Market Overview

Smart Speaker Market in the U.S. to see 25%+ growth to 2024


Smart Speaker Market in the U.S. to see 25%+ growth to 2024

The global smart speaker market shipments are expected to witness at over 33% CAGR to exceed 500 million units by 2024.

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SELLBYVILLE, Del., August 15, 2018 /PRNewswire-iReach/ -- The growth statistics report says, Smart Speaker Market is predicted to be valued USD 30 billion by 2024 owing to the several benefits of these devices such as the ability to communicate with other devices and keeping users connected to the internet.

The increasing penetration of IoT technology and the adoption of connected devices will boost the smart speaker market growth in the next six years. The increasing popularity of connected devices to perform domestic tasks, such as controlling lights and security doors, through single devices is fueling the industry demand. The integration of these devices with connected households will propel the industry growth.

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Increasing security threats related to these devices are expected to threaten the smart speaker market growth as these devices are equipped with intelligent virtual assistants, who listen to the users when activated using certain commands. These continuously-activated devices listen to the personal and confidential data of the users. Several security threats and incidents have occurred that have encouraged the players to improve the security of these systems.

Rapidly-advancing technology is challenging the older devices and making the old devices obsolete. On the manufacturers side, the voice assistants offer a limited range of languages such as English, Japanese, and German. This will hamper the demand for these devices in Europe, Asia Pacific, Latin America, and the MEA, thereby challenging the smart speaker market.

The Siri-enabled smart speaker market is anticipated to grow rapidly due to the large popularity of Apple devices among the consumers. Superior sound quality as compared to the other speakers is adding to the increased shipments of these devices. Furthermore, the compatibility of these devices with the iOS is expected to propel the industry growth due to the large-scale adoption of iOS-enabled smartphones.

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The smart speaker market in commercial applications will grow rapidly due to the increasing adoption of these devices in businesses. These devices enable conference calls, allow the performance of hands-free tasks while receiving the industry information, and generate ambient sounds. These devices will also find applications in the healthcare sector by integrating them with the building management systems and gathering patient information.

The Asia Pacific smart speaker market is expected to gain momentum over the forecast time span owing to the increasing penetration of IoT and connected technology. The region has witnessed an upsurge in the wireless infrastructure developments. By the end of 2016, there were 2.7 billion unique mobile subscribers in the region, accounting for more than half of mobile subscribers, particularly in India and China. With the penetration of 5G networks in the region, the penetration of intelligent devices is expected to increase, thus propelling the smart speaker market growth.

The key vendors in the smart speaker market include Apple, Inc., Baidu, Google, Inc., Lenovo, Onkyo, and Panasonic Corporation. The players in the industry are continuously innovating to differentiate the nature of their offerings. For instance, in 2018, Sonos introduced Sonos Beam, a soundbar with five far-field microphone array. With this launch, the company entered the home theater segment of the audio industry.

Buy this industry insights spread across 300 pages with 372 market data tables & 29 figures & charts from the report, "Smart Speaker Market Size By Intelligent Virtual Assistant (Alexa, Google Assistant, Siri, Cortana, Others), By Application (Personal, Professional, Commercial), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Russia, China, Japan, South Korea, India, Taiwan, Australia, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 – 2024" in detail along with the table of contents:

Chapter 4.   Smart Speaker Market, By IVA (Revenue, Shipments)

4.1.  Key trends in smart speaker market by IVA

4.2.  Alexa

4.2.1. Market estimates and forecast, 2014 – 2024

4.2.2. Market estimates and forecast by region, 2014 – 2024

4.3.  Google assistant

4.3.1. Market estimates and forecast, 2014 – 2024

4.3.2. Market estimates and forecast by region, 2014 – 2024

4.4.  Siri

4.4.1. Market estimates and forecast, 2014 – 2024

4.4.2. Market estimates and forecast by region, 2014 – 2024

4.5.  Cortana

4.5.1. Market estimates and forecast, 2014 – 2024

4.5.2. Market estimates and forecast by region, 2014 – 2024

4.6.  Others

4.6.1. Market estimates and forecast, 2014 – 2024

4.6.2. Market estimates and forecast by region, 2014 – 2024

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