Smart Speaker Market Size Global forecast to 2021-2030

The Smart Speakers Global Market Report 2023 by The Business Research Company, provides smart speakers market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Smart Speakers Global Market Report 2023, the global smart speakers market size will grow from $6.6 billion in 2022 to $7.07 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global smart speakers is expected to grow to $9.22 billion in 2027 at a CAGR of 6.9%.

With increasing consumer preference for technologically advanced products, there is a rise in the penetration of smartphones and smart devices. The enhanced personal use of smart devices points to the integration of smart devices with devices such as smart lightbulbs, thermostats, and TVs. The consumer interest in technologically advanced products has resulted in 205 million installed smart speakers in 2020 and reached 325 million

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The smart speakers market is segmented:

1) By Intelligent Virtual Assistant: Amazon Alexa, Google Assistant, Siri, Cortana, Other Intelligent Virtual Assistants

2) By Application: Smart Home, Smart Office, Consumer, Other Applications

3) By End User: Personal, Commercial

4) By Distribution Channel: Online, Offline

Virtual assistant devices are powered by artificial intelligence which offers ultimate luxury to the owner. They keep on listening to the command, analyze the needs, and perform the task when necessary. The Amazon Echo with smart assistant Alexa can be activated with a voice command of one hot word “Alexa”. Siri, the Apple voice assistant provides hands-free activation with deep integration technology and high-quality virtual surround sound and exhibits features like setting the timer, managing calendar events, and more. Google assistant activated with “Ok Google” provides instant access to all of the Google services and the data associated with the Google account. For instance, according to Voicebot.ai, a US-based firm for voice assistance and artificial intelligence report 2021, Amazon sold 16.5 million smart speakers and smart displays followed by Google with 13.2 million, Baidu with 6.6 million, Alibaba with 6.3 million, and Apple with 4.6 million smart speakers in the fourth quarter of the year 2020. The proliferation of virtual assistance is, in turn, driving the smart speaker market.

The smart speakers market report table of contents includes: