“Smart Speaker market to grow at CAGR of 17.1% from 2020 to 2025”
The global smart speaker market size is expected to grow from USD 7.1 billion in 2020 to USD 15.6 billion by 2025, at a CAGR of 17.1%. The growth of the market can be attributed to the growing demand for smart speaker display, increasing number of smart homes, rising disposable income, and rapid proliferation of multifunctional devices. However, high security risk and availability of substitutes could pose challenges for the smart speaker market growth.
“DuerOS to register the highest CAGR during the forecast period.”
Baidu’s current smart devices and new additions all use the company’s DuerOS assistant. DuerOS can support a wide range of hardware devices, such as mobile phones, televisions, speakers, household appliances, automobiles, and robots. The DuerOS smart speaker solution is a customized voice solution for audio output devices with or without a screen.
“Hardware to hold the largest share of the smart speaker market throughout the forecast period”
Hardware constitutes a major portion of the smart speaker. Currently, smart speakers process a small volume of data, which requires a hardware platform with computing capabilities to support basic functions, such as streaming music, surfing for information, making phone calls, and controlling smart devices.
“The smart speaker market in APAC expected to grow at the highest CAGR during the forecast period”
The increasing penetration of smart devices in APAC countries, along with the growing market share of Chinese players such as Baidu, Alibaba, and Xiaomi, who have launched smart speakers with local language support, is expected to fuel the demand for smart speakers in the region.
Breakdown of the Profile of Primary Participants:
- By Company Type: Tier 1 – 27%, Tier 2 – 41%, and Tier 3 – 32%
- By Designation: C-Level Executives – 26%, Directors – 40%, and Managers – 34%
- By Region: North America – 47%, Europe – 28%, APAC – 19%, and RoW – 6%
Amazon, Inc (Amazon) (US), Apple Inc. (Apple) (US), Alphabet Inc (Alphabet) (US), Baidu, Inc (Baidu) (China), Alibaba Group (Alibaba) (China), Lenovo Group Ltd. (Lenovo) (China), and Xiaomi Inc. (Xiaomi) (China) are a few key players in the smart speaker market.
The study covers the smart speaker market. It aims at estimating the size and growth potential of this market across different segments. The study also includes an in-depth competitive analysis of key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying This Report:
- The report will help leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall smart speaker market and the market based on segments covered in this report.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.