Product Code: SE 5897
Title:
Smart Speaker Market with COVID-19 Impact Analysis
by IVA (Alexa, Google Assistant, Siri, DuerOS, Ali Genie), Component (Hardware (Speaker Driver, Connectivity IC, Processor, Audio IC, Memory, Power IC, Microphone) and Software), Application, and Region - Global Forecast to 2025.
"Smart Speaker market to grow at CAGR of 17.1% from 2020 to 2025"
The global smart speaker market size is expected to grow from USD 7.1 billion in 2020 to USD 15.6 billion by 2025, at a CAGR of 17.1%. The growth of the market can be attributed to the growing demand for smart speaker display, increasing number of smart homes, rising disposable income, and rapid proliferation of multifunctional devices. However, high security risk and availability of substitutes could pose challenges for the smart speaker market growth.
"DuerOS to register the highest CAGR during the forecast period."
Baidu's current smart devices and new additions all use the company's DuerOS assistant. DuerOS can support a wide range of hardware devices, such as mobile phones, televisions, speakers, household appliances, automobiles, and robots. The DuerOS smart speaker solution is a customized voice solution for audio output devices with or without a screen.
"Hardware to hold the largest share of the smart speaker market throughout the forecast period"
Hardware constitutes a major portion of the smart speaker. Currently, smart speakers process a small volume of data, which requires a hardware platform with computing capabilities to support basic functions, such as streaming music, surfing for information, making phone calls, and controlling smart devices.
"The smart speaker market in APAC expected to grow at the highest CAGR during the forecast period"
The increasing penetration of smart devices in APAC countries, along with the growing market share of Chinese players such as Baidu, Alibaba, and Xiaomi, who have launched smart speakers with local language support, is expected to fuel the demand for smart speakers in the region.
Breakdown of Profiles of Primary Participants:
- By Company Type: Tier 1 - 27%, Tier 2 - 41%, and Tier 3 - 32%
- By Designation: C-Level Executives - 26%, Directors - 40%, and Managers - 34%
- By Region: North America - 47%, Europe - 28%, APAC - 19%, and RoW - 6%
Amazon, Inc (Amazon) (US), Apple Inc. (Apple) (US), Alphabet Inc (Alphabet) (US), Baidu, Inc (Baidu) (China), Alibaba Group (Alibaba) (China), Lenovo Group Ltd. (Lenovo) (China), and Xiaomi Inc. (Xiaomi) (China) are a few key players in the smart speaker market.
Research Coverage:
The study covers the smart speaker market. It aims at estimating the size and growth potential of this market across different segments. The study also includes an in-depth competitive analysis of key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall smart speaker market and the market based on segments covered in this report. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
TABLE OF CONTENTS
1 INTRODUCTION
- 1.1 STUDY OBJECTIVES
- 1.2 DEFINITION
- 1.3 STUDY SCOPE
- 1.3.1 MARKETS COVERED
- 1.3.2 YEARS CONSIDERED
- 1.4 CURRENCY
