smart speaker market during COVID-19 breakthrough, is estimated to experience significant growth over the estimated period owing to the factors of the rising number of smart homes, the upward trend of personalization, and swelling disposable income.
More factors driving the market of smart speakers are advancement in audio technology, a rise in the number of smart homes, expansion of wireless technology, and swelling breach of Smartphones. These smart devices and product innovation with the integration of new technologies and services have bolstered the market growth to a great extent.
Some renowned companies such as Amazon has offered Amazon Echo driven by virtual assistant known as Alexa and Google offers Google Home powered by virtual Google assistant. These products lead the Smart Speaker Market in terms of value and volume, both. The other giant players operating in the market are Alibaba, Apple, Sonos, and more. They have contributed to a larger scale and made the market score in millions for many years. And while casting more light on factors, MRFR estimates that the global market of smart speakers would witness more gains and valuation in the forecasted period.
Furthermore, the significant surge in demand for smart home devices is the significant factor that has driven the growth of the smart speakers market since recent years. Other factors, which influence the market growth for the future, swell in consumer readiness to invest on trending technologies and mount in the usage of smart devices among the younger generation. This proves to be a noteworthy factor in the adoption of smart speakers.
Despite all positive factors, various other factors related to compatibility, connectivity range, and power and data security have stood as a restrain the market growth for the coming years. This might affect the growth graph to a substantial note.
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Top Market Players
The top players in the smart speaker market are listed to be Sony Corporation (Japan), Harman International (US), Amazon.com (US), Sonos. Inc. (US), Apple Inc. (US), Alibaba Group Holding Ltd (China) Bose Corporation (US), Google (US), Panasonic Corporation (Japan), ONKYO CORPORATION (Japan), and among others.
Segmentation of Market
As per the COVID-19 analysis of Global smart speaker market, it can be segmented as follows:
In terms of the intelligent virtual assistant segment, the market has comprised of Google Assistant, Alexa, Siri, Cortana, and others.
In terms of the applications segment, the market has included personal use and commercial use.
The global smart speaker market is approximate to grow at a significant rate in the regions of Europe, Asia-Pacific, North America, and the rest of the world.
The smart speaker market in North America is expected to lead the smart speaker market during the forecast period owing to the subsistence of early adopters and critical smart speaker providers such as Google Inc. and Amazon.com. North America region is also multiplying with the adoption of new technologies such as IoT and Artificial Intelligence.
Asia-Pacific is also in the line of expectation to expand at a faster rate during the forecast period. China and Japan lead the smart speaker market in the Asia-Pacific region. In Asia-Pacific, the smart speaker market has been snowballing as the growing adoption of smart homes and smart offices is more and more among the people during COVID 19 crisis. Moreover, the smart city project announcement in India and China will drive the smart speaker market in Asia-Pacific during the forecast period.
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