Product Code: SR1523A186_Report
The global smart speaker market size reached US$ 6.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 27.5 Billion by 2028, exhibiting a growth rate (CAGR) of 25.9% during 2023-2028.
Smart speakers refer to wireless, internet-enabled devices with an integrated voice assistant to help individuals with daily tasks. They are equipped with voice recognition technology to recognize and respond to voice commands. They are widely used to play music, get weather information, stream live news, read e-books, lock doors, monitor security, and set alarms, reminders and timers. They can also be utilized for GPS navigation and controlling other smart home devices, such as adjusting the thermostat and turning on/off the lights. In recent years, smart speakers have gained immense popularity due to their excellent connectivity, portability, cost-effectiveness, ease of use, and intelligent features.
Smart Speaker Market Trends:
- The increasing number of smart homes and the rising popularity of multifunctional devices represent the primary factors driving the market growth. Smart speakers to function as a centralized hub and control other smart home devices with voice commands. Additionally, there has been a significant shift toward luxurious entertainment systems among the consumers due to inflating disposable incomes, improving lifestyles, and rapid urbanization. Along with this, the growing inclination toward human-to-machine interaction and the widespread automation of domestic tasks are augmenting the product demand. Furthermore, several key players are investing in research and development (R&D) activities to launch innovative smart speakers with advanced features, functions and compatibility with all smartphones to expand their product portfolio and gain a competitive edge. Moreover, the market is impelled by the recent advancements in audio and wireless technology and the increasing willingness of consumers to try new products. Other factors, including the growing penetration of the Internet of Things (IoT) technology, surging sales of consumer electronics, rising usage of smart devices, and easy product availability via online and offline retail channels, are also providing a positive impact on the market growth.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global smart speaker market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, intelligent virtual assistant, connectivity, price range, distribution channel and end user.
Breakup by Component:
Breakup by Intelligent Virtual Assistant:
- Amazon Alexa
- Google Assistant
- Siri
- Cortana
- Others
Breakup by Connectivity:
Breakup by Price Range:
- Low-range (Less than $100)
- Mid-range ($101 to $200)
- Premium (Above $200)
Breakup by Distribution Channel:
Breakup by End User:
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
- The competitive landscape of the industry has also been examined along with the profiles of the key players being Alibaba Group Holding Limited, Altec Lansing, Amazon.com Inc., Apple Inc., Baidu Inc., Bose Corporation, Google LLC, Lenovo Group Limited, LG Electronics Inc., Onkyo Corporation (VOXX International Corp.), Panasonic Corporation, Samsung Electronics Co. Ltd., Sonos Inc., Sony Corporation and Xiaomi Inc.
Key Questions Answered in This Report:
- 1. What was the size of the global smart speaker market in 2022?
- 2. What is the expected growth rate of the global smart speaker market during 2023-2028?
- 3. What are the key factors driving the global smart speaker market?
- 4. What has been the impact of COVID-19 on the global smart speaker market?
- 5. What is the breakup of the global smart speaker market based on the component?
- 6. What is the breakup of the global smart speaker market based on the intelligent virtual assistant?
- 7. What is the breakup of the global smart speaker market based on the distribution channel?
- 8. What is the breakup of the global smart speaker market based on the end user?
- 9. What are the key regions in the global smart speaker market?
- 10. Who are the key players/companies in the global smart speaker market?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Smart Speaker Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Component
- 6.1 Hardware
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Software
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
7 Market Breakup by Intelligent Virtual Assistant
- 7.1 Amazon Alexa
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Google Assistant
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 Siri
