Global Smart Speaker Market Report 2023: Increasing Adoption of Smart Homes and Connected Devices Drives Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Smart Speaker Market Size, Share, and Growth Analysis by Intelligent Virtual Assistant, End-user, Distribution Channel, Type, and Region - Industry Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.

The Global Smart Speaker Market size was valued at USD 8.6 billion in 2021 and is poised to grow from USD 10.8 billion in 2022 to USD 84.02 billion by 2030, growing at a CAGR of 25.6% in the forecast period (2023-2030).

Smart speakers are voice-activated speakers that are integrated with artificial intelligence assistants like Amazon Alexa, Google Assistant, and Apple Siri. They are designed to make life easier by providing access to a wide range of information, entertainment, and smart home controls with voice commands. The smart speaker market has grown rapidly in recent years and is expected to continue to do so in the future.

Segments covered in this report

Global smart speaker market is segmented based on intelligent virtual assistant, end user, distribution channel and region. Based on type, the market is segmented into virtual assistant, wireless speakers, and others. Based on intelligent virtual assistant it is segmented into Amazon Alexa, Google Assistant, Siri, Cortana, and others.

Based on end user it is segmented into personal and commercial. Based on the distribution channel it is segmented into online and offline. Based on the region it is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Driver

The smart speaker market is driven by the increasing adoption of smart homes and connected devices. Smart speakers act as a hub for smart home devices, allowing users to control everything from lighting and heating to security systems with voice commands.

Additionally, the growing popularity of voice-based assistants for personal and business use is driving the demand for smart speakers. The convenience of using voice commands to perform tasks is a key factor in the adoption of smart speakers.

Restrain

The smart speaker market is concerns around privacy and security. As smart speakers are always listening, there is a concern that they could be used to eavesdrop on conversations and collect personal data.

Additionally, concerns around the accuracy and reliability of voice recognition technology could limit the adoption of smart speakers. Some users may prefer to use traditional methods of controlling smart home devices and accessing information, such as using a mobile app or computer.

Trend

The smart speaker market is the increasing integration of smart speakers with other devices and services. Smart speakers are being integrated with smart TVs, cars, and other connected devices to provide a seamless user experience. Additionally, the development of smart speakers with better voice recognition technology and natural language processing is a key trend in the market.

This will enable users to have more natural and intuitive conversations with their smart speakers. Another trend is the increasing adoption of smart speakers in the workplace, where they are being used to improve productivity and collaboration.

Finally, there is a growing interest in the use of smart speakers for healthcare applications, where they can be used to provide reminders, medication management, and other health-related services.

Companies Mentioned

• Amazon, Inc
• Google LLC
• Apple Inc.
• Alibaba Group Holding Ltd.
• Baidu, Inc.
• Xiaomi Corporation
• Sonos, Inc.
• Bose Corporation
• Harman International Industries, Inc.
• Lenovo Group Limited
• Panasonic Corporation
• LG Electronics Inc.
• Yamaha Corporation
• Onkyo Corporation
• Pioneer Corporation
• Sony Corporation
• SK Telecom Co., Ltd.
• Huawei Technologies Co., Ltd.
• Libratone A/S
• Anker Innovations Limited

For more information about this report visit https://www.researchandmarkets.com/r/c5tl3r

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