Smart Speaker Market Projected To Hit USD 36.4 Billion at a 16.30% CAGR by 2030 - Report by Market Research Future (MRFR)

Smart Speaker Market Growth Boost by Increased Use of Smart Home Products and Advancement in Audio Technology

New York, New York, UNITED STATES

New York, US, Sept. 21, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Smart Speaker Market, By intelligent virtual assistant, By Applications, By region- Forecast 2030”, will reach USD 36.4 billion at a 16.30% CAGR by 2030.

Smart Speaker Market Drivers 

Integration of AI with Smart Speaker to Boost Market Growth 

The integration of AI with smart speaker will boost market growth over the forecast period. Voice control, high-quality audio, and longer battery life are all features of chipsets with AI integration that are used in smart speakers. Additionally, voice commands supplied to speakers can be understood better thanks to natural processing language (NPL) and speech recognition technologies. As an illustration, Baidu's AI capability provides it a significant advantage when developing conversational skills and voice assistant speakers that can understand natural language.

Report Scope:

Report MetricsDetails
  Market Size by 2030USD 36.4 Billion
  CAGR16.30% (2022-2030)
  Key Market OpportunitiesSmart speakers are an advanced version of traditional speakers
  Key Market DriversExpansion of Wireless Technology.
Advancement in Audio Technology

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Smart Speaker Market Opportunities 

Increased Use of Smart Home Products to offer Robust Opportunities 

The increased use of smart home products will offer robust opportunities for the market over the forecast period. Smart home appliances, smart locks, security cameras, thermostats, smart lights, and smart TVs are all being adopted more and more by consumers. Additionally, this sort of speaker serves as a central contact point and control hub for all smart devices, enabling simple remote operation and control.

Restraints and Challenges 

Compatibility Issues to act as Market Challenge 

The issues related to compatibility, power, data security, and connectivity range may act as market challenges over the forecast period.

Smart Speaker Market Segmentation 

The global smart speakers market is bifurcated based on applications and intelligent virtual assistant.

By applications, personal use will lead the market over the forecast period.

By intelligent virtual assistant, Alexa will dominate the market over the forecast period.

COVID-19 Analysis of Smart Speaker Market

Due to the rapid expansion of the smart home market, the COVID-19 epidemic has driven the demand for speakers. Additionally, end users all around the world have begun embracing improved audio technology as a result of the development of wireless technology. The culture of remote work has considerably accelerated this trend, which has led to a rise in the use of smart speakers. Additionally, Asian countries that produce a significant amount of raw materials, such as chipsets for voice assistants and stamped iron and aluminium used for frames, such Japan, Taiwan, South Korea, India, and China, have seen uncertain production schedules and lockdowns around the globe.

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The pandemic's impact on the economy & the possibility of working from home has expanded the use of speakers in numerous residential applications for routine tasks. The market growth has been further fueled by a variety of functions, including as turning on lights, managing other smart devices at home, regulating the thermostat, setting timers, alarms, or reminders, and streaming podcasts or music. Additionally, COVID-19 caused a decline in speaker shipment in 2020, yet growth was still maintained. According to Strategy Analytics, there were 28.2 million smart speaker sales worldwide in the first quarter of 2020, a rise of 5%. Additionally, the number increased by 6% in the second quarter of 2020, reaching 30 million units.

Smart Speaker Market Regional Analysis 

North America to Sway Smart Speaker Market 

Due to the continued presence of early adopters and important smart speaker providers like Google Inc. and, the smart speaker market in North America is anticipated to dominate over the projected period. With the adoption of cutting-edge technologies like IoT and AI, the North American region is also expanding. The US, Canada, and Mexico are among the North American nations that are open to embracing products that are equipped with cutting-edge technologies. Due to the existence of quick adopters and important smart speaker producers, the penetration of smart speakers in North American countries, particularly in the US, is significant. Customers' openness to adopting and using new technology has also propelled regional manufacturers to create cutting-edge goods. Because the US is home to major companies like Amazon, Apple, Google, and Bose that make smart speakers, most products are introduced and delivered here first. Smart speakers have grown quickly in popularity in North America as a result of early acceptance of world-class technologies and a robust economic environment.

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The existence of important speaker suppliers has allowed speakers to spread throughout the area. The willingness of consumers to adopt new technology has also prompted major suppliers in North America to create cutting-edge and innovative items. The Smart Speaker Consumer Adoption Report further states that from 1.8 in 2018 to 2.0 in 2019 there was 10% more speakers per user. Additionally, according to the survey, 133 million smart speakers were used in the U.S. in 2019, with 60% of consumers claiming to use them frequently. Additionally, because the key market participants, such as Apple Inc., Amazon Web Services, and Bose are headquartered in the United States, the products are sent and introduced there first. These important variables are fueling market expansion. Additionally, the Smart Speaker Consumer Adoption report states that in 2019, the U.S. had the greatest percentage of smart speaker penetration (26%).

APAC to Have Favorable Growth in Smart Speaker Market 

In line with expectations, Asia-Pacific is likewise anticipated to grow more quickly during the forecast period. In the Asia-Pacific area, China and Japan are the market leaders for smart speakers. The market for smart speakers has been exploding in the Asia-Pacific region as consumers are increasingly adopting smart offices and homes in response to the COVID 19 crisis. Additionally, the launch of smart city projects in China and India would propel the Asia-Pacific market for smart speakers during the forecast period.

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Smart Speaker Market Key Players

Key market players in the global smart speaker market report include,

Sony Corporation (Japan)

Harman International (US) (US)

Sonos. Inc. (US)

Apple Inc. (US)

Alibaba Group Holding Ltd (China)

Bose Corporation (US)

Google (US)

Panasonic Corporation (Japan)

ONKYO CORPORATION (Japan) and among others.

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