U.S. Smart Speaker Market - Industry Outlook and Forecast 2018-2023

U.S. SMART SPEAKER MARKET SIZE TO CROSS $9 BILLION BY 2023, GROWING AT A CAGR OF APPROXIMATELY 21% DURING FORECAST PERIOD.

U.S. Smart Speaker Market Size, Share, & Trends Analysis Report on Segmentation By Device Type (First-Party Devices And Third-Party Devices), By End-Users (Retail And Online), And By Distribution Channel (Retail And Online) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2020 – 2025

U.S. SMART SPEAKER MARKET REPORT SCOPE

The report provides market size both in terms of revenue and unit shipment values.

U.S. SMART SPEAKER MARKET OVERVIEW

The increasing number of consumers replying on smartphones for convenience of information is one of the primary factors promoting the U.S. smart speaker market growth. The introduction of voice-assistance technology that can assist consumers and make their life convenient will transform the industry. The integration of prominent virtual assistants such as Siri (Apple), Alexa (Amazon), Google Assistant (Google), and Cortana (Microsoft) with smart applications is gaining immense traction in the United States. The economic growth that helps in the expansion of businesses with access to finance sources, B2B marketing spends, and general economic activities will create lucrative opportunities for manufacturers in the United States. The growing preference for connected devices is promoting the demand and sales in the United States. The launch of the new product model that provide ease-of-use along with a taste of innovation will lead to the introduction of various models such as  wireless speakers, Bluetooth speakers, and others. The introduction of new devices with voice technology and product innovations will transform the industry in United States. The increasing number of dual-income households and in the spending capacity among consumers will generate higher revenues during the forecast period. Such factors are propelling the growth of the U.S. smart speaker market and will boost demands during the forecast period.

U.S. SMART SPEAKER INDUSTRY DYNAMICS

The rising investment in IoT by leading vendors is augmenting the development of the U.S. smart speaker market over the next few years. The growing efforts to digitalize the economy, rising internet penetration, increasing internet speed and the use of smart home applications will transform the industry during the forecast period. The investments in IoT will help to streamline the manufacturing processes, supply chain management (SPM), and deliver more personalized customer experiences. The data collected from smart devices will help vendors analyze and share real-time data that provides valuable insights into user preferences. The companies leverage this data to advertise smart devices in the United States. The emergence of IoT will have a positive impact on product design, development, manufacturing, marketing, sales, aftersales, and offering seamless and customized consumer experience. Furthermore, the use of IoT for product improvement will boost sales in the U.S. smart speaker market.

U.S. SMART SPEAKER MARKET SHARE & SEGMENTATION

This research report includes a detailed segmentation analysis by device type, end-users, and distribution channel.

INSIGHTS BY DEVICE TYPE

The U.S. smart speaker market by device type is segmented into first-party devices and third-party devices. The first-party device segment dominated majority of the U.S. smart speaker market share in 2017, growing at a CAGR of more than 13% during the forecast period. The leading players are focusing on improving the sound quality and product differentiation to gain a larger U.S. smart speaker market share in this segment. Amazon and Google are the leading manufacturers in this segment in the United States. The increasing in number of collaborations among top companies to provide smart eco-systems and improve their smart-assistant platforms will boost sales in this segment. Hardware vendors are leveraging their audio quality and design expertise to gain a larger share and offer superior first-party devices in US. The focus on expanding product portfolios and technological innovations will drive revenues and sales in the US market.

INSIGHTS BY END-USERS

The end-user segment in the U.S. smart speaker market is classified into residential and commercial end-users. The commercial end-users segment occupied a significant share in 2017, growing at a CAGR of approximately 33% during the forecast period. The commercial segment users use these smart devices across their smart offices, small retail stores, home offices, educational institutions, and among others. The growing popularity of these smart speakers across small home offices and educational institutions will propel the growth of the commercial end-user segment. The introduction of devices such as Echo Plus and Google Home Max are gaining immense popularity in the commercial end-user segment in the US. Furthermore, the launch of Amazon Show that find applications across smart offices in this segment will transform the industry. The launch of new and innovative products will propel the growth of this sector.

INSIGHTS BY DISTRIBUTION CHANNEL

The U.S. smart speaker market by distribution channel is divided into online and retail (specialty stores (mono-brand), mass market players, and electronic stores). Online retail channels dominated the largest industry share in 2017, growing at a CAGR of approximately 14% during the forecast period. The exponential growth of online OEMs’ e-commerce portals and online direct-to-consumer stores such as Amazon.com, eBay.com, and Bestbuy.com is propelling the development of this segment in the US market. The companies are leveraging social media to promote and advertise their products and attract new consumers in the US market. The factors such as ease-of-accessibility and convenience afforded by such channels will boost revenues in the US market.

KEY VENDOR ANALYSIS

The U.S. smart speaker market is highly concentrated and the leading players control around 90% of the share. The launch of new technologies such as Amazon Echo series and Google Home series is intensifying the level of competition in the United States. The top manufacturers are offering high functionality and designs to gain a larger share and new consumers. The vendors are launching a diversified portfolio to sustain the competition. The increasing investments in R&D and commercialization costs will boost sales during the forecast period. The major industry players are Alphabet (Google), Amazon.com, HARMAN International (Samsung), Sonos.

Segmentation by Device Type

• First-Party Devices
• Third-party Devices

By End-User Type

• Residential End-users
• Commercial End-users

By Distribution Channel

• Retail
• Specialty Stores (Mono-Brands)
• Mass Market Players
• Electronic Stores
• Online

 KEY QUESTIONS ANSWERED

1. What is the expected value of U.S. smart speaker market size?
2. What is the growth forecast of the U.S smart speaker market?
3. What are the top trends, drivers, restraints, and opportunities in the United States region?
4. Who are the leading players and what are their strengths and strategies to sustain the competition?
5. Which segment will emerge as the largest revenue contributor to the U.S smart speaker market during the forecast period?