The global Smart Speakers Market size is projected to value at USD 39.3 billion by 2025, according to a new report published by Million Insights, with a CAGR of 38.7% from 2018 to 2025. The feature of the smart speaker to operate as a centralized hub that can control different smart home devices is predicted to gain traction among the consumers.
The smart speaker market is expected to observe a considerable growth by 2025 due to its technological advancements. Among the recent advancements include the Echo Look, by Amazon in June 2018. It is incorporated with a camera and is programmed to operate as a fashion advisor by taking user images. Likewise, Google, in March 2017, announced its plan to enable smart displays in their smart speakers than can be used for online shopping, watching recipes, and referring Google maps.
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Moreover, the increasing popularity of broadband services along with the incorporation of AI technologies is expected to boost the market growth in the near future. One of the major drivers of the market includes price differentiation. Different companies provide cost-effective products to attract a large customer base. Smart speakers are anticipated to acquire the fastest growth in the range of other smart devices in the electronic portfolio.
In spite of the rising consumer preference for smart speakers, privacy and data security tend to be the major concerns. Smart speakers collect personal information such as bank account numbers, login credentials for Gmail via Google Home, and contact details. These security threats may cause hindrance to market growth. However, due to the creation of security compliances, the market is anticipated to surpass this challenge and observe a growing trend.
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Further key findings from the report suggest:
• Amazon Alexa held the largest market in 2017. The segment is anticipated to exhibit a CAGR of above 19.0% from 2018 to 2025. The growth is attributed to its rising popularity among the masses and the advancements like semi-supervised learning techniques and machine learning.
• There is a rising trend of collaboration among new entrants and the existing players to increase their market penetration. For example, the partnership between Pioneer Electronics and Amazon, Inc. to launch Elite Smart Speaker F4 (VA-FW40) incorporated with Amazon Alexa’s voiceassistant.
• The key players include Amazon, Xiaomi, Apple, Inc., and Google. These participants emphasize effective strategies to gain traction among the consumers. For example, post the launch of smart speakers by Amazon in the U.S. market, Xiaomi launched its smart speakers and currently is one of the leading companies in the electronics market with a higher than 5% of smart speakers market share.
Million Insights has segmented the global smart speaker market based on virtual personal assistants (VPA) and region:
Smart Speakers Virtual Personal Assistant Outlook (Volume, Million Units; Revenue, USD Million, 2015 – 2025)
• Amazon Alexa
• Google Assistant
• Apple Siri
Smart Speakers Regional Outlook (Volume, Million Units; Revenue, USD Million, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
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