Smart Speakers Market By Virtual Assistant Type (Alexa, Google Assistant, Siri, Cortana, Others), By Application (Residential, Offices), By Sales Channel (Online, Offline), By Component (Hardware, Software) - Growth, Share, Opportunities & Competitive Analysis, 2018 – 2026

Rising home automation aids the smart speaker market's growth.

The smart speaker market was valued at $4.30 billion in 2017 and is expected to grow at a CAGR of 26.4% between 2017 and 2026. A smart speaker may be defined as a wireless audio playback device that uses several types of connectivity for additional functions. Technically, a "smart" speaker is one that can do more than simply emit sound. What makes smart speakers different from normal speakers is the fact that they come with special features that facilitate connectivity to multiple types of audio sources, ease of use, and additional functionality. These additional functionalities include scheduling calendar invites, quickly looking up information, controlling smart homes, playing music, shopping online, and facilitating calls. All the aforementioned tasks can be performed by the person operating the smart speaker. The rising smart home industry across the world is an important factor contributing to the increased adoption of smart speakers. Moreover, considering the fact that an increasing number of consumers are shifting towards connected devices, the smart speaker market is expected to witness significant growth over the forecast period. Another important factor aiding the growth of the smart speaker market is the rising net disposable income of people, especially in countries such as India, China, and Brazil, among others. The advent of e-commerce has further influenced market growth positively. Ease of purchase and wide availability of options are some of the major factors supporting the aforementioned sentence.

Market Synopsis

The adoption of smart speakers is expected to be high across offices in the coming years.

The residential segment stood as the largest segment in the overall smart speaker market worldwide and contributed to the lion's share of the overall market value in 2017. Rising discretionary income coupled with changing lifestyles is expected to drive the adoption of smart speakers in the residential sector in the coming years. Moreover, the rising popularity of connected devices and smart homes worldwide is another factor aiding the smart speaker market's growth during the forecast period. However, the adoption of smart speakers across offices is expected to be on the rise in the years to come. For instance, recently, at its annual Re: Invent conference held in Las Vegas, Amazon announced it plans to make its virtual assistant an essential office accessory that will be able to book conference rooms, launch meetings, and order stationery.

R&D Activities to Remain on Center Stage for the Players Operating in the Smart Speaker Market

Research and development activities are one of the most prominent strategies adopted by the players operating in the smart speaker market. These activities are directed towards improving existing products as well as developing new ones. With new companies entering the market, this strategy is expected to remain in the spotlight in the coming years. For instance, recently, Google announced its plans to launch a smart speaker with a display to take on the Amazon Echo. The product is expected to be unveiled at the Pixel launch event, which is likely to be in the first week of October 2018. Similarly, Motorola has plans to launch a smart speaker that will compete directly with the likes of the Amazon Echo and Google Home.

North America to Remain an Important Market Throughout the Forecast Period

North America was the largest regional market for smart speakers worldwide in 2017. The value share of North America in the global smart speaker market stood at more than 60% in 2017. The region is expected to maintain its dominance throughout the forecast period. The presence of a strong home automation industry in the region is one of the most prominent factors driving the smart speaker market. Furthermore, a greater proclivity for a sophisticated lifestyle among people in the region is another factor contributing to the growth of the smart speaker market. Furthermore, the fact that three of the leading virtual assistant providers—namely, Cortana (Microsoft), Alexa (Amazon), and Siri (Apple)—have headquarters in the region further contributes to the growth of the market in the region. The adoption of smart speakers among people in the U.S. has grown significantly in recent years. The magnitude of this growth can be understood from the fact that 16% of the U.S. population now owns a smart speaker.

Periods of History and Forecast

This research report presents the analysis of each segment from 2016 to 2026, considering 2017 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2018 to 2026.

Report Scope by Segments

The report elucidates the detailed outline of the global smart speaker market by categorizing the market in terms of virtual assistant type, component, application, sales channel, and geography.

Key players profiled in the report include Amazon, Apple, Harman International, Sonos, Bose, Onkyo, Panasonic, Alibaba, Altec, Lenovo, and Xiaomi, among others.

Key questions are answered in this report.

  • What was the size of the global smart speaker market in 2017, and what is the forecast for 2026?
  • What are the current trends in the smart speaker market?
  • What are the various valuable opportunities for the players in the market?
  • Which is the largest regional market for smart speakers?
  • Which region is expected to have the fastest growth and why?
  • What are the future prospects for the smart speaker market?
  • What are the major drivers and restraints influencing the market's growth?
  • What are the new innovations by the leading players?
  • What are the key strategies adopted by the leading players in the market?

Frequently Asked Questions:

The market for Smart Speakers is expected to reach US$ 4.30 Bn in 2026.

The Smart Speakers market is expected to see significant CAGR growth over the coming years, at 26.4%.

The report is forecasted from 2018-2026.

The base year of this report is 2017.

Amazon,Apple,Harman International,Sonos,Bose are some of the major players in the global market.

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Published Date:  Oct 2018
Category:  Technology & Media
Report ID:   59412
Report Format:   PDF
Pages:   120
Rating:    4.1 (69)
Delivery Time: 24 Hours to 48 Hours   
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