BANGALORE, India, March 23, 2020 /PRNewswire/ -- A smart speaker is a type of speaker and voice control system with an integrated virtual assistant that offers interactive behavior and hands-free activation. Demand for smart speakers has been steadily growing, especially in smart homes, owing to increased consumer demand for advanced, multifunctional products. In addition, the proliferation of smartphones has allowed applications to stream music to a specific unit, increasing demand for smart speakers.
"The Global Smart Speaker Market Size was valued at USD 4,358 million in 2017, and is expected to reach USD 23,317 million by 2025, at a CAGR of 23.4% from 2018 to 2025."
The highest smart speaker market share, region wise, was held by North America with 36.9 percent. However, Asia-Pacific is predicted to show the highest growth rate for the smart speaker market, with a CAGR of 24.93 percent.
TRENDS INFLUENCING THE GLOBAL SMART SPEAKER MARKET SIZE
The continuous need among homeowners for a convenient and relaxed lifestyle has led to the rapid growth of connected solutions in smart homes. This shift in people's lifestyles has a direct impact on smart speaker market growth. Furthermore, the smart speaker's ability to integrate seamlessly with the smart home devices has increased smart speaker market size.
The virtual assistant device integration has created new pathways for the smart speaker market. Virtual assistants are expected to experience a higher growth over the predicted time span, and this ability has been leveraged by numerous companies to launch virtual assistant integrated products. This proliferation of virtual assistance is, in turn, driving the smart speaker market.
Other factors that positively influence the growth of the market are increased customer willingness to invest in trend innovations and increased use of smart devices among the younger generation.
Smart speakers have high penetration in the US due to the presence of early adopters and key manufacturers of smart speakers. Customer willingness to embrace and adopt emerging technology has encouraged regional manufacturers to produce innovative and advanced products.
SMART SPEAKER MARKET KEY SEGMENTS:
By Key Players
Alibaba Group Holding Limited
By Intelligent Virtual Assistant
Others (AliGenie, Xiaomi Al Assistant, DuerOS, SKT NUGU, Naver Clova, and Kakao)
1. Bluetooth and Wireless Speaker Market Research Report
The Global Bluetooth and Wireless Speaker market size is expected to rise from USD 23967.88 million in 2020 to USD 39025.26 million by 2026, at a CAGR of 8.46 percent in 2020 and 2026.
Compared to 2018, the Bluetooth and Wireless Speaker market size increased by 4.59 per cent to USD 19743.66 million worldwide in 2019 from USD 14546.15 million in 2018.
Some of the primary factors driving the Bluetooth and wireless speaker marker is it's easy to use, growing mobile penetration, and affordable pricing. The Bluetooth and wireless speaker market research reports provide insight into market status, market share, growth rate, future trends, and market drivers.
2. Smart Voice Assistant Speaker Market Research Report
In 2018, the global Smart Voice Assistant Speaker market size was estimated at USD 11200 million and is expected to reach USD 45900 million by 2025, at a CAGR of 22.3 percent over the forecast period.
Smart Voice Assistant Speakers are smart speakers with voice recognition technology. A smart speaker is a portable and intelligent audio playback system that uses various interface types for additional functions. In 2018, North America had a market share of 44.63 percent in the world. Asia-Pacific retains a smaller 28.52 percent market, Europe takes a 17.99 percent market share.
The Smart Voice Assistant Speaker Market research report analyzes the market status, market share, growth rate, future trends, market drivers, opportunities and challenges, risks and entry barriers, sales channels, distributors, and Porter's Five Forces Analysis.
Bluetooth is simply a wireless technology that allows two devices to connect. Smartphones, tablets, or other devices transmit to the Bluetooth speaker, which uses its built-in amplifier and playback speakers.
The global Bluetooth Speaker market size was estimated at USD 4750 million in 2018 and is expected to reach USD 5920 million by 2025, at a forecast-period CAGR of 2.8 percent.
The Bluetooth Speaker Market research report presents the worldwide Bluetooth Speaker market size (value, production, and consumption), splits the breakdown (data status 2014-2019 and forecast to 2025), by manufacturers, region, type, and application.
The global Speaker Market Report study focuses on the volume and value of speakers at global, national, and enterprise levels. This study reflects the overall size of the Speaker market from a global perspective by evaluating historical data and prospects. This study focuses regionally on many main regions: North America, Europe, China, and Japan.
Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.
Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.
Valuates is curating premium Market Research Reports from the leading publishers around the globe. We will help you map your information needs to our report repository of Market research reports and guide you through your purchasing decision. We are based out of Silicon Valley of India (Bengaluru) and provide 24/6 online and offline support to all our customers and just a phone call away.