GLOBAL SMART SPEAKERS MARKET FORECAST 2019-2027

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GLOBAL SMART SPEAKERS MARKET FORECAST 2019-2027

A smart speaker is a type of wireless speaker and voice command device with an integrated virtual assistant (artificial intelligence) that offers interactive actions and hands-free activation with the help of one “hot word”. Some smart speakers can also act as a smart device that utilizes Wi-Fi, Bluetooth and other wireless protocol standards to extend usage beyond audio playback such as to control home automation devices.

GLOBAL SMART SPEAKERS MARKET FORECAST 2019-2027

Global Smart Speaker Market, which is segmented by Intelligent Virtual Assistance (Alexa, Google assistant, Siri, Cortana and Others), by End User (Personal use, Commercial use), by Distribution Channel (Online, Offline)  & by Geography

A smart speaker is a type of wireless speaker and voice command device with an integrated virtual assistant (artificial intelligence) that offers interactive actions and hands-free activation with the help of one “hot word”. Some smart speakers can also act as a smart device that utilizes Wi-Fi, Bluetooth and other wireless protocol standards to extend usage beyond audio playback such as to control home automation devices. This can include (but is not be limited to) features such as compatibility across a number of services and platforms, peer-to-peer connection through mesh networking, virtual assistants and others.

Global smart speakers market is anticipated to grow with 24.91% CAGR during the forecast period 2019-2027. The base year considered for the study is 2018.

The smart speakers market is increasing because of the following factors:

  • The rapid increase in the usage of smart devices at home
  • Millennials attraction towards smart homes
  • Increase in adoption of multifunctional devices by small, medium & large enterprises

Global smart speakers market

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However, the global smart speaker market is driven by the rapid increase in the usage of smart devices at home. The digital revolution (especially in the world of IoT) has fueled an exciting new phase with companies in the home automation industry, offering consumers new and improved smart home technologies and giving rise to an interconnected, easy-to-control environment termed as “smart home.” These devices offer consumers remote control monitoring of common household devices and improved utility savings. The growth is attributed to a number of factors, including the decreasing cost of smart home technologies, current government policies and increasing customer awareness of the product.

In terms of intelligent virtual assistant segment, Alexa leads the market in terms of revenue with around XX% market share in 2018. Amazon’s Alexa holds the largest market share of more than XX% in the year 2018. Alexa is getting tough competition from Apple’s Siri & Goggle’s Assistant. Both the virtual assistant technology are expected to grow at a rapid speed. Most devices with Alexa allow users to activate the device using a wake-word (such as Alexa); other devices require the user to push a button to activate Alexa’s listening mode. Alexa offers weather reports provided by AccuWeather and news provided by TuneIn from a variety of sources including local radio stations, NPR, and ESPN.

As the usage of smart speakers is growing rapidly, it will also have some hindrances associated with it. Some of them are security & privacy challenges, language support in voice assistants, lack of knowledge base & entering the newer market through advancements in technology. Security & Privacy is the most important aspect which companies are working on to improve. The connected home may contain sensitive data (e.g. personal photos, videos, and digital diaries), and devices such as IP cameras that may be remotely activated and accessible from anywhere. Additionally, it may feature microphones that may listen to private conversations. For instance, smart speaker systems such as Amazon Echo and Google Home feature microphones that are programmed to listen to ‘wake up’ commands and voice input to complete tasks such as dimming lights and playing music. This makes the need for stringent security requirements due to the importance of private information.

The Global Smart Speaker market segments include:

Intelligent virtual assistant segment of global smart speakers market includes:

  • Alexa
  • Google Assistant
  • Siri
  • Cortana
  • Others

End-users segment of global smart speakers market includes:

  • Personal
  • Commercial

Distribution channel segment of global smart speakers market includes:

  • Online
  • Offline

This report covers the present market conditions and the growth prospects of the global smart speakers market over the forecast period of 2019-2027. The report considered the revenue generated through the sales of smart speakers for types, as to calculate the market size by considering 2018 as the base year.

