Global Smart Speaker Market 2024-2030

    In Stock

    SMART SPEAKER MARKET

    KEY FINDINGS

    • Smart speaker shipments in India to reach 750,000 units by end-2020, driven by Amazon
    • The Amazon Echo smart speaker accounted for a cumulative market share of 95.9% for the January-September 2020 period, led by Chinese smartphone maker Xiaomi that debuted in the July-September quarter and garnered a 7.1% market share.
    • A smart speaker, such as an Amazon Echo or Google Home, could potentially be used to remotelytrack and monitor a person’s heartbeat. That’s the findings of researchers at the University of the Chinese Academy of Sciences in Beijing and the University of Massachusetts.
    • While the potential benefits to health and wellbeing are substantial, giving access to fitness routines and easy contact with loved ones, there are also risks that these systems could be abused by hackers looking to break in when nobody’s home. 
    • Both Google Nest and Amazon Alexa devices can assist with dice rolling. Using your smart speaker of choice, the voice assistant will relay the final result for you, negating the need to scramble some quick math skills at the table to work out the damage on your spell.
    • Sonos is getting ready to launch a companion to its portable Sonos Move smart speaker currently the only product in the company’s line-up that sports a Bluetooth connection and built-in battery. The ‘Move Mini’ (as it may be named) features a circular label laser etched around the perimeter of the bottom surface of the device, which suggests that the unit will by cylindrical, akin to the popular UE Megaboom 3.
    • Google smart speakers and displays will now offer a Guest Mode that doesn’t save interactions between you and Google’s voice assistant. The new feature still allows Google to answer questions, play music, set timers and control your smart home gadgets, but it won’t provide personalized results such as checking calendar entries or contacts.
    • Baidu recently announced a new smart speaker with infrared features enabling it to connect with a wide variety of household appliances. More significantly, the Xiaodu Smart Speaker 2 Infrared Version, has a new embedded processor that the company says has significantly improved far-field voice interaction performance. These innovations are designed to help Baidu solidify the smart speaker market share lead the company established in 2019.
    • Privacy Concerns Rise Significantly as 1-in-3 Consumers Cite it as Reason to Avoid Smart Speakers
    • 7 million U.S. adults were using smart speakers as of January 2020. This means the installed base of U.S. smart speaker users is up 32% over January 2019.
    • Defying the impact of the pandemic, global sales of smart speakers in Q2 2020 rose to 30.0 million units, an increase of 6% compared to Q1. Amazon retained first place with a share of 21.6%, followed by Google (17.1%) and Baidu (16.7%). Chinese vendors recovered from a slow Q1, which was affected by pandemic-related issues in the Chinese market. Most US players, however, suffered from slower consumer demand in Q2 and saw sales declines.
    • Amazon echo studio first high-end smart speaker for home cinemas is its best-sounding Echo so far. One of the most powerful speakers with 330W speaker.
    • The growing popularity of multi-room streaming is a trend that is expected to stay and shall boost the growth of the global Bluetooth speaker’s market.

     

     

    INTRODUCTION

    The Smart Speaker is a wireless speaker activated by Bluetooth, Wi-Fi or other wireless protocols and powered by a virtual assistant, which is driven by artificial intelligence. It is the latest technological innovation that dominates the consumer technology market and is activated in voice commands to perform various tasks, such as listening to music, ordering food and buying online.

     

    It also shows other activities, such as obtaining weather information, breaking news, listing daily activities and integrating with smart devices. These multiple functions provide an advantage for smart speakers as compared to other alternative technology products and services.

     

    The growing demand for smart home devices is the crucial factor driving the growth of Global Smart Speaker market. Other factors influencing the market growth are the increased willingness of the consumer to invest in advanced technologies and the increased usage of smart devices especially among the younger generation.

     

    In addition, the development of partnerships between smart home manufacturers and smart speaker creators enables seamless integration with the smart speaker. This turns out to be a critical factor in the adoption of smart speakers.