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
- 7.4 Cortana
- 7.4.1 Market Trends
- 7.4.2 Market Forecast
- 7.5 Others
- 7.5.1 Market Trends
- 7.5.2 Market Forecast
8 Market Breakup by Connectivity
- 8.1 Wi-Fi
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Bluetooth
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
9 Market Breakup by Price Range
- 9.1 Low-range (Less than $100)
- 9.1.1 Market Trends
- 9.1.2 Market Forecast
- 9.2 Mid-range ($101 to $200)
- 9.2.1 Market Trends
- 9.2.2 Market Forecast
- 9.3 Premium (Above $200)
- 9.3.1 Market Trends
- 9.3.2 Market Forecast
10 Market Breakup by Distribution Channel
- 10.1 Online
- 10.1.1 Market Trends
- 10.1.2 Market Forecast
- 10.2 Offline
- 10.2.1 Market Trends
- 10.2.2 Market Forecast
11 Market Breakup by End User
- 11.1 Personal
- 11.1.1 Market Trends
- 11.1.2 Market Forecast
- 11.2 Commercial
- 11.2.1 Market Trends
- 11.2.2 Market Forecast
12 Market Breakup by Region
- 12.1 North America
- 12.1.1 United States
- 12.1.1.1 Market Trends
- 12.1.1.2 Market Forecast
- 12.1.2 Canada
- 12.1.2.1 Market Trends
- 12.1.2.2 Market Forecast
- 12.2 Asia-Pacific
- 12.2.1 China
- 12.2.1.1 Market Trends
- 12.2.1.2 Market Forecast
- 12.2.2 Japan
- 12.2.2.1 Market Trends
- 12.2.2.2 Market Forecast
- 12.2.3 India
- 12.2.3.1 Market Trends
- 12.2.3.2 Market Forecast
- 12.2.4 South Korea
- 12.2.4.1 Market Trends
- 12.2.4.2 Market Forecast
- 12.2.5 Australia
- 12.2.5.1 Market Trends
- 12.2.5.2 Market Forecast
- 12.2.6 Indonesia
- 12.2.6.1 Market Trends
- 12.2.6.2 Market Forecast
- 12.2.7 Others
- 12.2.7.1 Market Trends
- 12.2.7.2 Market Forecast
- 12.3 Europe
- 12.3.1 Germany
- 12.3.1.1 Market Trends
- 12.3.1.2 Market Forecast
- 12.3.2 France
- 12.3.2.1 Market Trends
- 12.3.2.2 Market Forecast
- 12.3.3 United Kingdom
- 12.3.3.1 Market Trends
- 12.3.3.2 Market Forecast
- 12.3.4 Italy
- 12.3.4.1 Market Trends
- 12.3.4.2 Market Forecast
- 12.3.5 Spain
- 12.3.5.1 Market Trends
- 12.3.5.2 Market Forecast
- 12.3.6 Russia
- 12.3.6.1 Market Trends
- 12.3.6.2 Market Forecast
- 12.3.7 Others
- 12.3.7.1 Market Trends
- 12.3.7.2 Market Forecast
- 12.4 Latin America
- 12.4.1 Brazil
- 12.4.1.1 Market Trends
- 12.4.1.2 Market Forecast
- 12.4.2 Mexico
- 12.4.2.1 Market Trends
- 12.4.2.2 Market Forecast
- 12.4.3 Others
- 12.4.3.1 Market Trends
- 12.4.3.2 Market Forecast
- 12.5 Middle East and Africa
- 12.5.1 Market Trends
- 12.5.2 Market Breakup by Country
- 12.5.3 Market Forecast
13 SWOT Analysis
- 13.1 Overview
- 13.2 Strengths
- 13.3 Weaknesses
- 13.4 Opportunities
- 13.5 Threats
14 Value Chain Analysis
15 Porters Five Forces Analysis
- 15.1 Overview
- 15.2 Bargaining Power of Buyers
- 15.3 Bargaining Power of Suppliers
- 15.4 Degree of Competition
- 15.5 Threat of New Entrants
- 15.6 Threat of Substitutes
16 Price Analysis
17 Competitive Landscape
- 17.1 Market Structure
- 17.2 Key Players
- 17.3 Profiles of Key Players
- 17.3.1 Alibaba Group Holding Limited
- 17.3.1.1 Company Overview
- 17.3.1.2 Product Portfolio
- 17.3.2 Altec Lansing
- 17.3.2.1 Company Overview
- 17.3.2.2 Product Portfolio
- 17.3.3 Amazon.com Inc.
- 17.3.3.1 Company Overview
- 17.3.3.2 Product Portfolio
- 17.3.3.3 Financials
- 17.3.3.4 SWOT Analysis
- 17.3.4 Apple Inc.
- 17.3.4.1 Company Overview
- 17.3.4.2 Product Portfolio
- 17.3.4.3 Financials
- 17.3.4.4 SWOT Analysis
- 17.3.5 Baidu Inc.
- 17.3.5.1 Company Overview
- 17.3.5.2 Product Portfolio
- 17.3.6 Bose Corporation
- 17.3.6.1 Company Overview
- 17.3.6.2 Product Portfolio
- 17.3.6.3 SWOT Analysis
- 17.3.7 Google LLC
- 17.3.7.1 Company Overview
- 17.3.7.2 Product Portfolio
- 17.3.7.3 SWOT Analysis
- 17.3.8 Lenovo Group Limited
- 17.3.8.1 Company Overview
- 17.3.8.2 Product Portfolio
- 17.3.9 LG Electronics Inc.
- 17.3.9.1 Company Overview
- 17.3.9.2 Product Portfolio
- 17.3.9.3 Financials
- 17.3.9.4 SWOT Analysis
- 17.3.10 Onkyo Corporation (VOXX International Corp.)
- 17.3.10.1 Company Overview
- 17.3.10.2 Product Portfolio
- 17.3.10.3 Financials
- 17.3.11 Panasonic Corporation
- 17.3.11.1 Company Overview
- 17.3.11.2 Product Portfolio
- 17.3.11.3 Financials
- 17.3.11.4 SWOT Analysis
- 17.3.12 Samsung Electronics Co. Ltd.
- 17.3.12.1 Company Overview
- 17.3.12.2 Product Portfolio
- 17.3.12.3 Financials
- 17.3.12.4 SWOT Analysis
- 17.3.13 Sonos Inc.
- 17.3.13.1 Company Overview
- 17.3.13.2 Product Portfolio
- 17.3.13.3 Financials
- 17.3.13.4 SWOT Analysis
- 17.3.14 Sony Corporation
- 17.3.14.1 Company Overview
- 17.3.14.2 Product Portfolio
- 17.3.14.3 Financials
- 17.3.14.4 SWOT Analysis
- 17.3.15 Xiaomi Inc.
- 17.3.15.1 Company Overview
- 17.3.15.2 Product Portfolio
- 17.3.15.3 Financials