Geographically, the global smart speakers market has been segmented on the basis of four major regions, which include:

The regional structure of smart speaker market is dominated by North America region by capturing largest market share in terms of revenue of XX% in the year 2018. North America has been accounted as the region witnessing the most number of buyers. One of the major reasons for the highest revenue of this region is the presence of a large number of leading manufacturers such as Google, Apple, Harman International, and Amazon.com. These leading vendors have captured the market and have a higher reach in the country due to their extensive marketing campaigns. On the other side, Asia Pacific is the fastest growing region anticipated to grow at the highest CAGR of XX% during the forecast period and is anticipated to reach $ XX million by 2027. The focus of manufacturers to launch smart speakers and smart living appliances enabled by IoT solutions in the Asia-Pacific region influences the growth of the smart speaker markets. Hence, there is an increased investment in the field of smart gadgets and technologies. Also, the household spending of China increased at a rate of XX% in 2017 and is expected to grow at a positive rate in the future because of the rise in disposable income. The internet penetration in China was XX% in 2017 and is expected to increase in the future. The entry of large internet/tech companies, such as Alibaba T-Mall, Xiaomi, Tencent, Baidu, and Lenovo, since the latter half of 2017 is the major factor stimulating the growth of the Chinese smart speaker market. The partnerships of some of these major companies with Chinese AI startups specializing in natural language processing and other voice technologies has enabled them to develop smart speakers suitable for the Chinese audience.

The Global Smart Speaker market is segmented by intelligent virtual assistant, end users & distribution channel. Intelligent virtual assistant is sub-divided into Alexa, google assistant, Siri, and Cortana & others. End-users segment of global smart speakers market includes personal & commercial. Distribution channel segment includes online & offline channels.

The major market players of the global smart speakers market are:

  • com, Inc.
  • Samsung electronics co., Ltd.
  • Apple Inc.
  • Alibaba group holding limited
  • Alphabet Inc.

Market share analysis along with company profiles of the prominent market players are discussed in detail. Amazon announced the Fire TV Stick 4K, the most powerful streaming media stick available, plus an all-new Alexa Voice Remote, available together. The all-new Alexa Voice Remote is also available with the recently launched Fire TV Cube and can be purchased as a single remote. Amazon introduced a new line-up of Echo devices, Echo companion devices, and Amazon smart home devices, making it even easier to bring the features and convenience of Alexa to any room and car. Samsung Electronics Co., Ltd., a world leader in advanced semiconductor technology, announced that it had developed Exynos Modem 5100, the industry’s first 5G modem that is fully compatible with 3rd Generation Partnership Project (3GPP), the most up-to-date standard specification for 5G New Radio (5G-NR). Built on power-efficient 10-nanometer (nm) process technology, the new modem also supports legacy radio access technologies designed into a single chip.

Key findings of the global smart speakers market:

  • Privacy and security concerns and localization of languages spoken by the intelligent virtual assistant restrain the market growth.
  • Competition is rising rapidly as companies are coming up with new launches.
  • Upper-income households are more likely to own Amazon Echo devices. Households with income below the national average are 20.6% more likely to own a Google smart speaker.
  • Increasing use of smart speakers is pushing growth towards the voice commerce.
  1. RESEARCH SCOPE
    • STUDY GOALS
    • SCOPE OF THE MARKET STUDY
    • WHO WILL FIND THIS REPORT USEFUL?
    • STUDY AND FORECASTING YEARS
  2. RESEARCH METHODOLOGY
    • SOURCES OF DATA
      • SECONDARY DATA
      • PRIMARY DATA
    • TOP DOWN APPROACH
    • BOTTOM-UP APPROACH
    • DATA TRIANGULATION
  3. EXECUTIVE SUMMARY
    • MARKET SUMMARY
    • KEY FINDINGS
      • DEVELOPMENTS IN THE SMART SPEAKERS MARKET
      • RISING COMPETITION TO CAPTURE GREATER MARKET SHARE
      • POPULAR LOCATIONS FOR SMART SPEAKERS USAGE
      • AMAZON ECHO COMMAND AROUND TWO-THIRDS OF THE MARKET
      • EMERGENCE OF VOICE COMMERCE
  1. MARKET DYNAMICS
    • MARKET DEFINITION & SCOPE
    • MARKET DRIVERS
      • RAPID INCREASE IN THE USAGE OF SMART DEVICES AT HOME
      • MILLENNIALS ATTRACTION TOWARDS SMART HOMES
      • INCREASE IN ADOPTION OF MULTIFUNCTIONAL DEVICES BY SMALL, MEDIUM & LARGE ENTERPRISES
    • MARKET RESTRAINTS
      • SECURITY AND PRIVACY CHALLENGES
      • LANGUAGE SUPPORT IN VOICE ASSISTANTS
    • MARKET OPPORTUNITIES
      • DEMAND IS RISING RAPIDLY
      • SMART SPEAKER OWNERS USES 3RD-PARTY VOICE APPS
      • ADOPTION OF VOICE APPS, SMART HOME, CALLING AND MESSAGING HAVE ROOM FOR GROWTH
      • NEW DEVELOPMENTS
    • MARKET CHALLENGES
      • LACK OF KNOWLEDGE BASE
      • PRICING & TECHNOLOGICAL ADVANCEMENT RESTRICTING GROWTH OF THE MARKET
  1. MARKET BY INTELLIGENT VIRTUAL ASSISTANT
    • ALEXA
    • GOOGLE ASSISTANT
    • SIRI
    • CORTANA
    • OTHERS
  2. MARKET BY END USERS
    • PERSONAL USE
    • COMMERCIAL USE
  3. MARKET BY DISTRIBUTION CHANNEL
    • ONLINE
    • OFFLINE
  4. KEY ANALYTICS
    • PORTERS FIVE FORCES ANALYSIS
      • BARGAINING POWER OF BUYERS
      • BARGAINING POWER OF SUPPLIERS
      • THREAT OF NEW ENTRANTS
      • THREAT OF SUBSTITUTES
      • THREAT OF COMPETITIVE RIVALRY
    • OPPORTUNITY MATRIX
    • VENDOR LANDSCAPE
  5. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • UNITED STATES
      • CANADA
    • EUROPE
      • UNITED KINGDOM
      • FRANCE
      • ITALY
      • RUSSIA
      • SPAIN
      • GERMANY
      • REST OF EUROPE
    • ASIA PACIFIC
      • CHINA
      • INDIA
      • JAPAN
      • AUSTRALIA
      • SOUTH KOREA
      • REST OF ASIA PACIFIC
    • REST OF WORLD
      • LATIN AMERICA
      • MIDDLE EAST AND AFRICA
  1. COMPANY PROFILES
    • ALIBABA GROUP HOLDING LIMITED
    • ALPHABET INC.
    • COM, INC.
    • APPLE INC.
    • BOSE CORPORATION
    • LG CORPORATION
    • PANASONIC CORPORATION
    • PIONEER CORPORATION
    • PLANTRONICS, INC.
    • SAMSUNG ELECTRONICS CO., LTD.
    • SONOS
    • XIAOMI CORPORATION