- 1.5 LIMITATIONS
- 1.6 DISCLAIMER
- 1.7 MARKET STAKEHOLDERS
2 RESEARCH METHODOLOGY
- 2.1 RESEARCH DATA
- 2.1.1 SECONDARY DATA
- 2.1.1.1 Major secondary sources
- 2.1.1.2 Secondary sources
- 2.1.2 PRIMARY DATA
- 2.1.2.1 Key industry insights
- 2.1.2.2 Primary interviews with experts
- 2.1.2.3 Breakdown of primaries
- 2.1.2.4 Key data from primary sources
- 2.2 MARKET SIZE ESTIMATION
- 2.2.1 BOTTOM-UP APPROACH
- 2.2.1.1 Approach for capturing the market size using the bottom-up analysis (demand side)
- 2.2.2 TOP-DOWN APPROACH
- 2.2.2.1 Approach for capturing the market size using the top-down analysis (supply side)
- 2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
- 2.4 RESEARCH ASSUMPTIONS
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
- 4.1 BRIEF OVERVIEW OF THE SMART SPEAKER MARKET DURING THE FORECAST PERIOD
- 4.2 SMART SPEAKER MARKET FOR ALEXA, BY APPLICATION
- 4.3 SMART SPEAKER MARKET FOR CONSUMER APPLICATION, BY REGION
- 4.4 SMART SPEAKER MARKET FOR SMART HOME APPLICATION, BY INTELLIGENT VIRTUAL ASSISTANT
- 4.5 SMART SPEAKER MARKET FOR HARDWARE, BY COMPONENT
- 4.6 APAC SMART SPEAKER MARKET, BY COUNTRY AND APPLICATION
5 MARKET OVERVIEW
- 5.1 INTRODUCTION
- 5.2 MARKET DYNAMICS
- 5.2.1 DRIVERS
- 5.2.1.1 Increasing number of smart homes
- 5.2.1.2 Growing trend of smart speakers with display
- 5.2.1.3 Rising disposable income
- 5.2.1.4 Rapid proliferation of multifunctional devices
- 5.2.1.5 Growing trend of personalization
- 5.2.2 RESTRAINTS
- 5.2.2.1 Issues related to connectivity range, compatibility, and power
- 5.2.3 OPPORTUNITIES
- 5.2.3.1 Increasing consumer preference for technologically advanced products
- 5.2.3.2 Increasing focus of companies on enhancing customer experience
- 5.2.4 CHALLENGES
- 5.2.4.1 High-security risk
- 5.2.4.2 Availability of substitutes
- 5.3 VALUE CHAIN ANALYSIS
- 5.4 IMPACT OF COVID-19 ON THE SMART SPEAKER MARKET
6 SMART SPEAKER MARKET, BY INTELLIGENT VIRTUAL ASSISTANT
- 6.1 INTRODUCTION
- 6.2 ALEXA
- 6.2.1 OFFERS MORE FEATURES THAN OTHER IVA PLATFORMS
- 6.3 GOOGLE ASSISTANT
- 6.3.1 GOOGLE ASSISTANT IS SUPPORTED BY THE DATA GENERATED FROM ITS WEB SEARCH ENGINE
- 6.4 SIRI
- 6.4.1 INCREASING DEMAND FOR THE HOMEKIT PLATFORM IN HOME AUTOMATION PRODUCTS CREATES A DEMAND FOR SIRI-ENABLED SMART SPEAKERS
- 6.5 DUEROS
- 6.5.1 DUEROS' INSTALLATION BASE PASSED 400 MILLION AS VOICE QUERIES TOPPED 3.6 BILLION
- 6.6 ALIGENIE
- 6.6.1 ALIGENIE IS INTEGRATED WITH MORE THAN 660 IOT PLATFORMS
- 6.7 XIAO AI
- 6.7.1 XIAO AI POWERING XIAOMI SMART SPEAKERS, SMARTPHONES, AND SMART HOME PRODUCTS FOR THE CHINESE MARKET
- 6.8 OTHERS
7 SMART SPEAKER MARKET, BY COMPONENT
- 7.1 INTRODUCTION
- 7.2 HARDWARE
- 7.2.1 HARDWARE CONSTITUTES A MAJOR PORTION OF A SMART SPEAKER
- 7.2.2 PROCESSOR
- 7.2.3 MEMORY
- 7.2.4 POWER IC
- 7.2.5 CONNECTIVITY IC
- 7.2.6 MICROPHONE
- 7.2.7 SPEAKER DRIVER
- 7.2.8 AUDIO IC
- 7.2.9 OTHERS
- 7.3 SOFTWARE
- 7.3.1 SOFTWARE EXPECTED TO GROW AT A HIGHER CAGR DURING THE FORECAST PERIOD
8 SMART SPEAKER MARKET, BY APPLICATION
- 8.1 INTRODUCTION
- 8.2 SMART HOME
- 8.2.1 SMART SPEAKER MARKET FOR SMART HOME WILL CONTINUE TO HOLD THE LARGEST MARKET SIZE DURING THE FORECAST PERIOD
