Smart speakers are wireless speakers that can be enabled with Bluetooth, Wi-Fi, or other wireless protocols. A smart speaker is powered by artificial intelligence (AI) – driven intelligent virtual assistant. Market Research Future (MRFR) has published a research report about the global smart speakers market that estimates extension for this market at 34.7% CAGR during the forecast period between 2018 and 2023. By value, the market has been figured to be worth the $ 11.57 Bn by the end of the forecast period.
The necessary market driver for the global smart speakers market is the ability to activate the speaker via voice command. Advancement in microphone technology, advancement in automated speech recognition, and natural language processing can help identify the process of the voice command. Appearing similar to a traditional speaker, the smart speaker offers additional benefits that traditional speaker does not. The factors forwarding the market growth include the development of automated speech recognition technology, the market proliferation of smartphones, and the rise in the adoption of smart home devices. However, data security concerns, privacy concerns, and cybersecurity issues can hurt the market growth.
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Major Key players
- Alibaba Group Holding Ltd (China)
- Altec Lansing/AL Infinity LLC (USA)
- Amazon.com (USA)
- Apple Inc. (USA)
- Bose Corporation (USA)
- Google (USA)
- Harman International (USA)
- Lenovo Group Limited (USA)
- Onkyo Corporation (Japan)
- Panasonic Corporation (Japan)
- Pioneer Corporation (Japan)
- SK Telecom Co Ltd (South Korea)
- Sonos. Inc. (USA)
- Sony Corporation (Japan)
- Xioami Corporation (China).
The global smart speakers market segmentation has segmented the market into application, intelligent virtual assistant, and region. The application-based segmentation segments this market into personal use and commercial use. Based on an intelligent virtual assistant, the market has been Alexa, Cortana, Google Assistant, Siri, and others.
The regional segmentation of the global smart speakers market segments the market into the regional markets, namely Asia Pacific, Europe, North America, and rest of the world (RoW). During the forecast period, North America can dominate the market due to the presence of early adopters and key smart speaker providers. Technological advancement makes North America the undisputed leader among all regional markets. USA, Canada, and Mexico are the most important country-specific markets in this region.
Due to technological advancement and the presence of some key market players, Europe is another important regional market. The vital country-specific in this region are France, Germany, and the UK.
During the forecast period, the Asia Pacific market is expected to grow at a faster rate with China and Japan being dominant country-specific markets. In India also, the market is expected to grow due to growing technological advancement and development of smart cities. After India, the remaining countries of the Asia Pacific region also form a sizable market. Some of the important market players are based in the Asia Pacific region too.
The RoW segment covers Latin countries and the Middle East & Africa (MEA) region. In Latin America, the most important economies that might become important country-specific markets in future are Argentina and Brazil. In the MEA region, the market is limited due to limited technological advancement.
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