With 21.0% CAGR, Smart Speaker Market Size Worth USD 34.24 Billion by 2028

As per the report by Fortune Business Insights, the global Smart Speaker Market size is projected to reach USD 34.24 billion in 2028, at a CAGR of 21.0% during the forecast period, 2021-2028

Pune, India, April 13, 2023 (GLOBE NEWSWIRE) — The global smart speaker market size was valued at USD 7.82 billion in 2020 and the market is projected to grow from USD 9.04 billion in 2021 to USD 34.24 billion in 2028, exhibiting a CAGR of 21.0% during the forecast period. The smart speaker market is experiencing growth due to two primary drivers an increase in electronics manufacturing and a growing demand for wireless connectivity. Fortune Business Insights™ presents this information in a report titled, ” Smart Speaker Market Forecast, 2023-2028.”

Key Industry Development:

Xiaomi introduced its first smart speaker with Google Assistant in the Indian market. The technology can converse in English and Hindi      

Get a Free Sample Research PDF:

https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/smart-speaker-market-106297

Smart speaker Market, which can be operated through voice commands and are equipped with Wi-Fi connectivity, are becoming increasingly popular for use in smart homes. They serve as a central hub for controlling various home appliances and smart devices. Consequently, the residential sector is witnessing a surge in demand for these speakers. Additionally, new AI-based technologies with built-in displays are being introduced to the market, increasing competition among market players.

Report Scope & Segmentation

Key Takeaways

• The increasing demand for the speaker system in residential applications is anticipated to surge the product demand in near future.
• Integration of Artificial Intelligence (AI) Technology with Smart Speaker
• The increasing growth of display devices is helping sustain the growth of the market.
• By Application Analysis: Increasing Adoption of Smart Speakers in Residential Sector to Propel Market Growth
• Smart Speaker Market Size in North America was USD 2.80 Billion in 2020

Browse Complete Report Details:

https://www.fortunebusinessinsights.com/smart-speaker-market-106297

Drivers & Restraints:

• Increased Adoption of Smart Home Products to Aid Market Growth
• The smart speaker market growth during 2021-2028 will be heavily influenced by the growing adoption of smart home devices and appliances, including smart kitchen appliances, smart lights, smart locks, security cameras, and smart TVs.
• Market players are integrating advanced technologies such as Artificial Intelligence of Things (AIoT) into speakers to enable advanced functionality.
• Xiaomi is reportedly developing an AIoT-based product that can act as a control hub to connect to other IoT products.
• However, despite many benefits, several concerns, such as data security, privacy, and compatibility issues, with smartphones and other devices could affect the product adoption.

Segments:

Type, Application, and Region are studied for the Market

Based on type, the market is segmented into wireless speakers, virtual assistants, and others.

On the basis of application, the market is bifurcated into residential and commercial.

In terms of region, the market is studied across North America, Asia Pacific, South America, Europe, and the Middle East & Africa.

Regional Insights:        

North America holds a dominant percentage of the global smart speaker market share. The region will record monumental growth during the analysis timeline led by growing product popularity. As per the Smart Speaker Consumer Adoption report, the number of smart speaker users surged by 10% between 2018 and 2019. The report also suggests that the product penetration rate in the region (26%) was the highest across the globe. North America is home to established players such as Apple, AWS, and Bose.

The market in Europe will grow driven by the rising smart home trend. Meanwhile, the market in Asia Pacific will gain momentum, owing to the expanding consumer tech sector in Japan, China, India, and South Korea.

Have Any Query? Ask Our Experts:

https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/smart-speaker-market-106297

LIST OF KEY COMPANIES PROFILED IN THE REPORT

• Apple Inc. (California, U.S.)
• Avnera Corporation (Oregon, U.S.)
• Baidu, Inc. (Beijing, China)
• Deutsche Telekom (Bonn, Germany)
• Fabriq (England, U.K.)
• Facebook (California, U.S.)
• Jam Audio (Michigan, U.S.)
• KaKao (Jeju-si, South Korea)
• Lenovo (Quarry Bay, Hong Kong)
• LG Electronics (Seoul, South Korea)

Major Table of Contents:

• Global Market Share Analysis and Matrix, 2020
• Key Market Insights and Strategic Recommendations
• Profiles of Key Players
  • Overview
    • Key Management
    • Headquarters etc.
  • Offerings/Business Segments
  • Key Details
    • Employee Size
    • Key Financials
      • Past and Current Revenue
      • Geographical Share
      • Business Segment Share
  • Recent Developments
• Annexure / Appendix
  • Global Smart Speaker Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
    • By Type (USD)
      • Virtual Assistants
      • Wireless Speakers
      • Others
    • By Application (USD)
      • Residential
      • Commercial
    • By Region (USD)
      • North America
      • South America
      • Europe
      • Middle East & Africa
      • Asia Pacific
  • North America Smart Speaker Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
    • By Type (USD)
      • Virtual Assistants
      • Wireless Speakers
      • Others
    • By Application (USD)
      • Residential
      • Commercial
    • By Country (USD)

TOC Continued….

Quick Buy – Smart Speaker Market Research Report

https://www.fortunebusinessinsights.com/checkout-page/106297

FAQ’s

How big is the smart speaker market?

Smart Speaker Market size was USD 7.82 billion in 2020

How fast is the smart speaker market growing?

The Smart Speaker Market will exhibit a CAGR of 21.0% during the forecast period, 2021-2028

Related Reports:

Wireless Speakers Market Size, Share, Growth & Report 2023-2026

Bluetooth Speakers Market Size, Industry Share, Forecast 2023-2030

Portable Bluetooth Speaker Market Size, Industry Share, Trends and Forecast 2023

3D Audio Market Size, Share, Growth, Report Analysis

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping   organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Contact Us:

Fortune Business Insights™ Pvt. Ltd.

US: +1 424 253 0390

UK: +44 2071 939123

APAC: +91 744 740 1245

Email: sales@fortunebusinessinsights.com