LIST OF TABLES 

TABLE 1. GLOBAL SMART SPEAKERS MARKET, BY GEOGRAPHY 2019-2027 ($ MILLIONS)

TABLE 2. GLOBAL SMART SPEAKERS MARKET, BY INTELLIGENT VIRTUAL ASSISTANT, 2019-2027 (IN $ MILLION)

TABLE 3. GLOBAL ALEXA MARKET, BY GEOGRAPHY, 2019-2027 ($ MILLIONS)

TABLE 4. GLOBAL GOOGLE ASSISTANT MARKET, BY GEOGRAPHY, 2019-2027 ($ MILLIONS)

TABLE 5. GLOBAL SIRI MARKET, BY GEOGRAPHY, 2019-2027 ($ MILLIONS)

TABLE 6. GLOBAL CORTANA MARKET, BY GEOGRAPHY, 2019-2027 ($ MILLIONS)

TABLE 7. GLOBAL OTHERS MARKET, BY GEOGRAPHY, 2019-2027 ($ MILLIONS)

TABLE 8. GLOBAL SMART SPEAKERS MARKET, BY END USERS, 2019-2027 (IN $ MILLION)

TABLE 9. GLOBAL PERSONAL MARKET, BY GEOGRAPHY, 2019-2027 ($ MILLIONS)

TABLE 10. GLOBAL COMMERCIAL MARKET, BY GEOGRAPHY, 2019-2027 ($ MILLIONS)

TABLE 11. GLOBAL SMART SPEAKERS MARKET, BY DISTRIBUTION CHANNEL, 2019-2027 (IN $ MILLION)

TABLE 12. GLOBAL ONLINE DISTRIBUTION, BY GEOGRAPHY, 2019-2027 ($ MILLIONS)

TABLE 13. GLOBAL OFFLINE DISTRIBUTION, BY GEOGRAPHY, 2019-2027 ($ MILLIONS)

TABLE 14. OPPORTUNITY MATRIX

TABLE 15. VENDOR LANDSCAPE

TABLE 16. GLOBAL SMART SPEAKERS MARKET, BY GEOGRAPHY, 2019-2027 ($MILLIONS)

TABLE 17. NORTH AMERICA SMART SPEAKERS MARKET, BY COUNTRY, 2019-2027 (IN $ MILLION)

TABLE 18. EUROPE SMART SPEAKERS MARKET, BY COUNTRY, 2019-2027 (IN $ MILLION)

TABLE 19. ASIA PACIFIC SMART SPEAKERS MARKET, BY COUNTRY, 2019-2027 (IN $ MILLION)

TABLE 20. REST OF WORLD SMART SPEAKERS MARKET, BY COUNTRY, 2019-2027 (IN $ MILLION)

