Smart Speaker Market Size to Reach USD 24.09 Billion in 2028 | Rising Trend of Smart Homes Across the World and Surging Demand for Home Automation Devices are Significantly Boosting Industry Growth, says Emergen Research

VANCOUVER, BC, July 27, 2021 /PRNewswire/ -- The global smart speaker market size is expected to reach USD 24.09 billion by 2028 at a CAGR of 16.9%, according to a new report by Emergen Research. Market revenue growth is majorly attributed to growing trend of home automation and escalating demand for smart home appliances including smart entertainment systems and communication devices. Introduction of more cost-effective and user-friendly electronic home appliances with remote access and connectivity via advanced wireless technologies is a major market growth trend. Market growth is further driven by rapid urbanization and rising disposable incomes.

A smart speaker is a voice-enabled device powered by an intelligent virtual assistant that helps with a multitude of everyday tasks including answering questions, streaming music or podcasts, setting timers, alarms, or reminders, turning on lights, adjusting the thermostat, and controlling other smart devices at home. Most smart speakers available today are compatible with virtual assistants such as Amazon's Alexa or Google Assistant and boast top-notch features and functionalities that can be operated remotely. Many speakers come with a touchscreen display for a visual response to user commands. Tech behemoth Amazon is known for its extensive range of smart speakers, including the best-selling Amazon Echo Dot. The device can not only set alarms and stream music, but also make hands-free calls and control a wide range of Alexa-compatible smart home devices. 

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Some Key Highlights in the Report:

• Based on component, the global smart speaker market is segmented into hardware and software. The hardware segment is expected to register the highest CAGR during the forecast period. Integration of voice recognition features and advanced sensors in smart speakers and growing consumer demand for smart home devices that are compatible with voice assistants such as Alexa (Amazon) and Siri (Apple) are driving this segment's growth.
• Based on application, the global market can be segmented into smart home, smart office, and others. The smart home segment is the largest of all application segments in terms of revenue, and its growth is attributed to growing inclination towards smart homes, increasing demand for smart speakers owing to their state-of-the-art features, changing lifestyles, and rising disposable incomes of consumers.
• Among intelligent virtual assistants, the Alexa segment dominated all other segments, accounting for the highest revenue share in 2020. Growing availability and affordability of Amazon's Alexa smart speakers globally is a key factor driving revenue growth of this segment.
• The smart speaker market in North America held the largest market size in terms of revenue in 2020. Rising trend of smart homes and the presence of leading smart speaker manufacturers including Amazon, Apple, and Google in the region are key factors fueling the North America market growth.
• Amazon Inc., Apple Inc., Alphabet Inc., Baidu, Inc., Sony Corporation, Lenovo Group Ltd., Altec Lansing Inc., Onkyo Corporation, Xiaomi Corporation, and SK Telecom Co. Ltd. are among the top companies in the global smart speaker market.
• In October 2020, tech giant Apple Inc. introduced its new HomePod mini smart speaker with an exceptional sound quality. The smart WiFi speaker is built with leading-edge software and is compatible with Apple's voice assistant Siri.

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For the purpose of this report, the global smart speaker market is segmented on the basis of component, application, intelligent virtual assistant, end-use, and region:

Component Outlook (Revenue, USD Billion; 2018-2028)

• Hardware
• Software

Application Outlook (Revenue, USD Billion; 2018-2028)

• Smart Office
• Smart Home
• Others

Intelligent Virtual Assistant Outlook (Revenue, USD Billion; 2018-2028)

• Google Assistant
• Alexa
• Siri
• Cortana
• Others

End-use Outlook (Revenue, USD Billion; 2018-2028)

• Commercial
• Personal

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Regional Outlook (Revenue, USD Billion; 2018-2028)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• BENELUX
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Rest of Asia Pacific
• Latin America
• Brazil
• Rest of Latin America
• Middle East & Africa
• Saudi Arabia
• U.A.E.
• South Africa
• Rest of Middle East & Africa

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About Emergen Research 

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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