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1069276

Smart Speaker - Global Market Outlook (2021 - 2028)

Published: | Stratistics Market Research Consulting | 200+ Pages | Delivery time: 2-3 business days

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Smart Speaker - Global Market Outlook (2021 - 2028)
Published: April 1, 2022
Stratistics Market Research Consulting
Content info: 200+ Pages
Delivery time: 2-3 business days
  • Description
  • Table of Contents
  • List of Tables

According to Stratistics MRC, the Global Smart Speaker Market is accounted for $8.18 billion in 2021 and is expected to reach $25.31 billion by 2028 growing at a CAGR of 17.5% during the forecast period. Smart speaker is a wireless device enabled by Wi-Fi, Bluetooth, or other wireless protocols and powered by virtual assistant, which is driven by artificial intelligence. It is the latest technological innovation dominating the consumer technology market and is activated by a voice command to perform different tasks such as listening to music, ordering food, and online shopping. It also performs other activities, such as obtaining weather information, latest news, listing day to day activities, and integrating with the smart home appliances. These multiple features provide an edge to smart speaker market over other substitute technological products and services.

Market Dynamics:

Driver:

Proliferation of smart home products

Increase in demand for smart home devices is the one of the significant factors that drives the growth of the smart speaker's market. Due to increased awareness and ease of use, consumers are increasingly adopting smart home devices like smart TVs, thermostats, smart lights, smart locks, security cameras and smart kitchen appliances. Smart speakers act as a single point of contact or control hub through which these smart devices can be controlled and operated remotely. For instance, Xiaomi seeks to build an AIoT ecosystem using smart speaker as a control hub to connect its other IoT products. It has over 324 million connected devices on its AIoT platform. Also, the development of partnerships between smart home manufacturers and creators of smart speakers enables smooth integration of smart home devices with the smart speaker. This proves to be a key factor in the adoption of smart speakers.

Restraint:

Privacy issue

Privacy and security threats associated with smart speakers are a key challenge for the smart speaker market growth. Most of the consumers in the US are worried about smart speakers being a threat towards the privacy of their conversations and personal data. Manufacturers operating in the global smart speaker market have employed thousands of people worldwide who listen to voice recordings captured in smart speaker owners' homes. The process is used to improve their smart speaker's understanding of human speech and help them better respond to commands. Moreover, smart devices like smart speakers are anticipated to be sources of a wide range of cybersecurity attacks, hacking of smart speakers leading to data breaches and other ransomware attacks. These attacks deter the end-users from using devices such as smart speakers which are estimated to hamper the smart speaker market during the forecast period.

Opportunity:

Development of AI technologies

There have been improvements in AI chipsets specifically used for smart speakers to offer enhanced battery life, audio quality and voice control. In addition, the advancements in Natural Language Processing (NPL) and voice recognition technologies are making it possible to better understand what is being said and act upon it. For instance, Baidu's expertise in search and AI gives it a major advantage in building a voice assistant with NPL and conversational capabilities. Recently, Google also announced its next-gen chatbot LaMDA (Language Model for Dialogue Application). It is a machine learning model to understand dialogues in natural language.

Threat:

Complexity in training the virtual assistants

The complexity in training the virtual assistants with various languages spoken around the world limits the global reach of smart speakers. To pursue the analogy between virtual and real assistants, Virtual Assistants also need to be taught and supported. It's not just about loading them with information or giving them access to resources. To be really effective, a VA needs to know the context and its audience. It has to be fully integrated with existing processes. This is a continuous process. If processes, procedures or business goals change, the Virtual Assistant will require retraining, just like its human counterparts.