     

    infographic: Smart Speaker Market, Smart Speaker Market size, Smart Speaker Market trends and forecastSmart Speaker Market risksSmart Speaker Market report

    The global smart speaker installed base is on the rise, paving the way for the ambient computing paradigm shift.        From the speed of response, to the skills and real-world tasks, smart assistants can help complete, the job of building great hardware and smart assistant features falls to platform vendors with the resources and business models to support such endeavours.

     

    However, the smart assistant ecosystem needs to be supported by third-party developers, hardware vendors and service providers. It is crucial to understand and invest in the market in accordance with user shifting habits amid the ongoing pandemic.

     

    To know more about Global Waterproof Portable Speaker Market, read our report

     

    SMART SPEAKER MARKET DYNAMICS

     

    Sr. No. Timeline Company Updates
    1 July 2021 Sonos Sonos and The North Face partnered to unlock a whole new way to experience some of the most epic expeditions and natural landscapes. With the addition of Roam, Sonos wanted a partner that could help it tell the story of listening on-the-go in an authentic and accessible way. 
    2 May 2021 Apple, Amazon, Google Three tech giants Apple, Amazon, and Google teamed up for promoting smart home devices that work across multiple platforms. The alliance will entail to devices like smart bulbs, smart speakers, and more.
    3 March 2021 Sonos Sonos partnered with Audi on in-car audio, the connected speaker company’s first foray into automotive, with the technology first showing up in the new Q4 e-tron all-electric crossover.
    4 January 2018 Google, Sony, Lenovo Google teamed with Sony and Lenovo for smart speakers with touchscreens. Through the partnership, Alphabet Inc`s Google’s voice-controlled virtual assistant will show up in new tablet-like devices designed by LG Electronics Inc and Sony Corporation.
    5 September 2016 Harman HARMAN International Industries partnered with Baidu, Inc. letting HARMAN deliver high-quality audio solutions to innovative speech-enabled smart speakers, integrated with Baidu’s advanced Artificial Intelligence (AI) technology.

     

     

    With demand for stay-home entertainment expected to increase, global platform vendors have been releasing new smart speakers and displays, ensuring value and availability.

     

    The global smart speaker market is only expected to emerge stronger in the forecast period with developed markets expected to recover and contribute to the majority of share in the market.

     

    The major reason why the sales of smart speakers skyrocketed on a global scale during 2019 and especially during the fourth quarter is strong promotional activity combined with the brands’ introductions of new and innovative smart speaker products.

     

    The global market has experienced the highest growth ever recorded in the history of smart speaker sales, paving the way for further growth in the said market in the forecast period.

     

    The factors such as increasing disposable income, rising number of smart homes, growing urban population, increasing penetration of IoT devices, rising voice commerce, millennials attraction towards smart speakers and establishment of 5G connections are expected to drive the market.

     

    It is not certain whether this catastrophe will leave a notable impact on the Chinese vendors. On the other hand, nothing is stopping Google and Amazon from continuing their sales trends and bringing forth new products to the market.

     

    Smart speakers with a display aka smart displays showed a huge improvement over the last year as more customers preferred them over regular smart speakers. However, the growth of the industry will be challenged by the localization of language privacy and security risks and high prices.

     

    A few notable trends include increasing usage of smart speakers at home, advancement in natural language processing, growing inclination towards technological advancement and rising demand for multifunctional devices.

     

    Hardware is expected to hold the largest share of the smart speaker market throughout the forecast period. Hardware constitutes a major portion of the smart speaker. Currently, smart speakers process a small volume of data, which requires a hardware platform with computing capabilities to support basic functions, such as streaming music, surfing for information, making phone calls, and controlling smart devices.

     

    However, with the use of smart speakers, the privacy of user data becomes a major problem for consumer demand. The smart speaker offers personalized service to its users through the collection and analysis of user data.

     

    The potential for manufacturers to exploit private user data and the threat of illegal cyberattacks to invade privacy limit demand for these smart speakers. Also, the complexity of training virtual assistants speaking multiple languages around the world limits the global reach of these smart devices.

     

    Baidu’s current smart devices and new additions all use the company’s DuerOS assistant. DuerOS can support a wide range of hardware devices, such as mobile phones, televisions, speakers, household appliances, automobiles, and robots. 

