Smart Speaker Market size to grow by USD 16.65 billion from 2022 to 2027, North America is estimated to account for 34% of the market's overall growth - Technavio

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Dec 05, 2023, 13:45 ET

NEW YORK, Dec. 5, 2023 /PRNewswire/ -- The smart speaker market size is expected to grow by USD 16.65 billion from 2022 to 2027, progressing at a CAGR of 18.75% as per the latest Technavio market research report. North America is estimated to account for 34% of the market's overall growth. The US and Canada are among the most important markets for smart speakers in the region. The growing demand for smart speakers in different households is one of the main factors driving the growth of the regional market. Smart speakers are used for many purposes, such as listening to music, finding recipes, online shopping, and making phone calls. Consumers in the US spend a lot of money on home renovation projects. Upgrading regular homes to smart homes is one of the main reasons for the increase in consumer spending on home improvement projects. The average investment in living spaces such as living rooms and dining rooms has increased in recent years in the US. For more insights on the market share of various regions - Download the sample report

Technavio has announced its latest market research report titled Global Smart Speaker Market

Smart Speaker Market: Rapidly increasing unit sales of smart speakers to drive growth

The growth of the smart speaker market is notably driven by a rapid rise in smart speaker unit sales.
Apple, Amazon, and Alphabet (Google) were the leading contenders for smart speaker sales in 2022. During the same time frame, Xiaomi, Baidu, and other prominent market players played a significant role.
Smart speaker sales are anticipated to rise over the forecast period. Since 2016, the global market for smart speakers has been dominated by vendors such as Amazon and Google.
One major factor in the rise in sales is the wide range of features offered by smart speakers. As a result, the use of smart speakers will continue to increase during the forecast period.
Hence, the increase in smart speaker sales is expected to register strong market growth over the forecast period.

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Smart Speaker Market: Increasing Popularity of Voice Commerce

The smart speaker market's growth is strongly influenced by the rise of voice commerce.
Voice commerce is becoming increasingly popular all over the world. It is a new method for ordering and purchasing products online with a smartphone or keyboard and mouse.
Smart speakers with virtual assistants, such as Google Assistant and Amazon Alexa, can be used to search for and purchase products online with voice commands. With the help of voice commerce, making purchases is quick and easy.
Customers can use voice commands with Alexa-enabled smart speakers to search for items, place orders, and purchase items from Amazon.
Hence, the increasing popularity of voice commerce will be the major trend in the global market during the forecast period.

To know about more drivers, trends along with challenges - Download a sample now!

Some of the key Smart Speaker Market Players:

The smart speaker market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market. Alphabet Inc., Amazon.com Inc., Apple Inc., Bang and Olufsen Group, Belkin International Inc., Bose Corp., Edifier International Ltd., Imagine Marketing Pvt. Ltd., Lenovo Group Ltd., LG Electronics Inc., NXP Semiconductors NV, Onkyo Corp., Portronics Digital Pvt. Ltd., Qualcomm Inc., Samsung Electronics Co. Ltd., Sonos Inc., Sony Group Corp., Xiaomi Communications Co. Ltd., Zebronics India Pvt. Ltd., and Zound Industries International AB are some of the major players in the market.

Smart Speaker Market: Segmentation Analysis

This market research report segments the smart speaker market by end-user (residential and commercial), distribution channel (offline and online), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

The market growth by the residential segment will be significant during the forecast period. A major factor in the expansion of the consumer segment is the demand for smart speakers in homes. This demand has been fueled by the recent rise in the popularity of digital content and subscription services such as Amazon Prime, Netflix, and YouTube. Smart speakers can be controlled with voice and serve as a hub for connecting to TVs, digital streaming services, and other devices.

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Related Reports:

The Bluetooth speaker market size is expected to increase to USD 6.93 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 8.39%.

The professional speaker market size is expected to increase by USD 543.74 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.36%.

TOC

Executive Summary
Market Landscape
Market Sizing
Historic Market Size
Five Forces Analysis
Market Segmentation by End-User
Market Segmentation by Distribution Channel
Customer Landscape
Geographic Landscape
Drivers, Challenges, and Trends
Company Landscape
Company Analysis
Appendix

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