The siri segment is expected to be the largest during the forecast period

The siri segment is estimated to have a lucrative growth. Siri is a digital personal assistant that performs searches and completes actions in response to an end user's natural voice commands and learns from a user's behaviour and routines to provide predictive recommendations and information. Siri voice assistant is one of the most advanced IVA technologies offered by Apple. Consumers who own an iPhone are most comfortable with Siri-enabled smart speakers. Siri can speak more than 20 languages with localized accents for many languages, including English, French, Arabic, Cantonese, Mandarin, Korean, and Japanese. Moreover, the increasing demand for the HomeKit platform in home automation products creates a demand for Siri-enabled smart speakers.

The smart office segment is expected to have the highest CAGR during the forecast period

The smart office segment is anticipated to witness the fastest CAGR growth during the forecast period. Smart offices are getting more advanced with the increasing deployment of smart speakers. Smart speakers that make life easier and efficient for consumers in smart homes can be employed in work settings as well. Smart speakers are physically made to be compatible with office surroundings. Convenience is the key factor for the increasing demand for smart speakers in office automation. In a smart office environment, especially in customer service applications in retail and call centers, smart speakers know how the business is doing at present and help business owners make better and quick business decisions.

Region with highest share:

North America is projected to hold the largest market share during the forecast period. North American countries such as the US, Canada, and Mexico are receptive to products enabled with advanced technologies. The penetration of smart speakers in North American countries, especially in the US, is high owing to the presence of early adopters and key smart speaker providers. The willingness of customers to accept and use new technologies has also encouraged manufacturers in the region to develop new and advanced products. Key players such as Amazon, Google, Apple, and Bose that smart speakers are based in the US, due to which most products are launched and shipped first in this region.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period. The market growth in Asia Pacific is led by Japan, South Korea, China, and India. Also, key players, including Xiaomi, Alibaba, and Baidu are among leading enterprises focusing on domestic consumers. China is among the largest markets in voice enabled smart home services and products. Several other companies like Panasonic Corporation and Samsung Electronics are also expanding their offering in Asia Pacific region thus the smart speaker market in this region is also elevating. Further, according to the China Electronics Standardization Institute (CESI), the smart homes market in China is growing with the growth rate of 20-30% each year.

Key players in the market

Some of the key players profiled in the Smart Speaker Market include Amazon, Apple, Baidu, Bose, Facebook, Harman International, Lenovo, LG Electronics, Panasonic, Samsung, Sonos, Sony, and Xiaomi.

Key Developments:

In May 2020, Alibaba Group Holding announced that it will invest 10 billion yuan ($1.41 billion) in the development of artificial intelligence-enabled smart speakers, a move aimed at cementing its leadership in an emerging and fiercely competitive market. The Hangzhou-based company said the fresh funding will be used to advance its technology development and speed up an ongoing integration between its smart speaker and other business segments.

In September 2020, Xiaomi introduced its first smart speaker with Google Assistant in the Indian market. The technology can converse in English and Hindi. Xiaomi has done well domestically with its line of smart speakers and smart home devices but has been limited in its international presence with those devices in part because its XiaoAI voice assistant only speaks Chinese.

In December 2019, Baidu launched Xiaodu Smart Display X8 smart speaker for the Chinese market. This new smart home device offers an 8-inch full-view touchscreen display with 1280×800 resolution and a robust four-microphone array to facilitate far-field voice interactions.

Connectivities Covered:

  • Bluetooth Connectivity
  • Near Field Communication
  • Wi-Fi Connectivity

Intelligent Virtual Assistants Covered:

  • AliGenie
  • Amazon Alexa
  • Bixby
  • Cortana
  • DuerOS
  • Google Assistant
  • Kakao
  • Naver Clova
  • Siri
  • SKT NUGU
  • Xiaomi Al Assistant
  • Xiaowei

Product Types Covered:

  • Virtual Assistants
  • Wireless Speakers

Types Covered:

  • Single Room
  • Double-Room
  • Multi-Room

Prices Covered:

  • Low (Less Than 100)
  • Mid ($101 to $200)
  • Premium (Above $200)

Components Covered:

  • Hardware
  • Software

Distribution Channels Covered:

  • Offline
  • Online

Applications Covered:

  • Automotive
  • Commercial
  • Consumer/Personal
  • Professional
  • Smart Home
  • Smart Office

Regions Covered:

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • Italy
    • France
    • Spain
    • Rest of Europe
  • Asia Pacific
    • Japan
    • China
    • India
    • Australia
    • New Zealand
    • South Korea
    • Rest of Asia Pacific
  • South America
    • Argentina
    • Brazil
    • Chile
    • Rest of South America
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Qatar
    • South Africa
    • Rest of Middle East & Africa

What our report offers:

  • Market share assessments for the regional and country-level segments
  • Strategic recommendations for the new entrants
  • Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
  • Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
  • Strategic recommendations in key business segments based on the market estimations
  • Competitive landscaping mapping the key common trends
  • Company profiling with detailed strategies, financials, and recent developments
  • Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

  • Company Profiling
    • Comprehensive profiling of additional market players (up to 3)
    • SWOT Analysis of key players (up to 3)
  • Regional Segmentation
    • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
  • Competitive Benchmarking
    • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Product Code: SMRC20133

Table of Contents

1 Executive Summary

2 Preface

  • 2.1 Abstract
  • 2.2 Stake Holders
  • 2.3 Research Scope
  • 2.4 Research Methodology
    • 2.4.1 Data Mining
    • 2.4.2 Data Analysis
    • 2.4.3 Data Validation
    • 2.4.4 Research Approach
  • 2.5 Research Sources
    • 2.5.1 Primary Research Sources
    • 2.5.2 Secondary Research Sources
    • 2.5.3 Assumptions

3 Market Trend Analysis

  • 3.1 Introduction
  • 3.2 Drivers
  • 3.3 Restraints
  • 3.4 Opportunities
  • 3.5 Threats
  • 3.6 Product Analysis
  • 3.7 Application Analysis
  • 3.8 Emerging Markets
  • 3.9 Impact of Covid-19

4 Porters Five Force Analysis

  • 4.1 Bargaining power of suppliers
  • 4.2 Bargaining power of buyers
  • 4.3 Threat of substitutes
  • 4.4 Threat of new entrants
  • 4.5 Competitive rivalry

5 Global Smart Speaker Market, By Connectivity

  • 5.1 Introduction
  • 5.2 Bluetooth Connectivity
  • 5.3 Near Field Communication
  • 5.4 Wi-Fi Connectivity

6 Global Smart Speaker Market, By Intelligent Virtual Assistant

  • 6.1 Introduction
  • 6.2 AliGenie
  • 6.3 Amazon Alexa
  • 6.4 Bixby
  • 6.5 Cortana
  • 6.6 DuerOS
  • 6.7 Google Assistant
  • 6.8 Kakao
  • 6.9 Naver Clova
  • 6.10 Siri
  • 6.11 SKT NUGU
  • 6.12 Xiaomi Al Assistant
  • 6.13 Xiaowei

7 Global Smart Speaker Market, By Product Type

  • 7.1 Introduction
  • 7.2 Virtual Assistants
  • 7.3 Wireless Speakers

8 Global Smart Speaker Market, By Type

  • 8.1 Introduction
  • 8.2 Single Room
  • 8.3 Double-Room
  • 8.4 Multi-Room

9 Global Smart Speaker Market, By Price

  • 9.1 Introduction
  • 9.2 Low (Less Than 100)
  • 9.3 Mid ($101 to $200)
  • 9.4 Premium (Above $200)

10 Global Smart Speaker Market, By Component

  • 10.1 Introduction
  • 10.2 Hardware
    • 10.2.1 Memory
    • 10.2.2 Power Integrated Circuit (IC)
    • 10.2.3 Microphone
    • 10.2.4 Audio Integrated Circuit (IC)
    • 10.2.5 Speaker Driver
    • 10.2.6 Processor
    • 10.2.7 Connectivity Integrated Circuit (IC)
  • 10.3 Software

