Smart speakers are wireless speakers enabled by Bluetooth, Wi-Fi, or other wireless protocols and powered artificial intelligence. It is the most advanced technological revolution governing the global technology industry. It also operates other functions, such as obtaining weather data, recent news, listing day to day activities, and blending with the smart home devices. The smart speaker’s multiple features provide an edge to the smart speaker market over other substitute technological products and services. According to Renub Research new report, Global Smart Speakers Market is expected to reach US$37.8 Billion by 2026.
The key factors for the growth of the smart speaker industry globally are:
- Expanding smart home devices
- The increasing desire for multifunctional devices
- The rise in disposable income
- The greater inclination toward technological products among millennials
Also, the formation of the 5G infrastructure is expected to drive smart speakers’ growth globally. The delivery of quick and efficient acknowledgement by the smart speakers is possible with high-speed internet since this wireless standard is anticipated to render explosive data transfer speed up to 10 GBPS. As per this report, Global Smart Speaker Industry will grow with a double-digit CAGR of 15.89% from 2020-2026.
Global Smart Speaker Market Segment Analysis:
Google Assistant smart speakers are expected to dominate during the forecast period. It is growing because of its comparatively low cost and compatibility with smart devices and apps, such as smart switches, garage doors, sprinklers, locks, and security cameras. Also, it is expected to hold the largest market share during the forecast period due to the increasing usage of devices in smart homes. As per our research findings, the Worldwide Smart Speakers Market was US$ 15.6 Billion in 2020.
Global Smart Speaker Market Regional Insights:
North America is currently driving the smart speaker market and is apprehended to be in the leading place in the coming years due to smart speakers’ high performance. The diffusion of smart speakers is more in this region due to the occupancy of early adopters. However, the smart speakers’ industry also faces some significant challenges, especially for appearing players in the smart speaker market: the localization and Privacy and Security Concerns.
Renub Research report titled “Smart Speaker Market & Volume By Platform (Amazon Alexa, Google Assistant, Apple Siri, Others), Countries (United States, United Kingdom, Germany, China, Others), Regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific, Middle East & Africa), Companies (Amazon, Apple, Google, Microsoft, Xiaomi)” provides a complete analysis of global smart speaker market.
Platform - Smart Speaker Market & Volume Analysis have been Covered from 4 Viewpoints
1. Amazon Alexa
2. Google Assistant
3. Apple Siri
Region - Smart Speaker Market & Volume Analysis have been covered all the 5 Regions
1. North America
3. Asia- Pacific
4. Middle East
5. South America
Country - Smart Speaker Market & Volume Analysis have been from all the 8 Countries
1. United States
2. United Kingdom
6. South Korea
All companies have been covered from 3 viewpoints:
- Recent Developments