LONDON--(BUSINESS WIRE)--Technavio has been monitoring the global smart speaker market since 2017 and the market is poised to grow by USD 14.35 billion during 2019-2023, progressing at a CAGR of almost 24% during the forecast period. Request Free Sample Pages
Read the 123-page research report with TOC on "Smart Speaker Market Analysis Report by End-User (residential users and commercial users), by Geography (North America, Europe, APAC, South America, and MEA), and Segment Forecasts, 2019 - 2023."
The market is driven by the growing necessity of smart speakers in households. In addition, the increasing popularity of voice commerce is anticipated to further boost the growth of the smart speaker market.
The increasing necessity of smart speakers will be one of the major drivers in the global smart speakers market. The increasing number of home renovation projects, the growing use of digital streaming platforms, and easy integration of smart speakers with other smart home devices, will propel their popularity in households. Moreover, smart speakers are designed to serve as a hub to connect various digital streaming platforms with the TV and other devices. Thus, the increasing spend on renovation projects for the installation of smart home devices will boost the demand for smart speakers over the forecast period.
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Major Five Smart Speaker Market Companies:
Alphabet Inc.
Alphabet Inc. owns and operates businesses under various segments such as Google and other bets. The products offered by the company smart speaker segment are Google Home Mini, Google Home, and Google Home Max.
Amazon.com Inc.
Amazon.com Inc. operates businesses in North America and under international segments. The company’s key offering in smart speaker segment includes Amazon Echo.
LG Electronics Inc.
LG Electronics Inc. has business operations under various segments, namely home appliance & air solution (H&A), home entertainment (HE), mobile communications (MC), vehicle components (VC), business-to-business (B2B), LG Innotek Co, Ltd. and its subsidiaries and other segments. The product offered by the company under smart speaker segment is LG smart speaker.
Samsung Electronics Co. Ltd.
Samsung Electronics Co. Ltd. operates its business under five segments, which include Consumer Electronics (CE), Information Technology & Mobile Communication (IM), Device Solutions (DS), Harman, and others. Harman, which is the subsidiary of Samsung Electronics Co. Ltd., offers a range of smart speakers.
Sony Corp.
Sony Corp. business includes segments: game & network services, music, pictures, home entertainment & sound, imaging products & solutions, mobile communications, semiconductors, and financial services, and all other. The company’s key offerings in the smart speaker segment include S50G Google Assistant Built-in Wireless Speaker and XB501G EXTRA BASS Google Assistant built-in BLUETOOTH Speaker.
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Smart Speaker End-User Outlook (Revenue, USD Million, 2019 - 2023)
- Residential users
- Commercial users
Smart Speaker Regional Outlook (Revenue, USD Million, 2019 - 2023)
- APAC
- Europe
- MEA
- North America
- South America
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