Smart Speaker Market Report, By Intelligent Virtual Assistant (Alexa, Google Assistant, Cortana, Siri), Application (Personal, Professional, Commercial) and Geography- Global Market Share, Trend Analysis & Forecast

Smart speaker is the latest technological advancement that is leading the consumer technology market. These smart speakers allows user to perform numerous activities form controlling wireless enabled lights to ordering various products and takeaways online along with providing information like the weather forecast, time, date and many more things. And they can also stream music to the speakers themselves. In fact they are what is termed virtual assistants.

Market Dynamics- Global Smart Speaker Market

Increasing number of smart phones together with growing trend of smart speakers is anticipated to boost the market over the forecast period. Moreover, rising disposable income and rapid proliferation of multifunctional devices is also projected to be the factors uplifting the market. Nevertheless, issues related to connectivity range, compatibility and power and availability of substitutes is likely to restrain the market growth. 

Market Dynamics- Global Smart Speaker Market

In 2020, boAt – an audio brand that replicates the mixture of music, fashion and action sports launched their new range of audio products - Stone 170 Portable Bluetooth Speakers, Airdopes 311V2 and SpinX Portable Wireless Speaker.

In 2019, Japanese electronics giant Sony, launched a new range of portable speaker in the SRS-Series. The SRS-XB range of speakers sees three new additions, which are priced at different levels depending on the model number.

Smart Speaker Market Segmental Overview

The study analyses Global Smart Speaker market based on IVA, Application and Geography.

• Alexa, Google Assistant, Cortana, Siri etc. are some of the major IVAs used for Smart Speaker. Owing to large established markets of Apple and iOS devices, the Siri-enabled Smart Speaker is likely to notice substantial growth during the forecast period. Nevertheless, Alexa-enabled Smart Speaker devices are projected to hold majority of the market share owing to its low cost and numerous advantages such as controlling Smart Speaker, playing games, and playing music.
• These smart home devices can be used for personal, professional and commercial use. Personal application is likely to dominate the market owing to the incorporation of smart lights, speakers, TVs, and personalization such as making calls, setting alarms etc.

Smart Speaker Market by Geography

Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and Rest of the World. North America is expected to dominate the market over the forecast period. Mounting demand for smart home devices is the major factor that augments the growth of the smart speakers market in this region. Moreover, readiness of consumers to spend on latest technologies and growing usage of smart devices among the younger generation is likely to develop the market. Also, the development of partnerships between smart home manufacturers and creators of smart speakers enables smooth integration of smart home devices with the smart speaker.

Global Smart Speaker Market-Key Players

Amazon, Inc., Harman International, Apple Inc., Sonos, Alphabet Inc., Baidu, Inc., Bose Corporation, Sony Corporation, Onkyo Corporation, Samsung Electronics, Panasonic Corporation, Xioami Inc. among others are the major players active in the Smart Speaker market.