     

    The DuerOS smart speaker solution is a customized voice solution for audio output devices with or without a screen. The increasing penetration of smart devices in APAC countries, along with the growing market share of Chinese players such as Baidu, Alibaba, and Xiaomi, who have launched smart speakers with local language support, is expected to fuel the demand for smart speakers in the region.

     

    The Global Bluetooth Speaker Market is mainly driven by its increase in demand in electronic segments such as home theatres, mobile phones, music systems, computers, laptops and many others.

     

    The market is also driven by the fact that increasing in demand for multi-room streaming. Companies are investing in R&D to keep an eye on improvising the battery life of the connecting devices and to improvise on the efficiency from previous versions of the devices.

     

    Global Bluetooth Market has wide market opportunity in tapping the economies that are emerging in countries like Africa. Also, the new advents on how to improvise the efficiency of the device and proper connectivity could bring in demand for the Global Bluetooth market. Improver disconnectivity amongst the devices and major dropping of the batteries in devices like mobiles and laptops has restrained the Global Bluetooth market.

     

    infographic: Smart Speaker Market, Smart Speaker Market Size, Smart Speaker Market Trends, Smart Speaker Market Forecast, Smart Speaker Market Risks, Smart Speaker Market Report, Smart Speaker Market Share

     

    RECENT SMART SPEAKER MARKET NEW PRODUCT DEVELOPMENTS

    1. Huawei, a Chinese manufacturer has introduced Huawei Sound X in collaboration with Devialet, a French audio company outside of China.
    1. Sony SRS-RA3000 Speaker With 360-Degree Audio, Voice Assistance Launched in India. Sony SRS-RA3000 weighs just 2.5kg and comes with humidity resistance allowing you to keep it in the kitchen or bathroom.
    2. Lenovo Smart Clock Essential with Google Assistant Support Launched in India, Priced at Rs. 4,499. Lenovo Smart Clock Essential will go on sale from February 19.
    3. Google Home Max Reportedly Discontinued; Nest Hub Max Gets Zoom Support, Meet Enhancements. Google Nest Hub Max has started receiving an early preview of Zoom calling in select countries.
    4. Amazon Alexa Now Supports Live Translation for Six Languages, Including Hindi, on Echo Devices. Now, get translations in real time with Echo devices.
    5.  Harman Kardon speaker has a pretty standard, minimalist design, and it keeps connections to a minimum, too, with no aux input. Control comes via the Google Home app and Google Assistant, and commands work well enough, though it seems slightly more prone to wi-fi drop-outs than rivals.
    6. Sonically, while the Harman Kardon Citation 100 has a tasteful-sounding smart speaker with enough scale to fill most rooms. If you don’t mind that bassy over-exuberance, there’s a lot to like.
    7. Amazon echo studio first high-end smart speaker for home cinemas is its best-sounding Echo so far. One of the most powerful speakers with 330W speaker. 
    8. Apple homepod mini is far cheaper than some might expect, packing mighty sounds and an elegant design for under $100. 

     

     

    SMART SPEAKER MARKET SIZE AND FORECAST

    Amid the COVID-19 crisis, the global market for Smart Speaker estimated at US $ xx Billion in the year 2020, is projected to reach a revised size of US $xx Billion by 2027, growing at a CAGR of xx% over the analysis period 2020-2025. Alexa is projected to record the highest CAGR and capture the most share in the market in the forecast period. The business implications of the pandemic and its induced economic crisis has also witnessed growth in the Google segment for the upcoming period.

     

    infographic: Smart Speaker Market, Smart Speaker Market size, Smart Speaker Market trends and forecastSmart Speaker Market risksSmart Speaker Market report

     

    In the global Siri segment, USA, Canada, Japan, China and Europe will drive the market growth estimated for this segment. These regional markets accounted for the majority of combined market size in the year 2020 and is expected to remain so by the close of the analysis period. China is estimated to remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific.

