Smart Speaker Market Size, Growth, Analysis, Outlook by 2021 - Trends, Opportunities and Forecast to 2024

Smart Speaker Market Size, Growth, Analysis, Outlook by 2021 - Trends, Opportunities and Forecast to 2024

The smart speaker market report encompasses an in-depth analysis of the business space in question. All the growth facilitators responsible for furling the revenue scope of this industry are mentioned in the study in conjunction with the competitive and geographical trends characterizing this business. Some of the very pivotal parameters encompassed in the report fall along the lines of industry segmentation, industry ecosystem analysis, vendor matrix, and industry insights.

The inception of smart speaker market has created ripples of anticipation among modern-day consumers, given that an analogy has always existed between the Internet of Things and consumer preferences. With more and more products making inroads in the smart industry, companies have been focusing on using connected devices to raise the efficiency of existing operations by a few notches. Ever since the advent of the smart era, leading tech giants such as Apple and Google have been engaging in a fierce battle to gain the upper hand in terms of smart products’ development. The trend, which is perpetually consistent even in today’s business scenario, will be one of the key driving forces behind the growth of market.

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The smart speaker market is anticipated to experience commendable owing to a surge in the penetration of smart homes across the globe. The growing network connectivity along with the increasing need to enhance consumer convenience are also expected to drive the demand for these speakers.

Intelligent home appliances like humidifiers, Ikea lightbulbs, saltshakers, and thermostats are being integrated with smart speakers by notable firms in recent times. For instance, in 2018, the smart speaker Sengled was launched by Baidu that also performed the functions of an intelligent light. Such innovations and technological advancements would further stimulate the smart speaker market growth.

As per estimates, market share from commercial applications is estimated to showcase a CAGR of 26% over 2018-2024, driven by the increase in the deployment of smart speaker devices by numerous service providers. For example, Deutsche Telekom has recently announced the use of Amazon intelligent devices for providing services like EntertainTV and radio player.

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The smart speaker market is rather competitive, encompassed by myriad established and new players. Some of the noteworthy strategies used by companies to gain an edge in the business are research and development activities and product innovation. For instance, Samsung introduced a smart speaker Galaxy Home, which has a large form factor, high-end AKG tech, directional audio and eight microphones incorporated. The company is now working on a relatively small, companion speaker for Galaxy Home which would be a bit less capable and a bit cheaper. The mini–Galaxy Home is designed to directly compete with the likes of the Amazon Echo Dot and the Google Home Mini.

In the light of such innovations and technological advancements, it is rather overt that the smart speaker is set to emerge as one of the most lucrative verticals of its time.

Major Key Points from Table of Content:

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

4.1.  Key trends in 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

Chapter 5.   Smart Speaker Market, By Application (Revenue, Shipments)

5.1.  Key trends in market by application

5.2.  Personal

5.2.1. Market estimates and forecast, 2014 – 2024

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

5.3.  Professional

5.3.1. Market estimates and forecast, 2014 – 2024

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

5.4.  Commercial

5.4.1. Market estimates and forecast, 2014 – 2024

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

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