Smart Speakers Market Size, Sales, Trends, Historical Analysis, Opportunity Assessment, Future Scope and Potential of Industry by 2022

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Market Highlights:

As a part of industry 4.0, the focus is majorly shifting towards automation of everything, or in simple terms can be stated as Internet of Everything. The major part of this connected space is tend to occupy by the connected homes and smart homes. These smart homes will become so independent and intelligent and will begin to talk to talk to a person living in these homes. That intelligence of conversation requires a smart speaker, a wireless speaker, accepting the voice commands, which is installed with a virtual digital assistant, that takes up the user request or commands, processes them and converse through the speaker.

The market of smart speakers is very much expected to boom in the upcoming years, as there is a huge shift in digitizing the homes. These smart speakers are wirelessly connected over Bluetooth, Wi-Fi or Zigbee and can be connected with any of your smart devices like smartphones, tablets and laptops. Imagine, a speaker waking you up by playing a soothing song in the morning, updating you with the latest news or even take calls. The trend of smart work, instead of hard work is making its way in the minds of people across the world, and this trend is helping the market of smart speakers rise up. Amazon’s Echo, is one of the smart speaker that is integrated with amazon’s digital assistant, Alexa, taking up a little space in home and making the life of a consumer easier. The advancement in wireless technology is another factor that drive the growth of this market.

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Major Key Players

The key players of global smart speakers market report include Beats Electronics (U.S.), Bose Corporation (U.S.), Samsung Electronics Limited (Korea), Harman (U.S.), LG Electronics (South Korea), Altec Lansing (U.S.), Avnera Corporation (U.S.), Panasonic (Japan) , D&M Holdings, Inc (Japan),Sharp Corporation (Japan), Sony Corporation (Japan), Sennheiser electronic GmbH & Co. KG (Germany), JBL Professional (U.S.), Skullcandy Inc (U.S.), Koninklijke Philips N.V.(Netherlands), Onkyo Corporation (Japan) and others are at the forefront of competition in the global smart speakers market.

According to Market Research Future Analysis, Smart Speakers Market has been valued at USD 9 billion by the end of forecast period with 36% of CAGR during forecast period 2016 to 2022.

Study Objectives of Global Smart Speakers Market:

To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the global smart speakers market.

To provide insights about factors affecting the market growth.

To analyze the global smart speakers market based porter’s five force analysis etc.

To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW).

Segmentation:

U.S. accounts for the largest market share, majorly due to increase in number of smart homes, rising disposable income, changing lifestyle and government policies. Also, Asian countries such as Japan and Korea are expected to grow at a fast pace, majorly due to advancement in the IT industry and investments in research & development sector.

For the purpose of this study, Market Research Future has segmented the market of smart speakers into product type, connectivity, application and regions. By product type, the market has been bifurcated into single-speakers, double-speakers and multi-speaker. On the basis of connectivity, the market has been segmented into- Wi-Fi enabled speakers, Bluetooth enabled speakers, NFC enabled speakers among others. On the basis of application, the market includes- personal use and commercial use.

Regional Analysis:

North America is dominating the market of smart speakers in where U.S. accounted for the largest market share due to various factors such as rise in smart homes market, high per capita income, changing lifestyle and high preference for wireless technology in the region. For instance, Amazon Echo smart speakers outpaced other speakers in the U.S. due to changing lifestyle and increasing disposable income.

Asian countries, especially Japan and Korea are growing at a fast pace majorly due to high demand for consumer electronics, high growth rate of the countries and the advancement in the IT industry. According to MRFR analysis, the consumption of smart electronics has increased in these countries over the last few years and companies have been investing billions of dollars into research & development sectors which are driving the growth of the global smart speakers market.

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Intended Audience:

  • Smart Speakers Manufacturers
  • Smart Speakers Distributors
  • Research/Consultancy firms
  • Vendors from various verticals such as Bose, Harman, Samsung among others
  • OEMs
  • Semiconductor Manufacturers
  • Stakeholders

LIST OF TABLES

Table 1 Global Smart Speakers Market, By Product Type

Table 2 Global Smart Speakers Market, By Application

Table 3 Global Smart Speakers Market, By Connectivity

Continued…

LIST OF FIGURES

Figure 1 Research Type

Figure 2 Global Smart Speakers Market: By Product Type (%)

Figure 3 Global Smart Speakers Market: By Application (%)

Continued…

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