How much is the smart speakers market worth, and how is it expected to expand?
The smart speakers market size has grown exponentially in recent years. It will grow from $14.36 billion in 2024 to $19.01 billion in 2025 at a compound annual growth rate (CAGR) of 32.4%. The growth in the historic period can be attributed to voice assistant integration, smart home control, music streaming, information retrieval, ecosystem integration.
The smart speakers market size is expected to see exponential growth in the next few years. It will grow to $42.95 billion in 2029 at a compound annual growth rate (CAGR) of 22.6%. The growth in the forecast period can be attributed to multi-modal interfaces, improved voice recognition, localization and language support, health and wellness features, business and enterprise adoption. Major trends in the forecast period include voice commerce (v-commerce), privacy and data security, customizable wake words, personalized content, ai and contextual understanding.
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Which industry factors have accelerated the smart speakers market’s expansion?
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. For instance, in February 2023, according to Uswitch Limited, a UK-based financial conduct authority, beginning in 2022, the UK population is expected to grow to 68.3 million by 2025, of which 95% (or around 65 million individuals) will own a smartphone. Regional manufacturers are being encouraged to produce innovative and advanced products with customer interest to accept and adopt emerging technology which is expected to drive the smart speakers market.
What are the primary segments of the smart speakers market?
The smart speakers market covered in this report is segmented –
1) By Intelligent Virtual Assistant: Amazon Alexa, Google Assistant, Siri, Cortana, Other Intelligent Virtual Assistants
2) By Distribution Channel: Online, Offline
3) By Application: Smart Home, Smart Office, Consumer, Other Applications
4) By End User: Personal, Commercial
Subsegments:
1) By Amazon Alexa: Echo Devices, Third-party Alexa-enabled Smart Speakers
2) By Google Assistant: Google Nest Devices, Third-party Google Assistant-enabled Smart Speakers
3) By Siri: Apple HomePod, Siri-integrated Third-party Smart Speakers
4) By Cortana: Microsoft Cortana-enabled Smart Speakers, Enterprise-focused Cortana Devices
5) By Other Intelligent Virtual Assistants: Samsung Bixby-enabled Smart Speakers, Baidu DuerOS-powered Smart Speakers, Alibaba Tmall Genie, Xiaomi XiaoAI Speakers
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Which firms are leading the smart speakers market?
Major companies operating in the smart speakers market include Amazon.com Inc., Apple Inc., Xiaomi Corporation, Alibaba Group Holding Limited, Sonos Inc., Harman International Industries Incorporated, Bose Corporation, Sony Corporation, ONKYO CORPORATION, Panasonic Corporation, Alphabet Inc., Baidu Inc., Plantronics Inc., Pioneer Corporation, SK Telecom Co. Ltd., Lenovo Group Limited, Samsung Electronics Co. Ltd., Avnera Corporation, Fabriq, Invoxia, LG Electronics Inc., Libratone A/S, Mobvoi Inc., Mojo, Ultimate Ears, Yamaha Corporation, Edifier International Limited, Meta Platforms Inc., Jam Audio, Kakao Corporation, KitSound by Kondor Ltd., Koninklijke Philips N.V., Logitech International S.A., Beijing LingLong Electronics Co. Ltd., Deutsche Telekom AG, Anker Innovations, JBL, Marshall Amplification plc
How will evolving trends contribute to the growth of the smart speakers market?
Virtual assistant devices are powered by artificial intelligence, which offers ultimate luxury to the owner. They keep on listening to the command, analyzing the needs, and performing 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, in May 2023, Amazon, a US-based technology company, introduced Echo Pop. It is an updated Echo speaker lineup including a new $40 model with a semi-spherical design. This is Amazon’s newest entry-level Alexa-powered device, which features a half-globe design with a front-facing speaker that delivers full sound, ideal for small spaces. It includes the AZ2 Neural Edge processor for on-device machine learning and can pair with Eero mesh routers to extend network range by up to 1,000 square feet. The Echo Pop comes in four color options: charcoal, white, lavender bloom, and midnight teal.
What are the major regional insights for the smart speakers market, and which region holds the top position?
Asia-Pacific was the largest region in the smart speakers market in 2023. Africa is expected to be the fastest-growing region in the smart speakers market during the forecast period. The regions covered in the smart speakers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Does The Smart Speakers Market Report 2025 Offer?
The smart speakers market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Smart speakers (Bluetooth and Wi-Fi enabled) are devices that are integrated with virtual assistant devices powered by artificial intelligence. The companies involved in the smart speakers’ market are engaged in designing, manufacturing, and producing artificial intelligence-assisted speakers which are activated using voice recognition systems.
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