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Smart Speaker Market Segmentation By Intelligent Virtual Assistant (Google Assistant, Amazon Alexa, Cortana, Siri and Others); By End User (Personal and Commercial); By Price (Low, Mid and Premium); By Distribution Channel (Online and Offline) - Global Demand Analysis & Opportunity Outlook 2027

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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Introduction to Smart Speaker

Smart speakers are the modern way of controlling the music. They also act as personal assistant for the controlling of smart devices. Smart speaker are involved in many functions such as reciting calendar events, remembering the to-do list and are also used for controlling smart home devices. The smart speaker functions for various online services such as Amazon, Google and many more. They are used for controlling online orders and also for specific smart devices.

Smart speaker includes bluetooth, Wi-Fi and wireless protocols. There are wide range of products involved in the smart speakers including LED smart speakers. The most prominent smart speakers are Google home and Amazon Echo.  The Google assistant Cortana is also included in the smart speakers.

Market Size and Forecast

The global smart speaker market is witnessing robust growth during the forecast period. The increasing technological development such as artificial intelligence and IoT based application across the globe is anticipated to be primary reason for the expansion of market during the forecast period. The innovation in the technology such as integration of voice command is expected to enhance the growth of market during the forecast period. The growing demand for smart home devices coupled with the growing adoption of multifunctional devices across the globe is expected to fuel the market growth of the smart speakers during the forecast period. Smart speaker market is anticipated to record a CAGR of 22.2% over the forecast period. The smart speaker market is expected to showcase a vibrant growth by the end of the forecast period. It is expected to attain a total market size of USD 34.4 billion by 2027. The market is segmented on the basis of intelligent virtual assistant, end-user, price and distribution channel. On the basis of intelligent virtual assistant, the market can be segmented into Google Assistant, Amazon Alexa, Cortana, Siri and others. Siri enabled virtual assistant is expected to be fastest developing sub-segment during the forecast period. The growth can be attributed to high adoption of voice assistant in smartphones devices. However amazon alexa is expected to be the largest sub-segment during the forecast period. It offers enhanced benefits such as playing games and playing music which leads to increased adoption of amazon alexa.  On the basis of end-user, it is sub-segmented into personal and commercial. Personal is anticipated to be the major sub-segment during the forecast period. The high adoption of smart speakers in residential sector on the account of increasing household income is anticipated to be major reason for the growth of smart speaker market during the forecast period. On the basis of price, it is sub-segmented into low, mid and premium. On the basis of distribution channel, it is sub-segmented into online and offline. Online sales channel is expected to be the fastest developing sub-segment. The increasing expansion of E-commerce industry across the various countries is anticipated to be the major reason for the growth of smart speaker market duirng the forecast period. According to Indian brand equity foundation, the market size of e-commerce industry in India was USD 38.5 billion in 2017  and  is expected to attain total value of USD 200 billion by 2026. 

smart speaker market Graph

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Growth Drivers

Rising demand for multifunctional devices

The growing demand for the multifunctional devices across the globe is anticipated to be major driver for the smart speaker market during the forecast period. The high adoption of smartphones devices with distinct features such as booking tickets and ordering foods online is anticipated to be major reason for the expansion of market during the forecast period.

Increasing per-capita income of population across the globe

The growing income of the population across the globe leads to increased adoption of smart devices. Thus, it is anticipated to be a drive the market growth of the smart speaker during the forecast period.

Restraints

Connectivity issues and high prices of speaker

The growing connectivity issues regarding the smart speaker is expected to restraint the market growth of the smart speaker during the forecast period. Additionally, the high prices is expected to hinder the market growth   during the forecast period.

Market Segmentation

Our-in depth analysis of the global smart speaker market includes the following segments:

By Intelligent Virtual Assistant

  • Google Assistant
  • Amazon Alexa
  • Cortana
  • Siri
  • Others

By End User

  • Personal
  • Commercial

By Price

  • Low
  • Mid
  • Premium

By Distribution Channel

  • Online
  • Offline

By Region

On the basis of regional analysis, global smart speaker market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America is expected to hold the largest market share during the forecast period. The high availability of advanced technologies in the region coupled with the high presence of key players is anticipated to be the major reason for the growth of smart speaker market in the region. Asia-Pacific is anticipated to witness highest growth during the forecast period. Increasing industrialization in the region coupled with increasing E-commerce industry is anticipated to drive the smart speaker market in region.

Global smart speaker market is further classified on the basis of region as follows:

  • North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Key Players


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