The global smart speaker market is expected to grow to $4.8 billion by 2022 , growing at an impressive CAGR of 30.45%.
The top 3 drivers and trends in the global smart voice assistant speaker market are discussed below:
Increased Instances of Voice Searches
The growing usage of voice searches is contributing to the growth of the market share in the global smart speaker market. Voice searches are projected to impact the marketplace in terms of advertising, payment, and processing. Recent surveys on the smart speaker technology market estimate about 20% of the mobile queries and searches on Google’s mobile application and Android devices were voice searches in 2016. The growing popularity of smart voice assistants is expected to drive the growth in the global smart speaker market during the forecast period. The growing popularity of voice-first technology and the demand for voice assistant speakers will drive the market for smart speakers during the forecast period.
Increased Adoption of Smart Homes
The adoption of the smart home include systems that provide an integrated and centralized control of individual systems. These home are connected via smart devices such as the internet and wireless devices that can be controlled from a remote location. The penetration of the internet and the growth of digital knowledge are promoting the integration of voice assistant speakers or smart speakers at homes across the globe. Vendors are focusing on launching and innovating voice-assistant speakers that are compatible with the concept of smart homes to attract new consumers. The introduction of voice-assistant speakers or smart speakers will boost the adoption of these products in smart homes during the forecast period.
Increasing Popularity of Voice-first Technology
The growing demand for artificial intelligence (AI) voice interaction is contributing to the increasing popularity of voice-first technology in the global market.
Recent market surveys show that it is estimated that over 50% of the human interaction with computers would be voice assisted by 2025.
The growing demand for voice-assistance technology such as Amazon’s Alexa, Microsoft’s Cortana, Apple’s Siri, and Google’s Assistant is driving the growth in the global smart speaker market. The simplicity and hands-free control of these smart speakers will help vendors gain a large market share globally during the forecast period.
Alphabet (Google) and Amazon are the leading vendors in the smart speaker market.
The complete overview of the latest market research report on the global smart speaker market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and provides the market size and forecast for major geographical regions and key countries.
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