Smart Speaker Market size worth $ 61.87 Billion, Globally, by 2028 at 32.75% CAGR: Verified Market Research®

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Apr 05, 2022, 09:15 ET

A growing number of smart homes, increasing disposable income, rapidly proliferating multifunctional devices and the rising trend of personalization has been driving the global Smart Speaker Market.

JERSEY CITY, N.J., April 5, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Smart Speaker Market" By Component (Hardware and Software), By Application (Commercial and Personal), By Mode of Sale (Online and Offline), and By Geography. According to Verified Market Research, the Global Smart Speaker Market size was valued at USD 6.42 Billion in 2020 and is projected to reach USD 61.87 Billion by 2028, growing at a CAGR of 32.75% from 2021 to 2028.

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Browse in-depth TOC on "Smart Speaker Market"

202 - Pages
126 – Tables
37 – Figures

Global Smart Speaker Market Overview

A smart speaker is a wireless speaker that works via Bluetooth, Wi-Fi, or other wireless protocols and is powered by an artificial intelligence-controlled virtual assistant. The latest technological innovation dominates the consumer tech market, activated by voice commands to listen to music, order food, shop online, and more. It also performs other activities such as getting weather information, breaking news, listing daily activities, and integrating smart appliances. These multiple features give the smart speaker market an edge over other alternative technology products and services.

Advanced microphones, automatic speech recognition technology, and natural language processing help the smart speaker identify and process your voice commands with maximum precision. Amazon offers Amazon Echo powered by a virtual assistant known as Alexa, and Google gives Google Home powered by Google's virtual assistant. Other players in the market include Apple, Alibaba, and Sonos. The growing demand for smart home devices is an essential factor driving the growth of the smart speaker market. Other factors influencing the development of the market are the ever-increasing consumer willingness to invest in trending technologies and the growing use of smart devices by the younger generation.

In addition, the development of partnerships between smart home manufacturers and innovative speaker makers ensures the seamless integration of smart home devices and smart speakers. This turns out to be a critical factor in smart speaker adoption

Key Developments

In September 2019, Amazon introduced an all-new line-up of Echo devices to access Alexa at home with the all-new Echo, Echo Flex, Echo Dot with clock, and Echo Show 8. Echo Studio is the company's best-sounding Echo and the first smart speaker to deliver an immersive, three-dimensional audio experience with Dolby Atmos.
On October 2020, Apple unveiled the HomePod mini, the newest addition to the HomePod family that delivers impressive sound, the intelligence of Siri to get things done, and an innovative home experience that offers comfort and convenience without complexity.

Key Players

The major players in the market are Amazon.com, Inc., Apple, Inc., Alibaba Group, Alphabet Inc. (Google Inc.), Sonos, Inc., Bose Corporation, Xiaomi, Samsung Electronics Co. Ltd., Baidu Inc., and Plantronics, Inc.

Verified Market Research has segmented the Global Smart Speaker Market On the basis of Component, Application, Mode of Sale, and Geography.

Smart Speaker Market, By Component

Hardware
Software

Smart Speaker Market, By Application

Commercial
Personal

Smart Speaker Market, By Mode of Sale

Online
Offline

Smart Speaker Market by Geography

North America

U.S
Canada
Mexico

Europe

Germany
France
U.K
Rest of Europe

Asia Pacific

China
Japan
India
Rest of Asia Pacific

ROW

Middle East & Africa
Latin America

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Leading Wireless Speaker And Headphone Manufacturers giving mesmerizing experience

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