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Press Release

Smart Speakers Market By Intelligent Virtual Assistant (Alexa, Google Assistant, Siri, Cortana, Others)

"Worldwide smart speakers market shipments are poised to register a growth rate of more than 33% to exceed 500 million units by 2024."
Major smart speaker market companies include Amazon, Apple, Inc., Google, Inc, Sonos, Sony, Onkyo, Fabriq, Harman International, and Lenovo.

The Siri-enabled smart speakers market are anticipated to grow at 35% CAGR during the forecast period due to the large popularity of Apple devices among the consumers. Superior sound quality as compared to the other speakers is adding to the increased shipments of these devices. Furthermore, the compatibility of these devices with the iOS is expected to propel the industry growth due to the large-scale adoption of iOS-enabled smartphones.

Alexa-enabled smart speaker market accounted more than 70% share in 2017 on account of its benefits including controlling smart homes, playing games, and playing music. Several companies are developing devices equipped with Alexa that are affordable to a wide range of customers.

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According to the latest report by Global Market Insights, Inc. “By 2024, Smart Speakers Market revenue will reach over USD 30 billion owing to several benefits of these devices such as the ability to communicate with other devices and keeping users connected to the internet.”

The increasing penetration of IoT technology and the adoption of connected devices will boost the smart speakers market growth in the next six years. The increasing popularity of connected devices to perform domestic tasks, such as controlling lights and security doors, through single devices is fueling the industry demand. The integration of these devices with connected households will propel the industry growth.

Increasing security threats related to these devices are expected to threaten the smart speaker market growth as these devices are equipped with intelligent virtual assistants, who listen to the users when activated using certain commands. These continuously-activated devices listen to the personal and confidential data of the users. Several security threats and incidents have occurred that have encouraged the players to improve the security of these systems.

Rapidly-advancing technology is challenging the older devices and making the old devices obsolete. On the manufacturer’s side, the voice assistants offer a limited range of languages such as English, Japanese, and German. This will hamper the demand for these devices in Europe, Asia Pacific, Latin America, and the MEA, thereby challenging the smart speakers market.

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The smart speakers market in commercial applications is expected to witness a tremendous growth of over 26% by 2024 due to the increasing usage of these devices by several service providers.

The Asia Pacific smart speakers market is expected to gain momentum over the forecast time span owing to the increasing penetration of IoT and connected technology. The region has witnessed an upsurge in the wireless infrastructure developments.

The Germany smart speaker market size will witness a growth to reach over USD 3 billion by 2024 due to an increasing use of home automation in the country. Several players in the country are developing these devices to cater to the exponentially increasing requirements of the consumers

The key vendors in the smart speakers market include Apple, Inc., Baidu, Google, Inc., Lenovo, Onkyo, and Panasonic Corporation. The players in the industry are continuously innovating to differentiate the nature of their offerings.

Buy this industry insights spread across 300 pages with 372 market data tables & 29 figures & charts from the report, “Smart Speaker Market Size By Intelligent Virtual Assistant (Alexa, Google Assistant, Siri, Cortana, Others), By Application (Personal, Professional, Commercial), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Russia, China, Japan, South Korea, India, Taiwan, Australia, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:


Table of Contents (ToC) of the report:

Chapter 4.   Smart Speaker Market, By IVA (Revenue, Shipments)

4.1.  Key trends in smart speaker market by IVA

4.2.  Alexa

4.2.1. Market estimates and forecast, 2014 – 2024

4.2.2. Market estimates and forecast by region, 2014 – 2024

4.3.  Google assistant

4.3.1. Market estimates and forecast, 2014 – 2024

4.3.2. Market estimates and forecast by region, 2014 – 2024

4.4.  Siri

4.4.1. Market estimates and forecast, 2014 – 2024

4.4.2. Market estimates and forecast by region, 2014 – 2024

4.5.  Cortana

4.5.1. Market estimates and forecast, 2014 – 2024

4.5.2. Market estimates and forecast by region, 2014 – 2024

4.6.  Others

4.6.1. Market estimates and forecast, 2014 – 2024

4.6.2. Market estimates and forecast by region, 2014 – 2024

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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