Smart Speaker Market size to grow by USD 16.65 billion from 2022 to 2027- Technavio

NEW YORK, Nov. 3, 2023 /PRNewswire/ -- 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) - Forecast and Analysis 2023-2027 report has been added to technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

The potential growth difference for the smart speaker market between 2023 and 2027 is USD 16.65 billion. A rapid increase in unit sales of smart speakers drives market growth.  There is an increase in the number of smart speaker devices across the world. Some of the main companies that offer smart speakers include Amazon, Alphabet (Google), and Apple. In addition, it is expected that sales of smart speakers to increase in the coming years. Hence, such factors are expected to drive market growth during the forecast period. 

Market Challenge -

The privacy and security threats associated with smart speakers are a significant challenge hindering the market growth. Consumers in the global smart speaker market are not aware of potential privacy and security issues while using smart speakers. For instance, in the United States, a majority of the population is concerned that smart speakers pose a significant threat to the privacy of their conversations and personal data. Hence, such factors are negatively impacting the market which in turn will hinder the market growth during the forecast period.

Learn about additional key drivers, trends, and challenges available with Technavio. Read Sample PDF Report Now

The smart speaker market is segmented 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 share growth by the residential segment is significant during the forecast period. One of the main factors that is significantly contributing to the growth of the segment is the increasing need for smart speakers in the home. 
• North America is estimated to account for 34% of the growth of the global market during the forecast period. The United States and Canada are some of the prominent countries that are significantly contributing to the growth of the market in North America. One of the main factors which is fuelling the market growth is the growing demand for smart speakers in different households in the region. Hence, such factors drive the market growth in North America during the forecast period.

View the Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the Smart Speaker 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

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The programmatic advertising spending market size is estimated to grow at a CAGR of 32.23% between 2022 and 2027. The market size is forecast to increase by USD 433.7 billion. 

The gaming peripheral market size is estimated to grow at a CAGR of 9.41% between 2022 and 2027. The market size is forecast to increase by USD 5,610.35 million. 

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-user

Market Segmentation by Distribution Channel

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

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