Global Smart Speaker Market will grow at a CAGR of 18% from 2022 to 2028, fuelled by the increasing demand for more sophisticated and interconnected smart home solutions
02 Mar, 2023

As per Renub Research’s latest report titled “Smart Speaker Market, Size, Forecast 2023-2028 Share, Growth, Industry Trends, Opportunity" Global Smart Speaker Market Size will reach US$ 27.92 Billion by 2028. 'Smart' and 'connected' define the majority of devices around us today. Smart speakers are among the fastest-growing categories with these two features. These devices are internet-enabled speakers integrated with digital voice assistants powered by Artificial Intelligence (AI). In 2021, the number of global smart speaker shipments was estimated to reach 8.76 Billion with shipments likely to surpass 12.20 Billion annually in 2023.

Nowadays, technology progressively employs a profound impact on lives, by strongly involving every aspect of it: professional, private, and social. The smart market is dominated by Amazon. Amazon Alexa, on the other hand, is far more popular among voice assistant users 35 and older. More than 135 million individuals in the United States utilize voice assistants, including those not accessed through smart speakers.

A smart speaker is a voice-animation device, which is a virtual assistant that helps with everyday tasks. Smart speakers are able to answer questions, set timers, reminders, and alarms, as well as control any other smart devices in the home. Most brands have their own voice recognition technology like Amazon has Alexa, Google has Google Assistant and Apple has Siri. While each virtual assistant has a different name, they are all “woken up” by the user saying their name (i.e. Hey Siri). In 2021, Amazon and Google collectively sold more than 73 million smart speakers. Currently, Amazon’s Alexa and Eco are ruling the global smart speaker market accounting for over 40% market share, followed by Google and Baidu.

Smart speakers also make life easier for seniors. They allow seniors to make phone calls and use the internet in ways that are easily accessible to them. Additionally, loved ones who are connected to a senior's device can use the Alexa drop-in function to complete remote welfare checks. Smart speakers can also break the continuity of living alone with games and wordplay.

In the United States, the most typical activities done by smart speakers include asking general queries, receiving weather, traffic, travel, and sports updates, and listening to music via built-in streaming services. Smart speakers have grown in popularity in recent years as smart homes have grown in popularity. They provide voice commands for communication and are Wi-Fi enabled. They also serve as a command and control centre for smart home gadgets.

Regional Demand: United States has Highest Market Share

Out of these, the U.S. accounted for the highest demand in the global smart speaker market, followed by China and India. Other countries that showed significant growth in demand included Indonesia, Thailand, Brazil, Mexico, and South Korea. In Asia, meanwhile, there is still a long way to go before smart speakers become entrenched in everyday life. This is partly due to the Region’s strong preference for traditional audio/video content providers such as television and radio. Nevertheless, despite these challenges, there is a significant potential for smart speaker adoption within Asia as more consumers switch to using voice-controlled devices in lieu of traditional gadgets.

The COVID-19 outbreak has positively boosted more consumers to turn to their smart speakers for news, information, music, and entertainment. Homes have become an even greater focal point than before. More and more people want to digitalize their homes, equip them with voice controls, and/or take additional safety measures with IoT technologies. When this pandemic is over voice technology is likely to experience what is widely recognized as the “Amazon effect.

Factors Driving Smart Speaker Industry

Although, the increasing interest in smart speakers reveals, the increasing number of smart homes, and rising disposable income, Smart home gadgets, such as smart kitchen appliances, security cameras, smart locks, smart lighting, thermostats, and smart TVs, are becoming more popular among consumers and the rapid proliferation of multifunctional devices are all factors drive speaker rising the growth of the smart speaker market.

Additionally, Display-capable gadgets include the Amazon Echo Show 5, Facebook Portal, Google Nest Hub (2nd Gen), Redmi Touch Screen Speaker 8, Lenovo Smart Display 7, XiaoduZaiJia 10 (Baidu), AlibabaTmall Genie CC8, and JBL Link View. These products are also regularly updated and improved in response to end-user feedback. However, the data-steered innovations have posed a threat to security and privacy has created hindrances for the Global Smart Speaker Market.

Market Summary:

• Country: - The Global Smart Speaker Market is segmented by country into  seven types (United States, Mainland China, the United Kingdom, Germany, South Korea, Canada and Japan)
• Component: - The Report covers Global  Smart Speaker Market, by component in 2 viewpoints (hardware and software)
• Platform: - The Report covers Global Smart Speaker Market by platform divided into four types ( Amazon Alexa, Google Home, Apple Home Pod, and Others)
• North America: - Renub Research report covers North America, by market share in 3 viewpoints (United States, Canada, and Mexico). 

About Us
Renub Research is a Market Research and Consulting Company. We have more than 14 years of experience especially in international Business-to-Business Researches, Surveys, and Consulting. We provide a wide range of business research solutions that helps companies in making better business decisions. Our clients rely on our market analysis and data to make informed knowledgeable decisions. Our pertinent analysis helps consultants, bankers and executives to make informed and correct decisions.

Contact Us
Renub Research
Phone: +1-478-202-3244 (USA) | +91-120-421-9822 (IND)
Email: info@renub.com
Web: https://www.renub.com
Follow on Linkedin: https://www.linkedin.com/company/renub-research