Smart Speaker Market

Best Price Guarantee	Length	Publisher	Published Date	SKU
from $4,850	160 Pages	Fortune Business Insights Pvt. Ltd.	September, 2024	FOB19185667

Best Price Guarantee
Price	from $4,850
Length	160 Pages
Publisher	Fortune Business Insights Pvt. Ltd.
Published Date	September, 2024
SKU	FOB19185667

Smart Speaker Market

Growth Factors of Smart Speaker Market

The smart speaker market size was valued at USD 12.52 billion in 2023, and the market is now projected to grow from USD 15.00 billion in 2024 to USD 61.40 billion by 2032, exhibiting a CAGR of 19.3% during the forecast period of 2023-2032.

The COVID-19 pandemic posed significant challenges on the Smart Speaker Market growth. Due to lack of industrial operations and a halt in commercial campaigns, implementation of government policies, investments in projects and other initiatives due to covid pandemic., which lead a decline in the cloud infrastructure services market expansion. Lockdown enacted in numerous nations have hindered the manufacturing and caused transportation delays. In addition, worldwide restrictions have caused a halt in economic activities. Despite the challenges of covid pandemic, the battery plate sector has proven to be robust. Although the construction of electric vehicle has been delayed due to shortage of man power and procurement concerns of raw material.

Increasing smart home product adoption to support smart speaker market growth. Additionally, this kind of speaker serves as a contact center and single point of control for all smart devices, making remote operation simple. For example, Xiaomi is working on creating an Artificial Intelligence of Things (AIoT) system that will connect its other IoT goods by employing a speaker as a control hub. Moreover, Xiaomi's AIoT platform connects over 324 million devices. Growing consumer demand for smart speakers with displays is anticipated to drive market expansion. The market is continuing to develop thanks in part to the growing number of display devices. The market's leading companies are moving more and more toward display-based gadgets as a result of changing use cases, such as social networking, online content viewing, and video call capabilities.

Artificial intelligence technology integrated with smart speaker. Furthermore, AI-powered functions like contextual comprehension, predictive analysis, and personalized suggestions allow smart speakers to carry out sophisticated activities beyond simple voice requests. The growing dependence of consumers on voice-activated gadgets for various purposes such as information retrieval, entertainment, smart home management, and productivity duties is anticipated to stimulate demand and propel the expansion of the virtual assistant and artificial intelligence markets.

Comprehensive Analysis of Smart Speaker Market

The smart speaker market and technology industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the technology benefit management industry. These segmentations are methodically segregated by types and by application. The types segmentation includes, Virtual Assistants, Wireless Speakers, and Others, while by Application segmentation include Residential and Commercial.

The North America region lead the smart speaker market by benefitting a market size of USD 5.40 billion in 2023 due to increasing smart home product adoption and integration of Artificial intelligence technology combined with sophisticated virtual assistants.

The top players in the market play a crucial role in the technology industry assuring industrial prospectus growth and setting market standards. These players include, Apple Inc. (U.S.), Avnera Corporation (U.S.), Baidu (China), Deutsche Telekom (Germany), Fabriq (U.K.), Facebook (U.S.), Jam Audio (U.S.), KaKao (South Korea), Lenovo (Hong Kong), LG Electronics (South Korea) these market players provide a level-playing competitive landscape.

In March 2024, The newest portable speaker from LG Electronics, the LG StanbyME Speaker (model XT7S), was released globally. With the provided remote control, users can easily turn on and off the speaker and screen and pair them with Bluetooth. Additionally, the LG StanbyME has a special widget for centralized status monitoring and control of the speaker.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 19.3% from 2024 to 2032

Unit Value (USD Billion)

Segmentation By Type

- Virtual Assistants

- Wireless Speakers

- Others

By Application

- Residential

- Commercial

By Region

- North America (By Type, By Application, and By Country)

U.S. (Type)
Canada (Type)

- South America (By Type, By Application, and By Country)

Brazil (Type)
Argentina (Type)
Rest of South America

- Europe (By Type, By Application, and By Country)

U.K. (Type)
Germany (Type)
France (Type)
Italy (Type)
Spain (Type)
Russia (Type)
Benelux (Type)
Nordics (Type)
Rest of Europe

- Middle East & Africa (By Type, By Application, and By Country)

Turkey (Type)
Israel (Type)
GCC (Type)
North Africa (Type)
South Africa (Type)
Rest of Middle East & Africa

- Asia Pacific (By Type, By Application, and By Country)

China (Type)
India (Type)
Japan (Type)
South Korea (Type)
ASEAN (Type)
Oceania (Type)
Rest of Asia Pacific