LIST OF FIGURE

FIGURE 1. GLOBAL SMART SPEAKERS MARKET, BY INTELLIGENT VIRTUAL ASSISTANT, 2018 & 2027 (IN $MILLIONS)

FIGURE 2. GLOBAL SMART SPEAKERS MARKET BY ALEXA, 2019-2027 (IN $ MILLION)

FIGURE 3. GLOBAL SMART SPEAKER MARKET BY GOOGLE ASSISTANT, 2019-2027 (IN $ MILLION)

FIGURE 4. GLOBAL SMART SPEAKER MARKET BY SIRI, 2019-2027 (IN $ MILLION)

FIGURE 5. GLOBAL SMART SPEAKERS MARKET BY CORTANA, 2019-2027 (IN $ MILLION)

FIGURE 6. GLOBAL SMART SPEAKERS MARKET BY OTHERS, 2019-2027 (IN $ MILLION)

FIGURE 7. GLOBAL SMART SPEAKERS MARKET BY PERSONAL USE, 2019-2027 (IN $ MILLION)

FIGURE 8. GLOBAL SMART SPEAKERS MARKET BY COMMERCIAL USE, 2019-2027 (IN $ MILLION)

FIGURE 9. GLOBAL SMART SPEAKERS MARKET BY ONLINE DISTRIBUTION, 2019-2027 (IN $ MILLION)

FIGURE 10. GLOBAL SMART SPEAKERS MARKET BY OFFLINE DISTRIBUTION, 2019-2027 (IN $ MILLION)

FIGURE 11. GLOBAL SMART SPEAKERS MARKET, REGIONAL OUTLOOK, 2018 & 2027 (IN %)

FIGURE 12. UNITED STATES SMART SPEAKERS MARKET, 2019-2027 (IN $ MILLION)

FIGURE 13. CANADA SMART SPEAKERS MARKET, 2019-2027 (IN $ MILLION)

FIGURE 14. UNITED KINGDOM SMART SPEAKERS MARKET, 2019-2027 (IN $ MILLION)

FIGURE 15. FRANCE SMART SPEAKERS MARKET, 2019-2027 (IN $ MILLION)

FIGURE 16. ITALY SMART SPEAKERS MARKET, 2019-2027 (IN $ MILLION)

FIGURE 17. RUSSIA SMART SPEAKERS MARKET, 2019-2027 (IN $ MILLION)

FIGURE 18. SPAIN SMART SPEAKERS MARKET, 2019-2027 (IN $ MILLION)

FIGURE 19. GERMANY SMART SPEAKERS MARKET, 2019-2027 (IN $ MILLION)

FIGURE 20. REST OF EUROPE SMART SPEAKERS MARKET, 2019-2027 (IN $ MILLION)

FIGURE 21. SMART SPEAKER PENETRATION IN HOUSEHOLDS IN REST OF EUROPEAN COUNTRIES

FIGURE 22. CHINA SMART SPEAKERS MARKET, 2019-2027 (IN $ MILLION)

FIGURE 23. INDIA SMART SPEAKERS MARKET, 2019-2027 ($MILLIONS)

FIGURE 24. JAPAN SMART SPEAKERS MARKET, 2019-2027 (IN $ MILLION)

FIGURE 25. AUSTRALIA SMART SPEAKERS MARKET, 2019-2027 ($MILLIONS)

FIGURE 26. SOUTH KOREA SMART SPEAKERS MARKET, 2019-2027 ($MILLIONS)

FIGURE 27. REST OF APAC SMART SPEAKERS MARKET 2019-2027 ($MILLIONS)

FIGURE 28. LATIN AMERICA SMART SPEAKERS MARKET 2019-2027 ($MILLIONS)

FIGURE 29. MIDDLE EAST AND AFRICA SMART SPEAKERS MARKET 2019-2027 ($MILLIONS)

  1. MARKET BY INTELLIGENT VIRTUAL ASSISTANT
    • ALEXA
    • GOOGLE ASSISTANT
    • SIRI
    • CORTANA
    • OTHERS
  2. MARKET BY END-USERS
    • PERSONAL USE
    • COMMERCIAL USE
  3. MARKET BY DISTRIBUTION CHANNEL
    • ONLINE
    • OFFLINE
  4. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • UNITED STATES
      • CANADA
    • EUROPE
      • UNITED KINGDOM
      • FRANCE
      • ITALY
      • RUSSIA
      • SPAIN
      • GERMANY
      • REST OF EUROPE
    • ASIA PACIFIC
      • CHINA
      • INDIA
      • JAPAN
      • AUSTRALIA
      • SOUTH KOREA
      • REST OF ASIA PACIFIC
    • REST OF WORLD
      • LATIN AMERICA
      • MIDDLE EAST AND AFRICA

 

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