Analysts at Arizton state that the global smart voice assistant speaker market will cross $4 billion in terms of revenue, growing at a majestic CAGR more than 30% during the forecast period 2016-2022.
A recent report published by Arizton titled, Smart Voice Assistant Speaker Market – Global Outlook and Forecast 2017 – 2022, provides a detailed industry analysis and market size of the global smart voice assistant speaker market. The report profiles the leading players in the market.
Analysts at Arizton state that the global smart voice assistant speaker market will cross $4 billion in terms of revenue, growing at a majestic CAGR more than 30% during the forecast period 2016-2022. The analysts also forecast that the global voice assistant speaker market will witness huge growth in terms of shipment. The market is likely to grow at a CAGR of 43.7% in terms of unit shipment during the forecast period.
The online retail market for smart voice assistant speakers is particularly well-developed and growing, with the presence of online retailers such as Amazon, JD.com, and eBay offering products from vendors. The demand for smart voice-assistant speakers from such retailers has also grown in countries such as the US and China, where the ease-of-access to the internet and the convenience of shopping for smart devices through such channels have enabled the growth of the consumer base in these countries. Cost-effectiveness of voice assistant smart speakers offered online (often at discounted prices) is also attracting price-sensitive, new buyers in the market.
High cost of branded smart voice assistant speakers, limited availability, and low awareness of such products are the major growth inhibitors in APAC countries. As of May 2017, branded smart voice-assistant speakers such as Echo and Google Home were not officially launched in countries such as India, Indonesia, and China. The high annual saving ratio in countries such as China and India also reflects the reluctance of end-users to spend a high amount on such devices. Therefore, despite such large population (about 3.5 billion in 2016, UNESCAP), the penetration of smart voice assistant speakers among households in APAC will remain low during the forecast period.
The popularity of voice assistant speakers is increasing exponentially. The usage of voice assistant is expected to increase by over 21% in 2017. Until December 31, 2016, there were over 60 million US nationals using virtual assistant at least in a month. In the US, millennials (age 25 to 34) are the largest end-users of virtual assistants, followed by Gen X. These virtual assistants are pre-loaded with skills (as in Amazon Alexa) or actions (as in Google Assistant).
Voice control is used by end-users across different age group. For instance, the largest user of this feature in smartphones is end-users in the age category of 16–24. This group accounted 27% of the overall voice searches over smartphones between October 2016 and March 2017.
Futuristic inventions in the mainstream voice-first and complementary technologies would boost investors’ confidence in the market, and the market will witness an increase in VC funding in the market. New start-ups would come with smart speaker with advanced features while existing vendors will continue developing their product portfolio with upgrades. Thus, the introduction of upgrades will fuel the market growth during the forecast period.
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