Urbanization in APAC to Boost Demand in the Smart Speaker Market
Arizton’s recent market research report on the global smart speaker market identifies Alphabet (Google), Amazon.com, HARMAN International, Alibaba Group, and Sonos as the leading vendors that are likely to dominate the market during the forecast period. This research report provides detailed analysis of market segmentation by device type (first-party devices and third-party devices), distribution (retail (specialty store, mass-market store, and electronic stores) and online channels), by end-users (residential users and commercial users), and by geography (APAC, Europe, North America, and ROW).
The global smart speakers market is estimated to reach values of approximately $19 billion by 2023, growing at an impressive CAGR of 31% during 2018-2023.
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The global smart speakers market is divided into four major segments that consist of device types, distribution channel, end-users, and geography.
APAC to grow at the fastest CAGR in the global smart speakers market during the forecast period
The global smart speakers market by geography is segmented into APAC, Europe, North America, and ROW. APAC dominated a significant market share in 2017, growing at a CAGR of around 79% during the forecast period. The exponential urbanization among various emerging countries in the APAC market is one of the primary factors attributing to demand for smart devices in the market. The proliferation of robust manufacturing industries, including automotive, construction, chemicals, defense, and aerospace will boost the purchasing power and per capita income in the APAC market. China, Australia, Japan, and South Korea are largest revenue generators in the APAC market. Additionally, the growing preference for differentiated and value-added products will create lucrative opportunities for leading vendors operating in the smart speaker market.
Third-Party device segment to grow at an impressive CAGR in the global smart speakers market during forecast period
The device type segment in the global smart speakers market is classified into first-party devices and third-party devices. Third-party devices segment occupied a considerable market share in 2017, growing at a CAGR of around 34% during the forecast period. The introduction of smart devices that support Amazon Alexa with voice capabilities is propelling the growth of this segment in the global market.
The vendors are launching new versions of products with features such as Apple HomeKit compatibility, internet radio stations, and Spotify Connect support to gain a larger market share and attract new consumers.
The incorporation of voice assistant technology will revolutionize the market during the forecast period. Leading speaker OEMs are focusing on data and information collection, which helps them target price-sensitive consumers and their preferences in the global market. Audio and sound quality is one of the primary drivers in the global smart speakers market. Amazon, Google, SK Telecom, KT, Alibaba, and Xiaomi are offering innovative products will value-added features to augment the growth of this segment in the global market. The introduction of multi-ecosystem speakers to support a plethora of smart home applications will revolutionize the market over the next few years.
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Retail segment to grow at a significant CAGR in the global smart speakers market during the forecast period
The global smart speakers market by distribution channel is categorized into retail (specialty store, mass-market store, and electronic stores) and online channels.
The retail segment dominated around half of the market share in 2017, growing at a CAGR of close to 53% during the forecast period.
The use of retail distribution channels such as specialty stores supermarkets and hypermarkets or mass market players, and electronic stores to market and sell smart speakers is propelling the growth of this segment in the global market. Leading manufacturers such as Samsung, Sony, and Lenovo are leveraging the retail distribution segment to reach a maximum number of consumers in the world market. The electronic stores and supermarkets offer personalized customer services that help vendors attract a larger number of end-users in the global market. The staff in retail outlets are trained to educate customers about new products and help them in the selection of these devices. Such functionalities will promote the growth of the retail segment in the global smart speakers market.
The other prominent vendors functioning in the global smart speakers market are Anker Innovations, Apple, Avnera, Beijing LingLong (JD.com), Baidu, Deutsche Telekom, Fabriq, Facebook, Invoxia, Jam Audio, KaKao, KT, KitSound By Kondor, Lenovo, LG Electronics, Libratone, LINE, Mobvoi, Mycroft AI, Naver, NVIDIA, Onkyo & Pioneer, Orange, Panasonic, Samsung, SK Telecom, Sony, Telefonica, Tencent, TIBO, Ultimate Ears, Xiaomi, and Yandex.
The complete overview of the latest market research report on the global smart speakers market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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