Mar 31, 2020 (CDN Newswire via Comtex) -- The global smart speakers market is projected to grow from USD 2.83 billion in 2019 to USD 30.19 billion by 2027, at a CAGR of 34.44% during the forecast period 2020-2027. Asia-Pacific is expected to increase at the highest CAGR over the forecast period as the young population is rising along-with a rise in the disposable income of the consumers. Also, countries like India and China have high e-commerce consumer base, which is why online sales of these devices are projected to increase over the upcoming years. Currently, North America constitute the highest market share of smart speakers because of the availability of advance technology and high consumer demand.
Smart Speaker Market by Component (Processor, Hardware, Audio IC, Memory, Speaker Driver, Power IC, Microphone, Connectivity IC), IVA (Alexa, Cortana, Siri, Google Assistant), End User, Distribution Channels, Application, Regions and Global Forecast from 2019-2027
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Key players in the smart speakers market are Apple Inc., Amazon Inc., Xiaomi, Alphabet Inc. (Google Inc.), Sonos Inc. Panasonic Corporation, LG Electronics Inc, Alibaba Group, Bose Corporation, Samsung Electronics and others. Apple is now offering customizable Siri voices on iOS. Previously, the voice option was limited, and so Siri faced problems in understanding languages and dialects.
The components segment includes hardware, speaker driver, processor, audio IC, memory, power IC, microphone, connectivity IC. The intelligent virtual assistant channels include Alexa, Google Assistant, Siri, and Cortana. Google Assistant and Alexa are the most popular among all. They cover the maximum market share because of their efficient technology and a wide variety of services which they provide compared to the other IVAs. Siri is found in iOS and is used for various functions like calling, playing music, etc.. The end-user segment includes commercial and personal. Personal users dominant the section. The increased applicability of the smart speakers in an individual's life from playing music, reading out news and weather forecast to listing out daily essentials has contributed to the sales for personal use. The distribution channel segment includes online and offline. The e-commerce sector has created an enormous consumer base all over the world. This is the reason why the online channel is projected to be a significant sub-segment during the forecast years.
The rising demand for wireless technology has enabled the market to grow tremendously. Countries with more youth population like India have a high need for smart speakers. These speakers are multi-functional and are useful in easing out the daily tasks. Initially, smart speakers were only used to play music but over the period it's applicability has been increased and now it is an essential technology in intelligent offices, automotive, etc. The use of artificial intelligence is contributing to the technical advancements of these speakers. On the demand side, the consumers are willing to invest in high-tech devices as their per capita income has increased. The speakers are available at varied price ranges which is why it is gaining popularity among the customers.
About the report: The report is analyzed on the basis of value (USD Billion), volume (KiloTons), consumption (KiloTons), imports (KiloTons) and exports (KiloTons). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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