Smart Speaker Market, Analyzing the Current Trends and Future Prospects

Smart speakers are devices that use voice recognition technology to interact with users and provide various services, such as playing music, answering questions, controlling smart home devices, and more.

Smart speakers are a technical leap forward and are predicted to experience massive market growth during the forecast period. Customers use smart speakers all around the world for a variety of purposes, including to aid in sleep, facilitate administration, and control home settings and Wi-Fi access.

The rise of Siri and Alexa in popularity in the Western region has also had a significant influence on the rest of the world. The growing work-from-home lifestyle and the convenience of playing music using only the consumer’s voice will have a significant impact on market demand.

The market expansion is further boosted by the steep holiday discounts. Another social advantage of these smart speakers is that they serve as companions for older individuals who are in danger of developing Parkinson’s disease or other chronic illnesses.

Due to their streamlined features, affordable prices, and expanding middle-class income group globally, the smart speaker segment in the market will flourish as it gains strength in both Asian and North American countries.

Smart Speaker Market: By Intelligent Virtual Assistant

Based on the IVA, the market categorises Google Assistant, Siri, Alexa, and Aligenie, among others. The market for smart speakers with Google Assistant is expected to grow quickly. This category includes features such as voice matching, the insertion of a default speaker, and hot word sensitivity.

On smart speakers, smartphones, headphones, and other devices, Google Assistant is now widely available. Alexa-enabled speakers would also contribute significantly to this market due to the variety of smart speakers available and the appealing capabilities supplied by these features.

Smart Speaker Market: By Component

Based on the component, the market segregates software and hardware. The software industry would be more competitive than the hardware industry.

The many Alexa device software versions include Echo Auto, Echo Dot, Amazon Smart Plug, and Amazon Echo. The Amazon Echo speaker is a better-priced model and is acknowledged as the best and most advanced speaker for 2022.

Smart Speaker Market: By Application

Based on the application, the market bifurcates smart homes, smart offices, and consumers.  The smart home domain would represent a significant portion of the market domain since, according to 2018 data,

Google Home had 7.2 million new and passionate US customers, which was more than Amazon’s Echo. The smart home is anticipated to have the largest market segment share.

Smart Speaker Market: By Region

According to the geographical study, North America will have a greater level of perpetuation in this industry due to the fast-growing consumer base for smart homes. The region has a competitive advantage over other regions due to Apple’s large presence in the United States and around the world.

The rapid uptake of smart speakers in the area and the annual addition of millions of new consumers to the smart speaker industry in the United States can have a big positive impact on market growth.

Smart Speaker Market: Share & Competitor Analysis

Key players operating in the market include Amazon, Apple, Bose, Eufy, Harman Kardon, Google, ASUS, Sonos, Redmi, Marshall, Lenovo, Xiaomi, Sony, and Polk Audio among others. (CW)