February 15, 2021
As cited by the business intelligence report titled ‘Global Smart Speaker Market Size study, by Intelligent Virtual Assistant (Alexa, Google Assistant, Siri, DuerOS, AliGenie, Others), by Component (Hardware, Software), by Application (Smart Home, Consumer, Smart Offices, Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global smart speaker market reflected a valuation of USD 6.1 billion in 2019 and is expected to grow with a CAGR of 17.1% during 2020-2027.
According to seasoned experts, rapid development in the consumer technology vertical, coupled with rising product adoption for activities such as online shopping, listening to music, and online food delivery are propelling the expansion of global smart speaker market size.
For the record, smart speakers are portable speakers that utilize wireless protocols such as Wi-Fi and Bluetooth for connectivity, and are often equipped with a virtual assistant.
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The report states that increasing establishment of smart homes, rising disposable incomes, and evolution of the trend of personalization are stimulating global smart speaker market outlook.
The implementation of stringent lockdown measures by governments across the globe to curb the Covid-19 spread has affected manufacturing operations as well as various e-commerce platforms, thereby restraining the growth of the industry. Moreover, growing concerns regarding security and privacy, along with issues related to compatibility and connectivity range are hampering business development.
Based on intelligent virtual assistant, worldwide smart speaker market comprises of AliGenie, DuerOS, Siri, Google Assistant, and Alexa among others. With regards to component terrain, the market is split into software, and hardware. The application spectrum of the industry is categorized into smart offices, consumer, and smart homes.
Regionally, North America holds a substantial market share currently, on account of increasing product penetration and high concentration of known players.
On the other hand, Asia-Pacific smart speaker industry is set to register the highest yearly growth rate over 2020-2027, owing to rising disposable income, and increasing establishment of smart homes in the region.
Leading companies which define the global smart speaker market trends include Lenovo Group Limited, Bose Corporation, Sonos, Apple Inc., Harman International Industries Inc., Xiaomi Corporation, Alibaba Group, Baidu Inc., Alphabet Inc., and Amazon.com Inc. among others.