Smart Speaker Market, Size, Global Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis

Smart Speaker Market Outlook

Global Smart Speaker Market will reach US$ 27.92 Billion by 2028, according to Renub Research. A smart speaker is a voice-activated device and loudspeaker with an integrated virtual assistant that provides interactive actions and hands-free activation. Smart speakers are gaining massive popularity due to several new features that have made lives easier and trouble-free. For example, with just command, smart speakers can now answer questions, set timers, play music, control other home devices, and help children with homework.

The world has become wiser with the introduction of technology and technological devices. Today, technology has become an integral part of life, resolving the complexities of daily routines and making things easier. Smartphones are regarded as one of the most significant technological developments. Various manufacturers employ various speech recognition systems: Apple's Siri-Assistant-Speech-Recognition-System is used by Apple and Microsoft, Google Home Series uses Microsoft's Cortana, and Amazon Echo speakers employ their voice recognition techniques for their smart speakers. Furthermore, specific smart speakers may function as devices that use Bluetooth, Wi-Fi, and other protocol standards to perform functions other than audio playing, such as controlling home automation systems.

Global Smart Speaker will grow at a CAGR of 18% from 2022 to 2028

Different age groups of savvy speaker users in the United States prefer voice-assistance programs. Apple's Siri is famous among younger groups, with 60% of 18 to 24-year-olds. Amazon Alexa, on the other hand, is far more prevalent among voice assistant users 35 and older. More than 135 million individuals in the United States utilize voice as usual, including those who do not gain access to smart speakers. This can incorporate but is not limited to, features such as compatibility across some services and platforms, peer-to-peer connection through webbing, virtual assistants, and others.

Smart speakers have become very popular, and there is a collection of smart speakers on the market from many manufacturers. These smart speakers allow various things, from controlling wireless-enabled lights to ordering multiple products and takeaways online and providing information like the weather forecast, time, date, and many more.

Although the rising interest in smart speakers shows, the increasing number of smart homes, rising disposable income, and the rapid proliferation of multifunctional devices are all factors driving the smart speaker market growth. Additionally, the disclosure of new technologies, such as automated speech recognition technology and natural language processing (NLP), has shifted the market of manually controlled speakers to AI-controlled speakers. These are authorized by wireless communication mediums such as Bluetooth and Wi-Fi, addressed by a virtual assistant, and are steered by artificial intelligence. However, data-steered innovations have threatened security and privacy, creating hindrances for the Global Smart Speaker Market. The Global Smart Speaker was US$ 10.34 Billion in 2022.

Software Component will hold the Maximum Revenue in the Forecast Period

Based on Components, the Global Smart Speaker Market is divided into two types that are Software and Hardware. The Software will hold the largest market share in the future period due to technological advancements enabling smart features and functions. For example, modern Software is required to manage data, and even advanced Software is needed to collect data from various databases, which will significantly be expected to boost the market. On the other hand, hardware will also lead the market due to the increasing integration of advanced sensors in smart speakers for better voice recognition.

Smart Speaker Market for Google Home is expected to grow at a higher Growth rate during the Upcoming Years

By Platform, the market is classified into four types: Amazon Alexa, Google Home, Apple Home Pod, and others. Google Home will dominate the market revenue in 2022 due to easy affordability and availability of a wide range of features, large audiences, continuously enhanced services, and offering for the user Google Home is very trend among consumers. In addition, it integrates with various other smart home appliances, and the craze for IoT devices among millennials is expected to retain its popularity and predict a rising market revenue.

Smart Home Application Market will grow by the end of 2028

Based on application, The Global Smart Speaker Market is divided into three types Smart Home, Consumers, and Smart Office. The Smart Home captures the most significant share due to quick access to all Google services and data associated with the Google account. In addition, with the increasing deployment of smart speakers, advanced functionality, different features, Convenience, and smart office environments, employees can reserve meeting rooms, extend their meetings, or set reminders for a conference call through voice command to smart speakers has significantly boosted the market.

