Market Overview:
According to this latest study, the growth in the Smart Voice Assistant Speaker market will change significantly from the previous year. Over the next six years, Smart Voice Assistant Speaker will register a CAGR in terms of revenue, and the global market size will reach USD in millions by 2028.
A smart voice assistant speaker is a wireless speaker powered by a virtual voice assistant, enabled by Bluetooth, Wi-Fi, or other wireless protocols. It is advanced technological innovation activated by a voice command receive from users to perform different tasks such as searching for information, playing music, ordering food, and online shopping. It also performs other activities, such as listing day-to-day activities, obtaining weather information, and integrating with smart home appliances and the latest news. These multiple features allow the growth of smart voice assistant speakers. Technical development in microphones, automated speech recognition, and NLP helps to identify and process the voice command of the user. Google provides Google assistant and Amazon offers Amazon Echo known as Alexa. According to Statista Amazon is the leading company in the global smart speaker market, having a market share of 26.4% in the third quarter of 2021.
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Major Key Players for Smart Voice Assistant Speaker Market:
- Amazon
- Alibaba
- Xiaomi
- Baidu
- Apple
- Harman International
- Ximalaya Network
- Samsung
- Sony
- Lenovo
Market Dynamics and Factors:
Increasing consumer interest to invest in trending technologies and the rise in usage of smart devices among both younger and old generations is giving a boost to the demand for smart voice assistant speakers. These voice assistant speakers perform various activities like searching, reading, and news telling, and also help to operate smart home appliances by using a voice command as a signal. Some smart home appliance providing companies made collaboration with smart voice assistant speaker manufacturing firms to give better and advanced operating features. Additionally, companies like Amazon and Google bring advancements in technology. The other players operating in the market including Apple, Alibaba, Sony, and Samsung are giving tough competition to the leaders of smart speakers by providing advanced features at low cost that also led to the growth of the smart voice assistant speaker market during the projected period. The risk of private data leaks and the threat of cyber-attacks restrict the demand for smart speakers from consumers.
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Smart Voice Assistant Speaker Market Report Highlight:
- By type, the Amazon Alexa segment is expected to have the maximum market share in the smart voice assistant speaker market during the projected period. The adoption of Alexa by people is greater than any other player in the market henceforth driving the growth of smart voice assistant speakers.
- By application, the personal segment is predicted to expand the most in the smart voice assistant speaker market during the forecast year. An individual can use this device to perform small activities and handle home appliances by voice command which led to the growth of the smart voice assistant speaker market.
- By region, North America is expected to dominate the smart voice assistant speaker market, during the projection period. Early adoption of technology and a strong economy boost the growth of the smart voice assistant speaker market in this region.
Key Industry Development:
- In March 2021, Sonos Roam is an ultra-portable smart speaker that delivers great sound at home and on the go, was introduced. Roam was designed to provide an incredible audio experience no matter where a user is present. Roam, like all Sonos products, was tuned by music and film industry leaders to ensure the speaker reproduces content exactly as the creator intended.
- In December 2019, Baidu launched the Xiaodu Smart Display X8 smart speaker in the Chinese market. The new smart home device offers an 8-inch full-view touchscreen display with 1280×800 resolution and a robust four-microphone array to facilitate far-field voice interactions. The X8 supports multiple biometric modalities, including face and gesture recognition.
Smart Voice Assistant Speaker Market Segmentation:
By Type
- Amazon Alexa
- Google Assistant
- Siri
- Others
By Application
- Personal
- Commercial
For this report, Introspective Market Research has segmented the Smart Voice Assistant Speaker Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Turkey
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Vietnam
- Thailand
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Iran
- Rest of MEA
- Latin America
- Brazil
- Argentina
- Rest of LATAM
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Scope of the Report:
The report encompasses the entire analysis of market size in previous years for major segments and countries, as well as future estimates. Smart Voice Assistant Speaker Market study looks deeply into the worldwide market’s competitive landscape. The study also provides the names of key market players and the methods they used to gain a dominant position in the industry. It also includes useful market insights, dynamics and factors, and market analysis techniques such as PESTEL analysis, PORTER’s Five Forces analysis, value chain analysis, SWOT analysis, BCG matrix, and Ansoff matrix.
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