Global Smart Speaker Market 2019-2023
Global Smart Speaker Market: About this market
Smart speakers are internet-enabled that are controlled by voice commands. Technavio’s smart speaker market analysis considers sales to residential users and commercial users' segments. Our analysis also considers the sales of smart speaker in APAC, Europe, MEA, North America, and South America. In 2018, the residential users segment held the highest market share, which is expected to remain prevalent over the forecast period. Factors such as the increasing number of home residential renovation projects to accommodate technologies such as smart speakers will significantly help the market segment in maintaining its leading position. Also, our global smart speaker report has observed market growth factors such as the rapidly increasing unit sales of smart speakers, growing necessity of smart speakers in households, and rising demand for smart speakers from non-English speaking countries. However, privacy and security threats associated with smart speakers, the threat from fake setup apps and support services, and availability of substitutes may hamper the growth of the smart speaker industry over the forecast period.
Global Smart Speaker Market: Overview
Growing necessity of smart speakers in households
Consumers are increasingly investing in making their residences digitally connected by installing smart home devices such as smart speakers. With smart speakers, users can control the functionalities of various digital platforms, TVs, and other devices. As a result, the rising sales of smart speakers for household use will lead to the expansion of the Smart Speaker market at a CAGR of almost 24% during the forecast period.
Increasing popularity of voice commerce
Vendors are innovating smart speakers to enhance their functionalities. For instance, voice commerce has gained popularity with the advent of smart speakers. The user can shop online by giving voice commands through smart speakers to virtual assistants such as Amazon Alexa and Google Assistant. Such convenience features have further increased the popularity of smart speakers, augmenting sales of vendors. Therefore, this trend will have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global smart speaker market during the forecast period 2019-2023, click here.
With the presence of several major players, the global smart speaker market is fragmented. Technavio’s robust vendor analysis is designed to help clients in improving their market positions, and in line with this, this report provides a detailed analysis of several leading smart speaker manufacturers, which include Alphabet Inc., Amazon.com Inc., LG Electronics Inc., Samsung Electronics Co. Ltd., and Sony Corp.
Also, the smart speaker market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Alphabet Inc., Amazon.com Inc., LG Electronics Inc., Samsung Electronics Co. Ltd., and Sony Corp.
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