Smart Speaker Market by IVA (Alexa, Google Assistant, Siri, Cortana), Component (Hardware (Speaker Driver, Connectivity IC, Processor, Audio IC, Memory, Power IC, Microphone,) and Software), Application, and Geography - Global Forecast to 2023
“Smart speaker market projected to grow at a CAGR of 34.44% during forecast period”
According to the new market research report, the smart speaker market was valued at USD 2.68 billion in 2018 and is expected to be worth USD 11.79 billion by 2023, growing at a CAGR of 34.44% between 2018 and 2023. The growth of this market can be attributed to rapid proliferation of multifunctional devices, growing trend of personalization, rising disposable income, and increasing number of smart homes. However, issues related to connectivity range, compatibility, and power restrain the growth of the smart speaker market.
“Smart speaker market for Siri to grow at highest CAGR between 2018 and 2023”
This report covers the following intelligent virtual assistants (IVAs): Alexa, Google Assistant, Siri, Cortana, and others (Xiaowei, DuerOS, Bixby, and AliGenie). The market for Siri is expected to grow at the highest CAGR between 2018 and 2023. This growth can be attributed to Apple’s established market for its smart devices. Siri’s main advantage over other IVAs is its virtual surround sound technology and deep integration with Apple’s product line. The company’s strong brand and consumer base are expected to fuel the market for Siri-enabled smart speakers.
“Smart home application held largest share of smart speaker market in 2017”
This report has been segmented on the basis of applications into smart home, smart office, consumer, and others (commercial and automotive). Smart home held the largest market share in 2017 owing to changing lifestyle, increasing per capita income, and the inclination of smart home owners toward luxurious entertainment systems.
“Smart speaker market for software to grow at higher CAGR between 2018 and 2023”
This report has been segmented on the basis of components into hardware and software. IVA platform in a smart speaker compliments hardware by storing and recalling spatial data and allows live data streaming rather than static data. These functions require software with high computing and functionality, which would require advanced software.
“Smart speaker market in RoW expected to grow at highest CAGR between 2018 and 2023”
This report covers the following regions: North America, Europe, APAC, and RoW. The market in RoW is expected to grow at the highest CAGR between 2018 and 2023. The Middle East accounts for a substantial share of the smart speaker market in RoW. People in the Middle Eastern countries, especially the UAE and Saudi Arabia, are among the early adopters of smart devices that are convenient and easy to use, thus fueling the demand for smart speakers in RoW.
BREAKDOWN OF PROFILES OF PRIMARY PARTICIPANTS
• By Company Type: Tier 1—55%, Tier 2—25%, and Tier 3—20%
• By Designation: Directors—50%, Managers—20%, Vice Presidents—25%, and Others—5%
• By Region: North America—40%, APAC—15%, Europe—35%, and RoW—10%
Companies profiled in the report are Amazon (US), Harman International (US), Apple (US), Sonos (US), Alphabet (US), Bose (US), Sony (Japan), Onkyo (Japan), Panasonic (Japan), Alibaba (China), Pioneer (Japan), Altec Lansing (US), Lenovo (US), Xioami (China), and SK Telecom (South Korea). This report also covers the following key innovators: Invoxia (France), Avnera (US), Fabriq (US), D&M Holdings (Japan), and Anker (US).
Smart speakers are mainly used in smart home, smart office, consumer, commercial, and automotive applications. On the basis of components, this market has been segmented into hardware and software. This report also covers the following IVAs: Alexa, Google Assistant, Siri, Cortana, and others. The market is divided on the basis of regions into North America, Europe, APAC, and RoW.
Reasons to Buy the Report
• This report includes the market statistics pertaining to IVA, application, component, and region, along with their respective revenues.
• The value chain analysis is provided with an in-depth insight into the smart speaker market.
• Major drivers, restraints, challenges, and opportunities pertaining to the smart speaker market are detailed in this report.
• Illustrative segmentation, analysis, and forecast for the smart speaker market based on application, IVA, component, and geography are conducted to provide an overall view of the smart speaker market.
• A detailed competitive landscape is provided for the top 5 companies, including their revenues.