Smart Speaker Global Strategic Business Report 2023-2030: Multi-Billion Market Growth Spurred by Enhanced Connectivity Through 5G and Wi-Fi 6 Technologies - ResearchAndMarkets.com

Barchart · 10/17 12:51

The "Smart Speaker - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.

The global market for Smart Speaker was estimated at US$7.2 Billion in 2023 and is projected to reach US$49.5 Billion by 2030, growing at a CAGR of 31.7% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

The growth in the smart speaker market is driven by several factors, including increasing consumer demand for smart home devices, advancements in AI and voice recognition technologies, and the rising trend of IoT and connected devices. The integration of smart speakers with other smart home ecosystems and expanding applications in sectors like healthcare and hospitality also contribute to the market's expansion. Moreover, regional growth opportunities, particularly in emerging markets, and continuous innovation in product features and functionalities are expected to sustain market growth.

Smart speakers, equipped with voice-activated virtual assistants like Alexa, Google Assistant, and Siri, have become a central component of smart homes. The growing interoperability among smart home devices is making smart speakers increasingly popular as they integrate seamlessly with other smart devices to offer a unified user experience. The trend towards multi-room audio systems and the rise of smart home ecosystems are further driving the adoption of smart speakers globally.

What Segments and Applications Are Driving Market Demand?

The smart speaker market is segmented by component (hardware and software), connectivity (Bluetooth, Wi-Fi), and application (residential, commercial, and healthcare). The residential sector remains the dominant application, driven by rising consumer interest in smart homes and voice-controlled automation.

However, other applications, such as healthcare, where smart speakers are used for patient care management and elderly assistance, are gaining traction. Additionally, the commercial sector, including retail and hospitality, is seeing increased adoption of smart speakers for customer engagement and personalized services. Technological advancements, such as improvements in natural language processing (NLP) and machine learning, are enhancing the functionality and appeal of smart speakers across these segments.

How Is Innovation Shaping the Future of Smart Speakers?

Continuous innovation is critical in shaping the future of the smart speaker market. Companies are focusing on enhancing voice recognition accuracy, expanding language capabilities, and improving sound quality to offer more value to consumers. Furthermore, the introduction of smart speakers with screens (smart displays) is adding new dimensions to user interaction, making these devices more versatile.

Privacy and security features are also becoming a focus area, given the rising concerns over data security and user privacy. The growing integration of AI capabilities in smart speakers is paving the way for more intelligent and intuitive user experiences, driving further market adoption.

Key Insights:

  • Market Growth: Understand the significant growth trajectory of the Hardware Component segment, which is expected to reach US$28.5 Billion by 2030 with a CAGR of a 29.3%. The Software Component segment is also set to grow at 35.6% CAGR over the analysis period.
  • Regional Analysis: Gain insights into the U.S. market, which was valued at $2.1 Billion in 2023, and China, forecasted to grow at an impressive 30.5% CAGR to reach $7.3 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Report Features:

  • Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
  • In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
  • Company Profiles: Coverage of major players such as Alibaba (China) Co., Ltd., Alphabet, Inc., Altec Lansing, and more.

Key Attributes:

Report Attribute Details
No. of Pages 289
Forecast Period 2023 - 2030
Estimated Market Value (USD) in 2023 $7.2 Billion
Forecasted Market Value (USD) by 2030 $49.5 Billion
Compound Annual Growth Rate 31.7%
Regions Covered Global

Key Topics Covered:

MARKET OVERVIEW

  • Influencer Market Insights
  • World Market Trajectories
  • Global Economic Update
  • Smart Speaker - Global Key Competitors Percentage Market Share in 2024 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)

MARKET TRENDS & DRIVERS

  • Integration of AI and Voice Assistants in Smart Speakers Drives Market Adoption
  • Increasing Popularity of Smart Homes Expands Addressable Market for Smart Speakers
  • Technological Advancements in Natural Language Processing Propel Market Growth
  • Rising Demand for Multi-Room Audio Systems Spurs Market Development
  • Expanding E-Commerce and Online Retail Channels Enhance Market Accessibility
  • Growing Trend of Smart Devices Interoperability Strengthens Business Case for Smart Speakers
  • Development of Low-Cost Smart Speakers Expands Market Reach Among Price-Sensitive Consumers
  • Focus on Enhanced User Experience and Customization Drives Market Adoption
  • Increased Use of Smart Speakers in Healthcare and Elderly Care Generates New Opportunities
  • Integration with Smart Home Ecosystems Drives Adoption of Smart Speakers
  • Enhanced Connectivity Through 5G and Wi-Fi 6 Technologies Accelerates Smart Speaker Adoption

FOCUS ON SELECT PLAYERS (Total 31 Featured)

  • Alibaba (China) Co., Ltd.
  • Alphabet, Inc.
  • Altec Lansing
  • Amazon.com, Inc.
  • Anker Innovations Ltd.
  • Apple, Inc.
  • Avnera Corporation
  • Baidu, Inc.
  • Bose Corporation
  • Fabriq
  • HARMAN International
  • Invoxia
  • Lenovo Group Ltd.
  • LG Electronics Inc.
  • Libratone A/S
  • Mobvoi HK Limited
  • ONKYO USA Corporation
  • Panasonic Corporation
  • Pioneer Electronics (USA) Inc.
  • SK Telecom Co., Ltd.
  • Sonos, Inc.
  • Sony Corporation
  • Ultimate Ears
  • Xiaomi, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/j7pz0a

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