According to a new market research report published by Credence Research “Smart Speakers Market (Virtual Assistant Type – Alexa, Google Assistant, Siri, Cortana, Others; Component – Hardware and Software; Application – Residential and Office; Sales Channel – Online and Offline) Market – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global smart speakers market was valued at US$ 4.30 Bn in 2017 and will be growing at a CAGR of 26.4% during the forecast period from 2018 to 2026.
The smart speakers market was valued at US$ 4.30 Bn in 2017 and expected to grow at a compounded annual growth rate (CAGR) of 26.4% during the forecast period from 2018 to 2026. The growth of the home automation industry in recent years has been significant and this growth bodes well with the smart speakers market growth. Governed primarily by the residential segment, the market is highly driven by the overall rising smart homes industry worldwide. Moreover, the fact that consumers are increasingly shifting towards connected devices is another prominent factor complimenting the smart speakers market growth.
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Rising net disposable income among people is another major factor aiding the market growth. Smart speakers offer various benefits such as controlling smart homes, online shopping, play music and scheduling calendar invites among others. People are increasingly shifting towards connected devices, a factor further aiding the smart speakers market growth. Smart speakers are available through both online and offline platforms. The growth of e-commerce has further supported the growth of smart speakers market and people are increasingly preferring online medium as it facilities ease of shopping and at the same time a plethora of products to choose from.
North America was the largest market for smart speakers in 2017 and occupied a share of more than 60% in the same year. The fact that North America has also remained in the forefront in terms of adoption of new technologies has helped the smart speakers market to flourish in the region. The popularity of smart speakers in the region can be understood from the fact that in the U.S., 4 out of 10 smart speaker owners have more than one device. This implies that the consumers found enough value in the first device thereby purchasing the second one. Moreover, the leading brands such as Alexa (Amazon), Siri (Apple) and Cortana (Microsoft) are headquartered in the region. In addition, strong home automation industry in North America further offers enormous growth opportunities for the smart speakers market.
Some of the major players operating in the smart speakers market include Amazon, Apple, Harman International, Google, Samsung, Baidu, Sonos, Bose, Onkyo, Panasonic, Alibaba, Altec, Lenovo and Xiaomi among others. In order to address the increasing completion, the players operating in the smart speakers market are investing heavily on research and development activities. For instance, Motorola is planning to launch its own smart speaker thereby further intensifying the competition mainly dominated by Apple, Microsoft, Google and Amazon.
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