Smart Speaker Market to Grow at 38.7% CAGR by 2025 Based on Rising Popularity of Broadband Services and Incorporation of AI Technologies | Millions of information


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According to a new report available from Million Insights, the global Smart Speakers industry report provides a detailed assessment of the industry highlighting information on different aspects which include drivers, restraints, growth opportunities and threats. This information can help stakeholders make the right decisions before investing.

The Global Smart Speaker Market The size is expected to reach $ 39.3 billion by 2025, according to a new report released by Million Insights, with a CAGR of 38.7% from 2018 to 2025. The function of the smart speaker to function as a centralized hub which can control different smart Home devices is expected to gain traction among consumers.

The smart speaker market is expected to experience tremendous growth by 2025 due to its technological advancements. Recent advancements include the Echo Look, from Amazon in June 2018. It is integrated into a camera and is programmed to function as a fashion advisor by taking images of users. Likewise, Google in March 2017 announced plans to enable smart displays in their smart speakers that can be used for online shopping, viewing recipes, and referencing Google maps.

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US smart speaker market

Moreover, the growing popularity of broadband services along with the incorporation of AI technologies are expected to drive the market growth in the near future. One of the main drivers of the market includes price differentiation. Different companies offer profitable products to attract large customers. Smart speakers are expected to experience the fastest growth in the line of other smart devices in the electronic wallet.

Despite the growing consumer preference for smart speakers, privacy and data security tend to be top concerns. Smart speakers collect personal information such as bank account numbers, login credentials for Gmail through Google Home, and contact details. These security threats can hamper the growth of the market. However, due to the creation of security conformities, the market is expected to overcome this challenge and observe a growing trend.

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Other key findings from the report suggest:

• Amazon Alexa held the largest market in 2017. The segment is expected to show a CAGR of over 19.0% from 2018 to 2025. The growth is attributed to its increasing popularity among the masses and to advancements such as semi-learning techniques. – supervised and machine learning. .

• There is a growing trend for new entrants and existing players to work together to increase their market penetration. For example, the partnership between Pioneer Electronics and Amazon, Inc. to launch Elite Smart Speaker F4 (VA-FW40) integrated with Amazon Alexa voice assistant.

• The main players are Amazon, Xiaomi, Apple, Inc. and Google. These participants focus on effective strategies to gain traction with consumers. For example, after the launch of smart speakers by Amazon in the US market, Xiaomi launched its smart speakers and is currently one of the leading companies in the electronics market with a market share of over 5 % of smart speakers.

Million Insights has segmented the global smart speaker market on the basis of Virtual Personal Assistants (VPAs) and region:

Smart Speakers Virtual Personal Assistant Outlook (Volume, Million units; Revenue, Million USD, 2015 – 2025)
• Amazon Alexa
• Google Assistant
• Apple Siri
• Others

Regional Smart Speaker Outlook (Volume, Million Units; Revenue, Million USD, 2015 – 2025)
• North America
• US
• Canada
• Europe
• UK
• Germany
• France
• Asia Pacific
• China
• India
• Japan
• Central and South America
• Brazil
• Mexico
• Middle East and Africa

Read the latest market research reports from Million Insights:

• Intelligent Virtual Assistant Market: With reference to the published report, the global intelligent virtual assistants market was valued at $ 5.82 billion in 2020. It is estimated at 28.5% CAGR from 2021 to 2028.

• Artificial Intelligence Market: With reference to the published report, the global artificial intelligence market was estimated at $ 62.35 billion in 2020. It is estimated at 40.2% CAGR from 2021 to 2028.

About Million Insights

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