Global Smart Speaker Market Report 2023: Sector to Reach $23 Billion by 2030 at a 7.9% CAGR

DUBLIN, May 3, 2023 /PRNewswire/ -- The "Global Smart Speaker Market Report Size, Trends & Growth Opportunity, by Intelligent Virtual Assistance, by Component, by Price, by Distribution Channel, by Application and by Region and Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The Global Smart Speaker Market is anticipated to grow from an estimated value of USD 11 billion in 2022 to USD 23 billion by 2030, expanding at a CAGR of 7.92 % from 2023 to 2030.

Market Drivers

During the projection period, the market for smart speakers will experience considerable expansion due to the increasing usage of smart home products and technology, including smart locks, security cameras, kitchen appliances, lights, and TVs. To enable increased functionality, major market participants are incorporating cutting-edge technology like artificial intelligence into speakers.

For instance, Xiaomi is creating a product based on artificial intelligence of things that can link to other internet of thing's goods and serve as a control hub.

The market for smart speakers has grown rapidly as a result of the increasing demand for Amazon Alexa, and this trend is predicted to continue during the forecast period. The first-mover advantage goes to Amazon Alexa, which is also very well-liked by customers. The internet of things (IoT) device craze among millennials and Amazon Alexa's integration with various other smart home appliances are expected to continue to be popular and project an expanding market share.

Market Restraints

Data is crucial for an individual's protection and privacy, yet it is used for business marketing and advertising objectives. Data misuse is a problem that hinders the market and is a concern. The use of voice commands like "Alexa," "OK Google," and "Siri" to activate all speakers poses a risk to maintaining the misemploying the data and voice patterns for multiple purposes is starting to worry customers.

Regional Analysis

Due to the significant presence of early providers and adopters of important smart speakers, North America dominates the market for smart speakers in terms of revenue. Customers' propensity to adopt new technology has also prompted producers to create cutting-edge goods in the area.

Due to the rising trend of smart speakers in this area, Asia-Pacific will continue to foresee the fastest compound annual growth rate during the projected period.

Key Players

The Key Players in the Global Smart Speaker Market are Sony Corporation, Onkyo & Pioneer Corporation, Sonos, Inc., Alphabet, Baidu, Inc, Bose Corporation, Panasonic Corporation, Harman International, Apple Inc., Lenovo.

Market Taxonomy
Virtual Assistance

• Open-Source Technologies
• Alexa
• Google Assistance
• Siri
• Dueros
• Aligenie
• Xiao Ai
• Others

Component Mode

• Hardware
• Software

Price

• Low
• Mid
• Premium

Distribution Channel

• Online
• Offline

Application

• Smart Home
• Consumer
• Smart Office
• Others

Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and South Africa

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Global Smart Speaker Market Outlook

5 Global Smart Speaker Market, By Intelligent Virtual Assistance

6 Global Smart Speaker Market, By Component

7 Global Smart Speaker Market, By Price

8 Global Smart Speaker Market, By Distribution Channel

9 Global Smart Speaker Market, By Application

10 Global Smart Speaker Market, By Region

11 North America Smart Speaker Analysis and Forecast (2023 -2030)

12 Europe Smart Speaker Market Analysis and Forecast (2023 -2030)

13 Asia Pacific Smart Speaker Market Analysis and Forecast (2023 -2030)

14 Latin America Smart Speaker Market Analysis and Forecast (2023 -2030)

15 Middle East Smart Speaker Market Analysis and Forecast (2023 -2030)

16 Competitive Analysis

17 Company Profiles

Companies Mentioned

• Sony Corporation
• Onkyo & Pioneer Corporation
• Sonos Inc.
• Alphabet
• Baidu Inc
• Bose Corporation
• Panasonic Corporation
• Harman International
• Apple Inc.
• Lenovo

For more information about this report visit https://www.researchandmarkets.com/r/wjhlrt

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