Global Smart Speaker Market Research and Forecast 2018-2023

Smart Speaker Market is a wireless audio playback device. It uses different types of connectivity for additional functions. It has special features to improve ease of use, and connect to multiple types of audio sources and provide additional functionality. The main aim of smart speakers is to deliver wireless audio content from a user’s media library. The media library may be on different platforms, or online music services. The global smart speaker market is expected to grow at a significant growth rate of 19% during 2018-2023. The major factors that are augmenting the market are increasing trend of wireless connectivity and devices, and rising IoT demand. Companies such as Google, Amazon, Apple, and Baidu have introduced wide range of products, providing different choices to the end user. The companies are investing huge amount and launching numerous products to become leader in smart speaker market. Besides big players, the start-ups are also generating funding from various sources in smart speaker market. For instance, in Dec, 2017, Mobvoi Inc. has launched TicHome Mini. It is a voice-activated digital assistant, which can respond to voice commands, such as streaming music and newscasts. The company is backed by Google Inc.

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Other factors that are augmenting the market are rising adoption of smart homes and increasing disposable income of people all across the globe. In addition, technological advancement and new product development by major players and emerging economies are further expected to drive the growth of the market. The major factors that can hinder the growth of market is the security risk and risk of data theft. In the world of internet, privacy is always a major threat to the customers. The global smart speaker market is segmented on the basis of product, technology and application. By product, the market is segmented into single room speaker and multi room speaker. The multi room speaker is expected to show significant growth rate due to increasing commercial use of smart speakers. By technology, the market is segmented into Bluetooth, Wi-Fi, and other segment. Wi-Fi is expected to show highest growth rate due to increasing use of internet, introduction of 4G & LTE technology in the various region, and increasing internet based music application. By application, the market is segmented into commercial and domestic. During the forecast period, it is expected that the domestic segment will show considerable growth rate due to high acceptance of wireless speakers and increasing disposable income among the people.

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Geographically, the market is divided into North America, Europe, Asia Pacific and Rest of the World. North America region is growing significantly and is estimated to dominate the overall global smart speaker market. The major contributors for the growth of North America include huge investment by private companies, presence of major market players such as Apple, Amazon, Microsoft and high adoption of the smart speaker in the region. Europe is also expected to show a significant growth rate. Most of the major market players are active in the region. High disposable income, high adoption rate are the major factors that are fueling the growth of the market. APAC is estimated to be the fastest growing regional market for the smart speakers. The promising economic growth, large customer base, increasing disposable income are responsible for increased demand of smart speaker in the region.

The key players in the smart speaker market include Google Inc, LG Corporation, Qualcomm Technologies, Inc., Sony Corporation, Baidu, Inc., Amazon.com, Inc. The companies are adopting partnership, R&Ds, M&As, and product launches as their key strategies to sustain in the market. Amazon and Google are the major market players in the US market. For instance, in Nov, 2017 Roku Inc., acquires Multi-Room Audio Startup for $3.5 Million.

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