11 Global Smart Speaker Market, By Distribution Channel

  • 11.1 Introduction
  • 11.2 Offline
  • 11.3 Online

12 Global Smart Speaker Market, By Application

  • 12.1 Introduction
  • 12.2 Automotive
  • 12.3 Commercial
  • 12.4 Consumer/Personal
  • 12.5 Professional
  • 12.6 Smart Home
  • 12.7 Smart Office

13 Global Smart Speaker Market, By Geography

  • 13.1 Introduction
  • 13.2 North America
    • 13.2.1 US
    • 13.2.2 Canada
    • 13.2.3 Mexico
  • 13.3 Europe
    • 13.3.1 Germany
    • 13.3.2 UK
    • 13.3.3 Italy
    • 13.3.4 France
    • 13.3.5 Spain
    • 13.3.6 Rest of Europe
  • 13.4 Asia Pacific
    • 13.4.1 Japan
    • 13.4.2 China
    • 13.4.3 India
    • 13.4.4 Australia
    • 13.4.5 New Zealand
    • 13.4.6 South Korea
    • 13.4.7 Rest of Asia Pacific
  • 13.5 South America
    • 13.5.1 Argentina
    • 13.5.2 Brazil
    • 13.5.3 Chile
    • 13.5.4 Rest of South America
  • 13.6 Middle East & Africa
    • 13.6.1 Saudi Arabia
    • 13.6.2 UAE
    • 13.6.3 Qatar
    • 13.6.4 South Africa
    • 13.6.5 Rest of Middle East & Africa

14 Key Developments

  • 14.1 Agreements, Partnerships, Collaborations and Joint Ventures
  • 14.2 Acquisitions & Mergers
  • 14.3 New Product Launch
  • 14.4 Expansions
  • 14.5 Other Key Strategies

15 Company Profiling

  • 15.1 Alibaba
  • 15.2 Alphabet
  • 15.3 Amazon
  • 15.4 Apple
  • 15.5 Baidu
  • 15.6 Bose
  • 15.7 Facebook
  • 15.8 Harman International
  • 15.9 Lenovo
  • 15.10 LG Electronics
  • 15.11 Panasonic
  • 15.12 Samsung
  • 15.13 Sonos
  • 15.14 Sony
  • 15.15 Xiaomi