- 8.3 CONSUMER
- 8.3.1 TECHNOLOGY COMPANIES ARE COLLABORATING WITH THIRD-PARTY VOICE APP DEVELOPERS TO INCREASE THE ADOPTION OF VOICE-ENABLED SMART DEVICES IN CONSUMER APPLICATIONS
- 8.4 SMART OFFICE
- 8.4.1 CONVENIENCE IS THE KEY FACTOR FOR THE INCREASING DEMAND FOR SMART SPEAKERS IN OFFICE AUTOMATION
- 8.5 OTHERS
9 GEOGRAPHIC ANALYSIS
- 9.1 INTRODUCTION
- 9.2 NORTH AMERICA
- 9.2.1 US
- 9.2.1.1 High adoption of smart devices with advanced technologies, such as IoT and AI, has pushed sales figures for smart speakers in the US
- 9.2.2 CANADA
- 9.2.2.1 Smart Office application presents opportunities for smart speakers
- 9.2.3 MEXICO
- 9.2.3.1 Smart home and automotive applications present opportunities for the growth of the smart speaker market
- 9.3 EUROPE
- 9.3.1 UK
- 9.3.1.1 Smart home applications drive the demand for smart speakers
- 9.3.2 GERMANY
- 9.3.2.1 High penetration of smart devices in the residential market
- 9.3.3 FRANCE
- 9.3.3.1 Increasing demand for smart audio products driving the smart speaker market
- 9.3.4 REST OF EUROPE
- 9.4 APAC
- 9.4.1 CHINA
- 9.4.1.1 Increasing penetration of Chinese players in the smart speaker industry
- 9.4.2 JAPAN
- 9.4.2.1 Huge demand for consumer electronics has boosted the demand for smart speakers
- 9.4.3 SOUTH KOREA
- 9.4.3.1 Continued innovation across different Korean AI assistant platforms
- 9.4.4 INDIA
- 9.4.4.1 Increasing Internet penetration and consumer spending power will likely drive the market
- 9.4.5 REST OF APAC
- 9.5 REST OF THE WORLD
- 9.5.1 MIDDLE EAST & AFRICA
- 9.5.1.1 Increasing penetration of smart devices in the Middle Eastern countries is expected to fuel the demand for smart speakers in the region
- 9.5.2 SOUTH AMERICA
- 9.5.2.1 Smart home and consumer applications will propel the growth of smart speakers in South America
10 COMPETITIVE LANDSCAPE
- 10.1 INTRODUCTION
- 10.2 SMART SPEAKER MARKET RANKING ANALYSIS
- 10.3 COMPETITIVE SCENARIO
- 10.3.1 PRODUCT LAUNCHES AND NEW PRODUCT DEVELOPMENTS
- 10.3.2 PARTNERSHIPS, AGREEMENTS, AND COLLABORATIONS
- 10.3.3 EXPANSIONS
- 10.4 COMPETITIVE LEADERSHIP MAPPING
- 10.4.1 VISIONARY LEADERS
- 10.4.2 INNOVATORS
- 10.4.3 DYNAMIC DIFFERENTIATORS
- 10.4.4 EMERGING COMPANIES
11 COMPANY PROFILES (Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MnM View)*
- 11.1 KEY PLAYERS
- 11.1.1 AMAZON
- 11.1.2 ALPHABET
- 11.1.3 BAIDU
- 11.1.4 ALIBABA
- 11.1.5 XIAOMI
- 11.1.6 HARMAN INTERNATIONAL
- 11.1.7 APPLE
- 11.1.8 SONOS
- 11.1.9 BOSE
- 11.1.10 LENOVO
- 11.2 OTHER KEY PLAYERS
- 11.2.1 FACEBOOK
- 11.2.2 SAMSUNG
- 11.2.3 SONY
- 11.2.4 ONKYO CORPORATION
- 11.2.5 SK TELECOM
- 11.2.6 LG ELECTRONICS
- 11.2.7 PANASONIC
- 11.2.8 ALTEC LANSING
- 11.2.9 LIBRATONE
- 11.2.10 MOBVOI
* Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MnM View might not be captured in case of unlisted companies.
12 APPENDIX
- 12.1 INSIGHTS FROM INDUSTRY EXPERTS
- 12.2 DISCUSSION GUIDE
- 12.3 KNOWLEDGE STORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL
- 12.4 AVAILABLE CUSTOMIZATIONS
- 12.5 RELATED REPORTS
- 12.6 AUTHOR DETAILS
