Global Smart Speaker Market is valued approximately at USD 7.1 Billion in 2020 and is anticipated to grow with a healthy growth rate of more than 17.1% over the forecast period 2021-2027. Smart speaker is a speaker and voice command device, integrated with a virtual assistant offering interactive actions and hands-free activation, by utilizing technologies such as Wi-Fi and Bluetooth. Apart from playing audio, it can also be used to control home automation devices. The increasing number of smart homes is a major factor driving the market. Smart speakers control smart devices using individual’s voice, making daily activities easier. The convenience to use is generating better results in driving the growth. But, threat of hacking the smart devices is a restraint. Hackers use voice recordings or mimicking to hack into the voice-enables devices. The devices use the technology of mesh networking which gives the ability to connect to two or more devices. The major market players are continuously improving the products according to the customer’s requirement. This gives the opportunity to the market to grow even more.
Key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World are considered for regional analysis of the global Smart Speaker Market. North America is the most dominating region because of countries such as US and Canada which adopted the smart technologies quickly. Asia Pacific is the fastest growing region including countries such as Japan and China who are major manufacturers of smart speakers. The government of India and China have launched initiatives such as Smart City Mission and All in one project respectively which will boost the growth of the sector in the region.
Major Market player included in this report are
The objective of the study is to define Market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the Market. Additionally, the report shall also incorporate available opportunities in micro Market s for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the Market are explained below:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027.
Target Audience of the Global Smart Speaker Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers