Smart Speaker Market 2020 In-Depth Analysis of Industry Growth Trends & Forecast up to 2024

The smart speaker market size, by the end of the next few years is forecast to outpace all records by collecting a revenue of USD 30 billion. Primarily dominated by intelligent virtual assistants such as Siri, Google Assistant, Cortana, Alexa, and many others, this business space stands to gain appreciable proceeds through the efforts of established contenders and new entrants striving to bring innovative products to the fore. Google for instance, recently made it to the headlines for having announced its supposed launch of homegrown smart display later this year. The Google Home family, comprising the standard Home, the premium Home Max, and the affordable Home Mini, would indeed provide stiff competition to Amazon’s Echo Show with this introduction.

The inception of smart speaker market has created ripples of anticipation among modern-day consumers, given that an analogy has always existed between the Internet of Things and consumer preferences. With more and more products making inroads in the smart industry, companies have been focusing on using connected devices to raise the efficiency of existing operations by a few notches. Ever since the advent of the smart era, leading tech giants such as Apple and Google have been engaging in a fierce battle to gain the upper hand in terms of smart products’ development. The trend which is perpetually consistent even in today’s business scenario, will be one of the key driving forces behind the growth of smart speaker industry.

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Undeniably, the burgeoning developments in the IoT (Internet of Things) business sphere will bring about a plethora of changes in the perception of smart speaker market. Embedded with varied functionalities, including problem solving, ordering of essential items, live streaming of music, live news reporting, setting reminders, to name a few, smart speakers are the indeed the exclusively classy wireless playback devices in vogue. Forbes has rightly quoted smart speakers to be the future of audio, a fact which is likely to catapult smart speaker industry, which, as per analysts, is slated to record a valuation of USD 30 billion by 2024.

U.S. smart speaker industry contender Amazon made it to the headlines for having set up model smart homes across the United States so that shoppers conveniently experience how it is like for Alexa to perform tasks like ordering stuff online, dimming the lights, or turning on the TV. Powered by the robust demand for internet-enabled products and services and the rising proliferation of smart products owing to their advantages such as luxury, safety, convenience, and entertainment, the U.S. smart speaker market share is anticipated to register a commendable CAGR over 2018-2024.

A Nielsen study conducted in May 2018 estimated that more than 20% of U.S. households own a smart speaker, while over 35% of that proportion own multiple speakers. These estimates prove that the readiness of consumers to adapt to advanced technologies like a fish takes to water will encourage U.S. manufacturers to develop advanced, user-friendly, and multi-functional products, thereby augmenting U.S. smart speaker industry. Indeed, judging by the pace at which smart speaker market players have been progressing, it is evident that smart speakers are likely to become all-pervasive in a few years.

While Amazon, Google, and Apple have already established their space in global smart speaker industry, other major corporations, not to be outdone, have joined the quest as well. Currently, some of the popular companies consolidating their position in smart speaker market include Samsung, Sony Corporation, Terratec, Philips, Edifier, and JBL.

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The increasing prevalence of smart homes is another major driver fueling the growth of smart speaker market. Since these homes are efficiently designed to deliver central connectivity between electronic devices, the incorporation of smart speakers in the house will be on an all-time high, a factor which will lead to the massive growth of smart speaker industry worldwide.

This business zone is relatively in its embryonic stage, and yet, tech magnates have been aggressively combating with one another for a chunk of smart speaker industry share. The proliferation of numerous products stand as a testimony to the growth of smart speaker industry in the last few years. Considering the magnitude of the achievements dished out by technology giants, it should come as no surprise that smart speaker market stands to gain a major valuation over the forthcoming years.

Table of Contents (ToC) of the report:

Chapter 5.   Smart Speaker Market, By Application (Revenue, Shipments)

5.1.  Key trends in smart speaker market by application

5.2.  Personal

5.2.1. Market estimates and forecast, 2014 – 2024

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

5.3.  Professional

5.3.1. Market estimates and forecast, 2014 – 2024

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

5.4.  Commercial

5.4.1. Market estimates and forecast, 2014 – 2024

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

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