Please Note:

1. Introduction: 1.1. Definition, By Segment; 1.2. Research Methodology/Approach; 1.3. Data Sources
2. Executive Summary
3. Market Dynamics: 3.1. Macro and Micro Economic Indicators; 3.2. Drivers, Restraints, Opportunities and Trends
4. Competition Landscape: 4.1. Business Strategies Adopted by Key Players; 4.2. Consolidated SWOT Analysis of Key Players; 4.3. Global Smart Speaker Key Players Market Share/Ranking, 2023
5. Global Smart Speaker Market Size Estimates and Forecasts, By Segments, 2019-2032: 5.1. Key Findings; 5.2. By Type (USD); 5.2.1. Virtual Assistants; 5.2.2. Wireless Speakers; 5.2.3. Others; 5.3. By Application (USD); 5.3.1. Residential; 5.3.2. Commercial; 5.4. By Region (USD); 5.4.1. North America; 5.4.2. South America; 5.4.3. Europe; 5.4.4. Middle East & Africa; 5.4.5. Asia Pacific
6. North America Smart Speaker Market Size Estimates and Forecasts, By Segments, 2019-2032: 6.1. Key Findings; 6.2. By Type (USD); 6.2.1. Virtual Assistants; 6.2.2. Wireless Speakers; 6.2.3. Others; 6.3. By Application (USD); 6.3.1. Residential; 6.3.2. Commercial; 6.4. By Country (USD); 6.4.1. United States; 6.4.1.1. Application; 6.4.2. Canada; 6.4.2.1. Application; 6.4.3. Mexico; 6.4.3.1. Application
7. South America Smart Speaker Market Size Estimates and Forecasts, By Segments, 2019-2032: 7.1. Key Findings; 7.2. By Type (USD); 7.2.1. Virtual Assistants; 7.2.2. Wireless Speakers; 7.2.3. Others; 7.3. By Application (USD); 7.3.1. Residential; 7.3.2. Commercial; 7.4. By Country (USD); 7.4.1. Brazil; 7.4.1.1. Application; 7.4.2. Argentina; 7.4.2.1. Application; 7.4.3. Rest of South America
8. Europe Smart Speaker Market Size Estimates and Forecasts, By Segments, 2019-2032: 8.1. Key Findings; 8.2. By Type (USD); 8.2.1. Virtual Assistants; 8.2.2. Wireless Speakers; 8.2.3. Others; 8.3. By Application (USD); 8.3.1. Residential; 8.3.2. Commercial; 8.4. By Country (USD); 8.4.1. United Kingdom; 8.4.1.1. Application; 8.4.2. Germany; 8.4.2.1. Application; 8.4.3. France; 8.4.3.1. Application; 8.4.4. Italy; 8.4.4.1. Application; 8.4.5. Spain; 8.4.5.1. Application; 8.4.6. Russia; 8.4.6.1. Application; 8.4.7. Benelux; 8.4.7.1. Application; 8.4.8. Nordics; 8.4.8.1. Application; 8.4.9. Rest of Europe
9. Middle East & Africa Smart Speaker Market Size Estimates and Forecasts, By Segments, 2019-2032: 9.1. Key Findings; 9.2. By Type (USD); 9.2.1. Virtual Assistants; 9.2.2. Wireless Speakers; 9.2.3. Others; 9.3. By Application (USD); 9.3.1. Residential; 9.3.2. Commercial; 9.4. By Country (USD); 9.4.1. Turkey; 9.4.1.1. Application; 9.4.2. Israel; 9.4.2.1. Application; 9.4.3. GCC; 9.4.3.1. Application; 9.4.4. North Africa; 9.4.4.1. Application; 9.4.5. South Africa; 9.4.5.1. Application; 9.4.6. Rest of MEA
10. Asia Pacific Smart Speaker Market Size Estimates and Forecasts, By Segments, 2019-2032: 10.1. Key Findings; 10.2. By Type (USD); 10.2.1. Virtual Assistants; 10.2.2. Wireless Speakers; 10.2.3. Others; 10.3. By Application (USD); 10.3.1. Residential; 10.3.2. Commercial; 10.4. By Country (USD); 10.4.1. China; 10.4.1.1. Application; 10.4.2. India; 10.4.2.1. Application; 10.4.3. Japan; 10.4.3.1. Application; 10.4.4. South Korea; 10.4.4.1. Application; 10.4.5. ASEAN; 10.4.5.1. Application; 10.4.6. Oceania; 10.4.6.1. Application; 10.4.7. Rest of Asia Pacific
11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases): 11.1. Apple Inc.; 11.1.1. Overview; 11.1.1.1. Key Management; 11.1.1.2. Headquarters; 11.1.1.3. Offerings/Business Segments; 11.1.2. Key Details (Key details are consolidated data and not product/service specific); 11.1.2.1. Employee Size; 11.1.2.2. Past and Current Revenue; 11.1.2.3. Geographical Share; 11.1.2.4. Business Segment Share; 11.1.2.5. Recent Developments; 11.2. Avnera Corporation; 11.2.1. Overview; 11.2.1.1. Key Management; 11.2.1.2. Headquarters; 11.2.1.3. Offerings/Business Segments; 11.2.2. Key Details (Key details are consolidated data and not product/service specific); 11.2.2.1. Employee Size; 11.2.2.2. Past and Current Revenue; 11.2.2.3. Geographical Share; 11.2.2.4. Business Segment Share; 11.2.2.5. Recent Developments; 11.3. Baidu, Inc.; 11.3.1. Overview; 11.3.1.1. Key Management; 11.3.1.2. Headquarters; 11.3.1.3. Offerings/Business Segments; 11.3.2. Key Details (Key details are consolidated data and not product/service specific); 11.3.2.1. Employee Size; 11.3.2.2. Past and Current Revenue; 11.3.2.3. Geographical Share; 11.3.2.4. Business Segment Share; 11.3.2.5. Recent Developments; 11.4. Deutsche Telekom; 11.4.1. Overview; 11.4.1.1. Key Management; 11.4.1.2. Headquarters; 11.4.1.3. Offerings/Business Segments; 11.4.2. Key Details (Key details are consolidated data and not product/service specific); 11.4.2.1. Employee Size; 11.4.2.2. Past and Current Revenue; 11.4.2.3. Geographical Share; 11.4.2.4. Business Segment Share; 11.4.2.5. Recent Developments; 11.5. Fabriq; 11.5.1. Overview; 11.5.1.1. Key Management; 11.5.1.2. Headquarters; 11.5.1.3. Offerings/Business Segments; 11.5.2. Key Details (Key details are consolidated data and not product/service specific); 11.5.2.1. Employee Size; 11.5.2.2. Past and Current Revenue; 11.5.2.3. Geographical Share; 11.5.2.4. Business Segment Share; 11.5.2.5. Recent Developments; 11.6. Facebook; 11.6.1. Overview; 11.6.1.1. Key Management; 11.6.1.2. Headquarters; 11.6.1.3. Offerings/Business Segments; 11.6.2. Key Details (Key details are consolidated data and not product/service specific); 11.6.2.1. Employee Size; 11.6.2.2. Past and Current Revenue; 11.6.2.3. Geographical Share; 11.6.2.4. Business Segment Share; 11.6.2.5. Recent Developments; 11.7. Jam Audio; 11.7.1. Overview; 11.7.1.1. Key Management; 11.7.1.2. Headquarters; 11.7.1.3. Offerings/Business Segments; 11.7.2. Key Details (Key details are consolidated data and not product/service specific); 11.7.2.1. Employee Size; 11.7.2.2. Past and Current Revenue; 11.7.2.3. Geographical Share; 11.7.2.4. Business Segment Share; 11.7.2.5. Recent Developments; 11.8. KaKao; 11.8.1. Overview; 11.8.1.1. Key Management; 11.8.1.2. Headquarters; 11.8.1.3. Offerings/Business Segments; 11.8.2. Key Details (Key details are consolidated data and not product/service specific); 11.8.2.1. Employee Size; 11.8.2.2. Past and Current Revenue; 11.8.2.3. Geographical Share; 11.8.2.4. Business Segment Share; 11.8.2.5. Recent Developments; 11.9. Lenovo; 11.9.1. Overview; 11.9.1.1. Key Management; 11.9.1.2. Headquarters; 11.9.1.3. Offerings/Business Segments; 11.9.2. Key Details (Key details are consolidated data and not product/service specific); 11.9.2.1. Employee Size; 11.9.2.2. Past and Current Revenue; 11.9.2.3. Geographical Share; 11.9.2.4. Business Segment Share; 11.9.2.5. Recent Developments; 11.10. LG Electronics; 11.10.1. Overview; 11.10.1.1. Key Management; 11.10.1.2. Headquarters; 11.10.1.3. Offerings/Business Segments; 11.10.2. Key Details (Key details are consolidated data and not product/service specific); 11.10.2.1. Employee Size; 11.10.2.2. Past and Current Revenue; 11.10.2.3. Geographical Share; 11.10.2.4. Business Segment Share; 11.10.2.5. Recent Developments
12. Key Takeaways