     

    The fastest-growing regional market is the United States owing to an increasing number of devices per household coupled with the rising adoption of smart speakers. The U.S. and China are highly established premium markets that contribute to significant shares in the global market. Growing installed base users for smart devices in China propelled the demand for smart speakers.

     

    SMART SPEAKER MARKET SEGMENTATION

     

    Smart Speaker Market By Intelligent Virtual Assistant

    • Alexa
    • Google Assistant
    • DuerOS
    • AliGenie
    • Xiao AI
    • Siri
    • Others

     

    Smart Speaker Market By Component

    • Hardware
    • Software

     

    Smart Speaker Market By Application

    • Smart Home
    • Consumer
    • Smart Office
    • Others

     

    Smart Speaker Market By Region

    • North America
    • Europe
    • APAC
    • ROW

     

     

    SMART SPEAKER MARKET DRIVERS

    The smart home segment to be the largest contributor to the smart speaker market during the forecast period

     

    Smart home is the major application of smart speakers owing to their features and usability. Smart speakers can control smart devices with the user’s voice, thus making day-to-day tasks easy. With a voice command, the user can control all smart devices by connecting the device to the Internet.

     

    Smart speakers understand the natural way of speaking and are less complicated to operate than other smart devices. The changing lifestyles, increasing per capita income, and the inclination of smart home owners toward luxurious entertainment systems have spurred the demand for smart speakers in smart homes.

     

    infographic: Smart Speaker Market, Smart Speaker Market size, Smart Speaker Market trends and forecastSmart Speaker Market risksSmart Speaker Market report

     

    The increasing penetration of smart devices in APAC countries, along with the rising market share of Chinese players such as Baidu, Alibaba, and Xiaomi, who have launched smart speakers with local language support, is expected to fuel the demand for smart speakers in the region.

     

    The software segment to grow during the forecast period

     

    In the coming years, smart speakers will expand their operations. To perform these operations, more data would be sensed or processed by smart speakers. To process this large volume of data, advanced software would be needed. Hence, there would be a requirement for advanced software that can work on a complex set of databases.

     

     

    COVID IMPACT ON GLOBAL SMART SPEAKER MARKET

    With the nation-wide lockdown due to the pandemic, there has been seen an increasing trend of digital media adoption and a major shift has been observed in terms of digitization as means of entertainment. This has proven to be an opportunity for increasing adoption of the smart devices by an average consumer with regular shifting habits and preferences.

     

    Global smart speaker shipments reached 147 million units in 2019 and this figure only grew further in 2020 to more than 170 million. The COVID-19 pandemic has inevitably had an impact on the market both from the supply side as a result of factory closures in China during Q1 and on the consumer demand front due to the ongoing economic fallout following the widespread lockdown measures.

     

    However, the market has been better insulated against the crisis than many other major device categories due to the high proportion of sales that go through online channels but also as a result of consumers actively seeking out smart speaker and smart display products in order to facilitate communication with family and friends during the period of lockdown.

     

    Consumer appetite for smart speakers remained undimmed during the all-important lockdown period as newly launched devices with improved feature sets and audio performance helped drive record quarterly shipments.

     

    infographic: Smart Speaker Market, Smart Speaker Market Size, Smart Speaker Market Trends, Smart Speaker Market Forecast, Smart Speaker Market Risks, Smart Speaker Market Report, Smart Speaker Market Share

     

    SMART SPEAKER MARKET COMPETITIVE LANDSCAPE

     

    Sr. No. Timeline Company Growth
    1 Q3-2021 Apple Among its competitors, Apple registered the maximum growth of 92 percent on YoY basis on its smart speaker sales, driven by its HomePod Mini speaker.
    2 Q3-2021 Google At the second place, Google saw the growth of 18 percent on year on year basis. Google’s Nest Mini smart speaker was the top-selling device overall with over 5 million units shipped.
    3 Q3-2021 Baidu Baidu (China) recorded a 15 percent growth on its smart speaker sales as compared to the same quarter previous year.

