The Global Smart Speaker Market is to Rise at 24.91% of CAGR by 2027
“According to the new market research report published by Inkwood Research, the global smart speaker market is growing at 24.91% of CAGR during the forecasting period of 2019-2027.”
“Browse 20 market Data Tables and 29 Figures spread over 120 Pages, along with an in-depth TOC on the global smart speaker market forecast 2019-2027.”
A smart speaker is a wireless speaker and a voice command device. The device is integrated with virtual assistants (artificial intelligence) that offer interactive actions and hands-free activation. Smart speaker act as smart devices using Wi-Fi, Bluetooth and other wireless protocol standards. The rapid increase in the use of smart devices at home, millennials attracted towards smart homes, use of multifunctional devices by SME’s are the factors fueling growth in the smart speakers market.
The rapid increase in the usage of smart devices at home is driving the smart speaker market globally
New and improved smart home technology has given rise to an interconnected, easy to control environment called “smart home.” The smart speaker is an essential device under a smart home environment. These devices aim to incorporate comfort, entertainment, mobility and security in everyday lifestyle. The ability of smart speakers to integrate with smart home devices has significantly boosted the demand for smart speakers market.
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Smart speaker market by an intelligent virtual assistant is segmented into Alexa, Google assistant, Siri, Cortana & others. Alexa is a virtual assistant developed by Amazon. The device is capable of voice interactions, music players, making a to-do list, setting alarms, streaming podcasts, playing audiobooks, providing real-time information such as news. For business, Alexa is used for joining business conference calls, schedule meetings and custom skills. Due to these smart device features of Alexa, it dominates smart speaker intelligent virtual assistant market.
North America is the leads the global smart speaker market
The North America region is set to dominate the global smart speaker by holding the largest share and is projected to witness the highest growth rate by the end of 2027. The growth is primarily due to increased adoption of technology in the United States and also due to a large number of leading manufacturers like Google, Apple, Harman Internation and Amazon are present in the region. Also, increasing spending capacity in the U.S. and Canada is to support revenue inflow for smart speakers market.
The key giants operating in the global smart speaker market are Alibaba Group Holdings Ltd, Com Inc., Bose Corporation, Panasonic Corporation, Alphabet Inc., Apple Inc., LG Corporation, Pioneer Corporation, Sonos, Plantronics Inc., Xiomi Corporation, Samsung Electronics Co. Ltd. The market is dynamic owing to the constant mergers, acquisitions and strategic alliances. These companies are mainly funding in R&D to augment their product portfolio and technological advancements in the devices to sustain their position in the market. Moreover, they are also alternatively considering online sales and multi-level marketing along with other distribution networks to increase their outcome.
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Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy; with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises of North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.