"Rising Home Automation Aiding the Smart Speakers Market Growth"

The smart speakers market was valued at US$ 4.30 Bn in 2020 and expected to grow at a CAGR of 26.4% during the forecast period from 2020 to 2029. A smart speaker may be defined as a wireless audio playback device that uses several types of connectivity for additional functions. Technically, a speaker capable of anything beyond just emitting sound can be labelled as ‘smart’. What makes smart speakers different from normal speakers is the fact that it comes with special features that facilitates connectivity to multiple types of audio sources, ease of use and provide additional functionality. These additional functionality includes; scheduling calendar invites, quickly look up information, controlling smart homes, play music, online shopping and facilitating calls. All the aforementioned tasks can just be performed by the person operating the smart speaker. 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 speakers market expected to witness significant growth over the forecast period. Rising net disposable income of people specially in countries such as India, China and Brazil among others is another important factor aiding the smart speakers market growth. The advent of e-commerce has further influenced the market growth positively. Ease of purchase and wide availability of options are some of the major factors supporting the aforementioned sentence.

"Adoption of Smart Speakers Expected to be high across Offices in Coming Years"

The residential segment stood as the largest segment in the overall smart speakers market worldwide and contributed to a lion’s share of the overall market value in 2020. Rising discretionary income coupled with changing lifestyle are expected to drive the adoption of smart speakers in residential sector in the coming years. Moreover, rising popularity of connected devices and smart homes worldwide is another factor aiding the smart speakers market growth during the forecast period. However, the adoption of smart speakers across offices expected to be on the rise in the years to come. For instance, recently Amazon in its annual Re:Invent conference held in Las Vegas, announced it plans to make its virtual assistant an essential office accessory which will be able to book conference rooms, launch meetings and order stationery.

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

Research and development activities is one of the most prominent strategies adopted by the players operating in the smart speakers market. These activities are directed towards improving the existing products as well as developing new ones. With new companies entering into the market, this strategy expected to remain on the center stage in the coming years. For instance, recently, Google announced its plans to launch a smart speaker with a display to take on Amazon Echo. The product expected to be unveiled at the Pixel launch event, which is likely to be in the first week of October 2021. Similarly, Motorola has plans to launch a smart speaker that will compete directly with the likes of 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 2020. The value share of North America in the global smart speakers market stood at more than 60% in the year 2020. The region 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 speakers market. Moreover, higher inclination towards sophisticated lifestyle among people in the region is another factor complimenting the smart speakers market growth. Furthermore, the fact that three of the leading virtual assistant providers namely, Cortana (Microsoft), Alexa (Amazon) and Siri (Apple) headquartered 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.

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

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Smart Speakers market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Smart Speakers market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Smart Speakers market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Smart Speakers market?
• Which is the largest regional market for Smart Speakers market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Smart Speakers market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Smart Speakers market worldwide?