     

    The Smart Speaker market landscape is based on survival of the fittest owing to the presence of some of the prominent players in the industry who are dominating the market, the competition is relatively high and in this segment. The industry is constantly innovating and bringing in new applications to the market in order to stand its ground in the rapidly changing market scenario.

     

    In terms of the market share, Jeff Bezos-led Amazon emerged as the market leader with a 23.5% share, up from 21.5% in the same period a year ago. This was followed by Google, the company that retained its second-position by capturing 19.3% market. Amazon, Google, and Apple collectively captured 47% market share in Q1 2020 compared to 38% for Baidu, Alibaba, and Xiaomi.

     

    Rising consumer preference for Alexa, low cost and high efficiency along with its multi-functional features helped Alexa to remain at top position amongst all the smart speakers. In the smart speaker market, Alexa accounted for the highest share in 2020.

     

    Amazon Echo Dot Tops Smart Speaker Sales in India in 2020, Google Home Mini, Mi Smart Speaker Follow. Amazon captured 79 percent of the market share by volume in 2020, whereas its market share by value stood at 80 percent.

     

    Consumers across the world were once again enticed by scarcely believable deals from leading brands such as Google, Amazon, Baidu, and Alibaba, while Google, in particular, stepped up its giveaway promotional activity in partnership with brands such as YouTube and Spotify

     

    The Q4 of 2019 gave the global market a large push with a total of 55.7 million sales. The holiday season led vendors to slash the prices on their entry-level speakers and encourage customers to make purchases. Amazon sold a total of 15.8 million units during the holiday season, leaving Google at the second place with 13.9 million sales. The third place was a Chinese vendor called Baidu with 5.9 million sold units.

     

    Baidu’s current smart devices and new additions all use the company’s DuerOS assistant. DuerOS can support a wide range of hardware devices, such as mobile phones, televisions, speakers, household appliances, automobiles, and robots. The DuerOS smart speaker solution is a customized voice solution for audio output devices with or without a screen.

     

    Amazon and Google are striving to spark interest of the average consumer by breaking the speaker mould, each taking different design routes aimed at improving sound quality improvements, not only with physical design changes, but also introducing additional elements of computational audio. In the future, a customer’s listening experience will be increasingly adaptable and driven by Artificial Intelligence.

     

     

    THIS SMART SPEAKER MARKET REPORT WILL ANSWER FOLLOWING QUESTIONS

    1. Smart Speaker Market size and Forecast, by region, by application
    2. Average B-2-B price for Smart Speaker Market, by region, per user
    3. Technology trends and related opportunity for new Smart Speaker Market tech suppliers
    4. Smart Speaker Market share of leading vendors, by region,
    5. Coronavirus impact on Smart Speaker Market earnings
    Sl no Topic
    1 Market Segmentation
    2 Scope of the report
    3 Abbreviations
    4 Research Methodology
    5 Executive Summary
    6 Introduction
    7 Insights from Industry stakeholders
    8 Cost breakdown of Product by sub-components and average profit margin
    9 Disruptive innovation in the Industry
    10 Technology trends in the Industry
    11 Consumer trends in the industry
    12 Recent Production Milestones
    13 Component Manufacturing in US, EU and China
    14 COVID-19 impact on overall market
    15 COVID-19 impact on Production of components
    16 COVID-19 impact on Point of sale
    17 Market Segmentation, Dynamics and Forecast by Geography, 2024-2030
    18 Market Segmentation, Dynamics and Forecast by Product Type, 2024-2030
    19 Market Segmentation, Dynamics and Forecast by Application, 2024-2030
    20 Market Segmentation, Dynamics and Forecast by End use, 2024-2030
    21 Product installation rate by OEM, 2024
    22 Incline/Decline in Average B-2-B selling price in past 5 years
    23 Competition from substitute products
    24 Gross margin and average profitability of suppliers
    25 New product development in past 12 months
    26 M&A in past 12 months
    27 Growth strategy of leading players
    28 Market share of vendors, 2024
    29 Company Profiles
    30 Unmet needs and opportunity for new suppliers
    31 Conclusion
    32 Appendix
     
    0
      0
      Your Cart
      Your cart is emptyReturn to Shop