List of Tables

  • Table 1 Global Smart Speaker Market Outlook, By Region (2020-2028) ($MN)
  • Table 2 Global Smart Speaker Market Outlook, By Connectivity (2020-2028) ($MN)
  • Table 3 Global Smart Speaker Market Outlook, By Bluetooth Connectivity (2020-2028) ($MN)
  • Table 4 Global Smart Speaker Market Outlook, By Near Field Communication (2020-2028) ($MN)
  • Table 5 Global Smart Speaker Market Outlook, By Wi-Fi Connectivity (2020-2028) ($MN)
  • Table 6 Global Smart Speaker Market Outlook, By Intelligent Virtual Assistant (2020-2028) ($MN)
  • Table 7 Global Smart Speaker Market Outlook, By AliGenie (2020-2028) ($MN)
  • Table 8 Global Smart Speaker Market Outlook, By Amazon Alexa (2020-2028) ($MN)
  • Table 9 Global Smart Speaker Market Outlook, By Bixby (2020-2028) ($MN)
  • Table 10 Global Smart Speaker Market Outlook, By Cortana (2020-2028) ($MN)
  • Table 11 Global Smart Speaker Market Outlook, By DuerOS (2020-2028) ($MN)
  • Table 12 Global Smart Speaker Market Outlook, By Google Assistant (2020-2028) ($MN)
  • Table 13 Global Smart Speaker Market Outlook, By Kakao (2020-2028) ($MN)
  • Table 14 Global Smart Speaker Market Outlook, By Naver Clova (2020-2028) ($MN)
  • Table 15 Global Smart Speaker Market Outlook, By Siri (2020-2028) ($MN)
  • Table 16 Global Smart Speaker Market Outlook, By SKT NUGU (2020-2028) ($MN)
  • Table 17 Global Smart Speaker Market Outlook, By Xiaomi Al Assistant (2020-2028) ($MN)
  • Table 18 Global Smart Speaker Market Outlook, By Xiaowei (2020-2028) ($MN)
  • Table 19 Global Smart Speaker Market Outlook, By Product Type (2020-2028) ($MN)
  • Table 20 Global Smart Speaker Market Outlook, By Virtual Assistants (2020-2028) ($MN)
  • Table 21 Global Smart Speaker Market Outlook, By Wireless Speakers (2020-2028) ($MN)
  • Table 22 Global Smart Speaker Market Outlook, By Type (2020-2028) ($MN)
  • Table 23 Global Smart Speaker Market Outlook, By Single Room (2020-2028) ($MN)
  • Table 24 Global Smart Speaker Market Outlook, By Double-Room (2020-2028) ($MN)
  • Table 25 Global Smart Speaker Market Outlook, By Multi-Room (2020-2028) ($MN)
  • Table 26 Global Smart Speaker Market Outlook, By Price (2020-2028) ($MN)
  • Table 27 Global Smart Speaker Market Outlook, By Low (Less Than 100) (2020-2028) ($MN)
  • Table 28 Global Smart Speaker Market Outlook, By Mid ($101 to $200) (2020-2028) ($MN)
  • Table 29 Global Smart Speaker Market Outlook, By Premium (Above $200) (2020-2028) ($MN)
  • Table 30 Global Smart Speaker Market Outlook, By Component (2020-2028) ($MN)
  • Table 31 Global Smart Speaker Market Outlook, By Hardware (2020-2028) ($MN)
  • Table 32 Global Smart Speaker Market Outlook, By Memory (2020-2028) ($MN)
  • Table 33 Global Smart Speaker Market Outlook, By Power Integrated Circuit (IC) (2020-2028) ($MN)
  • Table 34 Global Smart Speaker Market Outlook, By Microphone (2020-2028) ($MN)
  • Table 35 Global Smart Speaker Market Outlook, By Audio Integrated Circuit (IC) (2020-2028) ($MN)
  • Table 36 Global Smart Speaker Market Outlook, By Speaker Driver (2020-2028) ($MN)
  • Table 37 Global Smart Speaker Market Outlook, By Processor (2020-2028) ($MN)
  • Table 38 Global Smart Speaker Market Outlook, By Connectivity Integrated Circuit (IC) (2020-2028) ($MN)
  • Table 39 Global Smart Speaker Market Outlook, By Software (2020-2028) ($MN)
  • Table 40 Global Smart Speaker Market Outlook, By Distribution Channel (2020-2028) ($MN)
  • Table 41 Global Smart Speaker Market Outlook, By Offline (2020-2028) ($MN)
  • Table 42 Global Smart Speaker Market Outlook, By Online (2020-2028) ($MN)
  • Table 43 Global Smart Speaker Market Outlook, By Application (2020-2028) ($MN)
  • Table 44 Global Smart Speaker Market Outlook, By Automotive (2020-2028) ($MN)
  • Table 45 Global Smart Speaker Market Outlook, By Commercial (2020-2028) ($MN)
  • Table 46 Global Smart Speaker Market Outlook, By Consumer/Personal (2020-2028) ($MN)
  • Table 47 Global Smart Speaker Market Outlook, By Professional (2020-2028) ($MN)
  • Table 48 Global Smart Speaker Market Outlook, By Smart Home (2020-2028) ($MN)
  • Table 49 Global Smart Speaker Market Outlook, By Smart Office (2020-2028) ($MN)

Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.