Smart Speaker Market to Rise to USD 34.24 Billion by 2028; Rising Smart Home Trend to Propel Growth: Fortune Business Insights™

Pune, India, Feb.08, 2022(GLOBE NEWSWIRE) -- The global Smart Speaker Market size reached USD 7.82 billion in 2020. The market valuation is set to increase from USD 9.04 billion in 2021 to USD 34.24 billion in 2028 at a CAGR of 21.0% during the forecast period. The product adoption will soar in the forthcoming years led by the proliferation of smart home devices. Consumer demand for latest AI-powered tech to control smart home devices will be a key trend in the market. Fortune Business Insights presents this information in its report titled “Smart Speaker Market, 2021-2028."

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Leading Companies Profiled in the Market Report:

Smart speakers are audio systems that are Wi-Fi enabled and function through voice commands. They are gaining massive popularity in smart home applications as they serve as a control hub for smart devices and home appliances. Due to these factors, the demand for these speakers is rising primarily in the residential sector. New technologies powered by artificial intelligence (AI) featuring built-in display capabilities are being launched in the market. As new technologies enter the market, the market players are slated to face immense competition in the forthcoming years.

COVID-19 Impact:

Pandemic-Induced Work-From-Home Trend Brings Lucrative Opportunities

The COVID-19 pandemic has presented tremendous opportunities for market players across the globe. With rise in remote working culture, the demand for high-quality smart wireless audio devices has increased considerably. Strategy Analytics reports that product sales during Q1 2020 reached 28.2 million units worldwide. This number reached 30 million units by the second quarter. Amid a highly uncertain COVID-19 landscape, the continuing work-from-home trend will further fuel the product adoption over the projected timeline.

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Segments:

Type, Application, and Region are studied for the Market

Based on type, the market is segmented into wireless speakers, virtual assistants, and others.

On the basis of application, the market is bifurcated into residential and commercial.

In terms of region, the market is studied across North America, Asia Pacific, South America, Europe, and the Middle East & Africa.

Report Coverage:

The report offers:

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Drivers & Restraints:

Increased Adoption of Smart Home Products to Aid Market Growth

The smart speaker market growth during 2021-2028 will be heavily influenced by the growing adoption of smart home devices and appliances, including smart kitchen appliances, smart lights, smart locks, security cameras, and smart TVs. Market players are integrating advanced technologies such as Artificial Intelligence of Things (AIoT) into speakers to enable advanced functionality. For, instance, Xiaomi is reportedly developing an AIoT-based product that can act as a control hub to connect to other IoT products.

However, despite many benefits, several concerns, such as data security, privacy, and compatibility issues, with smartphones and other devices could affect the product adoption.

Regional Insights:

North America holds a dominant percentage of the global smart speaker market share. The region will record monumental growth during the analysis timeline led by growing product popularity. As per the Smart Speaker Consumer Adoption report, the number of smart speaker users surged by 10% between 2018 and 2019. The report also suggests that the product penetration rate in the region (26%) was the highest across the globe. North America is home to established players such as Apple, AWS, and Bose.

The market in Europe will grow driven by the rising smart home trend. Meanwhile, the market in Asia Pacific will gain momentum, owing to the expanding consumer tech sector in Japan, China, India, and South Korea.

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Notable Industry Development:

September 2020 – Xiaomi introduced its first smart speaker with Google Assistant in the Indian market. The technology can converse in English and Hindi.

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