The increasing development of virtual voice assistant technology that helps consumers perform daily tasks is propelling the growth of the global smart speaker market
Arizton’s recent market research report on the global smart speaker market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market 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), by geography (APAC, Europe, North America, and ROW), and offers detailed competitive analysis.
The global smart speaker market is expected to generate revenues of around $17 billion by 2023, growing at a CAGR of approximately 31% during 2018-2023. The increasing development of virtual voice assistant technology that helps consumers perform daily tasks is propelling the growth of the global smart speaker market. The launch of the new product models, innovation, and ease-of-use are some of the factors that are contributing to the sales of these speakers in the global market.
The top 3 drivers and trends propelling the growth of the global smart speaker market are discussed below:
Voice Searches Gaining Prominence
The exponential rise in the volume of voice searches in the recent past is one of the primary factors in the global smart speaker market. Voice searches to gain immense traction in terms of advertising, payment, and processing activities in the global market during the forecast period. In 2017, Apple’s Siri was the most popular smart assistant among smartphone users in the US, followed by OK Google. According to estimates made by research analysts in Arizton about 50% of the search queries on mobile devices or virtual assistants would be driven by voice by 2020. The use of voice searches is categorized into four major parts that include personal assistant, fun and entertainment, general information, and local information. The increasing influx of these devices on the consumer mainstream household equipment category in the US and other parts of the world will drive the growth of the global smart speaker market. Hound is a popular voice-powered virtual assistant application in the US. The growing popularity of voice searches will help in the development of the global smart speaker market over the next few years.
Increased Investment in IoT by Vendors
The rising internet penetration, focus on digitalization of households, and promotion of smart homes will augment the global smart speaker market. The rapid exponential use of Internet of Things (IoT) in the consumer durable industry and various brands are exploring ways of using IoT to streamline manufacturing processes and supply chain management (SPM) will boost the demand for these services in the global market. The increasing use of smart devices to collect, analyze, and share real-time data with vendors, that use this information to gain insights into consumer preferences will augment the growth of the market. The integration of IoT will enable seamless delivery of customer experiences across verticals in various industries. The growing focus on product design, development, manufacturing, marketing, sales, aftersales, and offering seamless and customized consumer experience will boost the demand smart devices in the global market. The increasing investments in the development of new product designs to improve efficiency will propel the growth of the global smart speaker market.
Increasing Popularity of Voice-first Technology
The integration of voice-first technology with consumer products such as computers, tablets, smartphones, and other wearable devices is attributing to the development of the global smart speaker market. The development of AI voice interaction will revolutionize the global market during the forecast period. It is estimated that over 50% of all human interaction with computers would be voice-assisted by 2025. Amazon’s Alexa, Microsoft’s Cortana, Apple’s Siri, and Google’s Assistant are most popular voice-first technologies that are marketed and produced in the market. This technology does not add the cognitive load of multitasking or distraction of texting while giving instructions, thus, are hands-free offering simplicity to its end-users. Furthermore, the emergence of new business models of voice-first technology will help solidify the concept of smart homes in the global market. The integration of home, infrastructure, and household appliances will propel the growth of the global smart speaker market.
The leading vendors in the global smart speaker market are Alphabet (Google), Amazon.com, HARMAN International, Alibaba Group, and Sonos.
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 also provides the market size and forecast for major geographical regions and key countries.
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