Low Range Smart Speakers Market will dominate in the Future

By Price Range, The Global Smart Speaker Market is differentiated into Low range smart speakers (less than $100), Mid-range Smart speakers ($101 to 200), and Premium Smart speakers (Above $200). The low-range smart speaker will dominate the maximum revenue due to a wide range of arability, technological advancement, Convenience for customer interest, propelling market expansion, offers, and better services in such a low price range have driven the growth of the market.

United States Market will capture half of the Smart Speaker Market

Based on the Country analysis, The Global Smart Speaker Market is segmented into the United States, China, Canada, the United Kingdom, South Korea, Germany, and Japan. The United States captured the most significant share because of the rapid development of digital technology, solid economic growth, propelling market expansion in the area investments by leading market players, government programs, and increased funding for research and development efforts. Most smart speaker sales are handled by firms from the United States and account for more than two-thirds of the overall market. Amazon's Echo/Alexa, Google Home/Google Assistant, and Apple's Home Pod are the most popular smart speaker brands from American firms.

Asia Pacific is gaining Positive Momentum in the Forecast Period

Geographically the Global Smart Speaker industry is segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America has more market share due to the region's high purchasing power, and the region's internet penetration is also high compared to other areas. In addition, the region is also highly urbanized, with people integrating new technologies.

In recent years, the Asia-Pacific smart speaker sector has grown significantly. The emergence of IoT and rising consumer interest in smart home technologies have been important growth factors in the region's smart speaker industry. Companies such as Baidu, Alibaba, and Samsung have launched smart speaker devices in China and South Korea, establishing them as important participants in the smart speaker industry. 

Key Company

Some major key players in the Global Smart Speaker Market include Amazon, Apple Inc., Microsoft, Google, Baidu Inc., Deutsche Telekom, Yandex, Xiaomi, Sonos, and Alibaba Group.

• Xiaomi launched its innovative "own my voice" initiative in May 2022, which uses Text-To-Speech technology to assist patients with speech impairments.
• Apple intends to release a new generation of its HomePod smart speaker in late 2022 or early 2023.

Renub Research’s latest report titled “Smart Speaker Market Global Forecast by Component (Software and Hardware) Platform (Amazon Alexa, Google Home, Apple Home Pod and Others) Application (Smart Home, Consumers, and Smart Office) Price Range (Low range Smart Speaker (less than $100), Mid-range Smart Speaker ($101 to 200) and Premium Smart Speaker (Above $200), Country (United State, Mainland China, United Kingdom, Germany, South Korea, Canada and Japan)   Region (North America, Europe, Asia-Pacific and the Rest of the World) Company (Apple Inc., Amazon, Microsoft, Google, Baidu Inc., Deutsche Telekom, Yandex, Xiaomi, Sonos, and Alibaba Group)” current trends and analysis of the Worldwide Smart Speaker Industry.

Component:- The Global Smart Speaker Market is divided into two types:-

1.    Software
2.    Hardware

Platform: - The Global Smart Speaker Market is divided into four types:-

1.    Amazon Alexa
2.    Google Home
3.    Apple Home Pod
4.    Others

Application:- The Global Smart Speaker Market is divided into three types:-

1.    Smart Home
2.    Consumers
3.    Smart Office

Price Range:- The Global Smart Speaker Market is divided into three types:-

1.    Low range Smart Speaker (less than $100)
2.    Mid-range Smart Speaker ($101 to 200)
3.    Premium Smart Speaker (Above $200)

Country:- The Global Smart Speaker Market is divided into Seven types:-

1.    United State
2.    Mainland China
3.    United Kingdom
4.    Germany
5.    South Korea
6.    Canada
7.    Japan

Region:- The Global Smart Speaker Market is divided into four types:-

1.    North America
2.    Europe
3.    Asia-Pacific
4.    Rest of the World

All companies have been covered from 3 viewpoints:

•    Overviews
•    Recent Developments
•    Revenues

Company:- The Global Smart Speaker Market is divided into ten types

1.    Apple Inc.
2.    Amazon
3.    Microsoft
4.    Google
5.    Baidu Inc.
6.    Deutsche Telekom
7.    Yandex
8.    Xiaomi
9.    Sonos
10.    Aliababa Group
 

Report Details: