Global Smart Speaker Market Size, Trends & Growth Opportunity, By Intelligence Virtual Assistance (Google Assistance, Amazon Alexa, Siri, Cortana, Others), By End Use (Personal, and Commercial), By Distribution Channel (Online and Offline), Regional Outlook, Competitive Market Share & Forecast, 2022 – 2027.
Global Smart Speaker Market
Global Smart Speaker Market was valued at USD 7.9 billion in 2021 which is expected to reach USD 18.2 billion by 2027 at a CAGR 14.68%from 2022-2027.
A smart speaker is a particular kind of wireless speaker that can be powered by help and is enabled by Wi-Fi, Bluetooth, and other wireless protocols. Based on artificial intelligence technology, these speakers are. This is a recent technological advancement that allows the user to activate it using voice commands for a variety of actions like online shopping and music listening.
Market Drivers
One of the main factors expected to fuel the growth of the global smart speaker market is the rise in smart home technology adoption. Additionally, the market will grow as smart speakers become more popular with consumers. Additionally, ongoing improvements in technology, microphones, automated speech recognition, and natural language processing will enable speakers to recognize user commands and drive market expansion.
Additionally, rising consumer willingness to invest in cutting-edge technology and an increase in smart device usage are anticipated to fuel the growth of the global smart speaker market.
Market Restraints
However, problems with range, compatibility, and power are the primary restraints on the growth of the global smart speaker market.
Market Segmentation
The Global Smart Speaker Market is segmented into intelligent virtual assistance such as Google Assistance, Amazon Alexa, Siri, Cortana, and Others, by end user such as Personal, and Commercial. Further, market is segmented into distribution channel such as Online and Offline.
Regional Analysis
The Global Smart Speaker Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Smart speakers have grown rapidly in popularity in North America as a result of early adoption of cutting-edge technologies and a robust economic environment. The presence of important speaker providers has allowed speakers to spread throughout the area.
The willingness of consumers to adopt new technology has also prompted major suppliers in North America to create cutting-edge and innovative products. The Smart Speaker Consumer Adoption Report also states that from 1.8 in 2018 to 2.0 in 2019, there were 10% more speakers per user.
Market Key Players
Various key players are discussed in this report such as AMAZON, Alphabet, Alibaba, Apple, XIAOMI, Harman International, SONOS, BOSE, Lenovo, and Baidu.
Market Taxonomy
By Intelligence Virtual Assistance
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