Smart Speakers Market
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What Will the Smart Speakers Industry Market Size Be by 2025?
The market size for smart speakers has seen a significant increase over the past few years. It is expected to escalate from a value of $14.56 billion in 2024 to $19.14 billion in 2025, showcasing a compound annual growth rate (CAGR) of 31.5%. The historical period’s growth can be credited to the incorporation of voice assistants, control of smart homes, streaming of music, data recovery, and ecosystem integration.
What’s the Long-Term Growth Forecast for the Smart Speakers Market Size Through 2029?
Growth for the smart speakers market size is anticipated to be significant in the coming years, with an expectation of reaching $42.61 billion by 2029, with a compound annual growth rate (CAGR) of 22.2%. The main factors contributing to this projected growth during the forecast period include multi-modal interfaces, enhanced voice recognition technology, localization and language support, and the addition of health and wellness features, as well as adoption by businesses and enterprises. The forecast period also sees trends like voice commerce (v-commerce), privacy and data protection, custom wake words, personalized content, and artificial intelligence with contextual understanding.
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What Are the Key Growth Drivers Fueling the Smart Speakers Market Expansion?
As consumers increasingly favor products offering advanced technology, the adoption of smartphones and intelligent devices has skyrocketed. The expanding personal utilization of such devices signifies a convergence with other smart devices such as lightbulbs, thermostats, and televisions. For example, Uswitch Limited, a financial conduct authority in the UK, reported in February 2023 that from 2022 onwards, the UK’s population is projected to reach 68.3 million by 2025, with 95% equivalent to roughly 65 million people owning a smartphone. Regional manufacturers are being motivated to create innovative and advanced products, and customer willingness to embrace and adopt emerging technology is anticipated to fuel the smart speakers market.
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Which Fast-Growing Trends Are Poised to Disrupt the Smart Speakers Market?
Artificial intelligence drives virtual assistant devices, providing its owners with exceptional convenience. These devices are always ready to respond to commands, assess requirements, and perform tasks as needed. The Amazon Echo, equipped with the smart assistant Alexa, can be activated simply by saying the word, Alexa. The voice assistant from Apple, Siri, enables hands-free operation through deep integration technology and provides high-quality virtual surround sound. It also has capabilities such as setting timers, managing events in the calendar, and other functions. Activated by the voice command, Ok Google, Google Assistant permits instant access to all Google services and the user’s linked Google account data. As of May 2023, Amazon, a prominent US technology firm, launched the Echo Pop. It’s an updated Echo speaker range that includes a freshly designed $40 model featuring a semi-spherical design. This latest Alexa-enabled device from Amazon has a half-globe design and a front-facing speaker, perfect for smaller areas due to its rich sound output. The Echo Pop uses the AZ2 Neural Edge processor for in-device machine learning and can expand the network range by up to 1,000 square feet when paired with Eero mesh routers. This device comes in four color options: charcoal, white, lavender bloom, and midnight teal.
How Is the Smart Speakers Market Segmented?
The smart speakers market covered in this report is segmented –
1) By Intelligent Virtual Assistant: Amazon Alexa, Google Assistant, Siri, Cortana, Other Intelligent Virtual Assistants
2) By Distribution Channel: Online, Offline
3) By Application: Smart Home, Smart Office, Consumer, Other Applications
4) By End User: Personal, Commercial
Subsegments:
1) By Amazon Alexa: Echo Devices, Third-party Alexa-enabled Smart Speakers
2) By Google Assistant: Google Nest Devices, Third-party Google Assistant-enabled Smart Speakers
3) By Siri: Apple HomePod, Siri-integrated Third-party Smart Speakers
4) By Cortana: Microsoft Cortana-enabled Smart Speakers, Enterprise-focused Cortana Devices
5) By Other Intelligent Virtual Assistants: Samsung Bixby-enabled Smart Speakers, Baidu DuerOS-powered Smart Speakers, Alibaba Tmall Genie, Xiaomi XiaoAI Speakers
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Which Companies Are Leading the Charge in Smart Speakers Market Innovation?
Major companies operating in the smart speakers market include Amazon.com Inc., Apple Inc., Xiaomi Corporation, Alibaba Group Holding Limited, Sonos Inc., Harman International Industries Incorporated, Bose Corporation, Sony Corporation, ONKYO CORPORATION, Panasonic Corporation, Alphabet Inc., Baidu Inc., Plantronics Inc., Pioneer Corporation, SK Telecom Co. Ltd., Lenovo Group Limited, Samsung Electronics Co. Ltd., Avnera Corporation, Fabriq, Invoxia, LG Electronics Inc., Libratone A/S, Mobvoi Inc., Mojo, Ultimate Ears, Yamaha Corporation, Edifier International Limited, Meta Platforms Inc., Jam Audio, Kakao Corporation, KitSound by Kondor Ltd., Koninklijke Philips N.V., Logitech International S.A., Beijing LingLong Electronics Co. Ltd., Deutsche Telekom AG, Anker Innovations, JBL, Marshall Amplification plc
Which Regions Are Leading the Global Smart Speakers Market in Revenue?
Asia-Pacific was the largest region in the smart speakers market in 2024. Africa is expected to be the fastest-growing region in the smart speakers market during the forecast period. The regions covered in the smart speakers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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