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Smart Speakers Global Market Report 2022

Smart Speakers Global Market Report 2022

  • March 2022
  • 175 pages
  • ID: 6247523
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the smart speakers market are Amazon Inc., Apple Inc., Xiaomi, Alibaba Group Holding Limited, Sonos. Inc., Harman International, Bose Corporation, Sony Corporation, ONKYO CORPORATION, and Panasonic Corporation.

The global smart speakers market is expected grow from $6.16 billion in 2021 to $6.60 billion in 2022 at a compound annual growth rate (CAGR) of 7.1%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $8.63 billion in 2026 at a CAGR of 6.9%.

The smart speakers market consists of sales of smart speakers and related products that include Bluetooth-, Wi-Fi-enabled and wireless devices which are integrated with virtual assistant device powered by artificial intelligence.The smart speakers market consists of revenue generated through the sales of speakers with virtual assistant intelligence such as Alexa, Google Assistant, Siri, and Cortana, among others which are distributed through online or offline channels to personal and commercial users for smart home, smart office, automotive, commercial and more applications.

The companies involved in the smart speakers market are engaged in designing, manufacturing, producing artificial intelligence assisted speakers which are activated with one ’hot word’ using voice recognition systems to perform wide range of wireless activities.

The main intelligent virtual assistant of smart speakers are Amazon Alexa, Google Assistant, Siri, Cortana and others.Google Assistant is a virtual assistant powered by artificial intelligence that is primarily available on mobile and smart home devices.

The various applications of smart speakers include smart home, smart office, consumer and others that are distributed through online and offline channels. The smart speakers are used by personal and commercial end-users.

Asia Pacific was the largest region in the smart speakers market in 2021.Africa is expected to be the fastest-growing region in the forecast period.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

With increasing consumer preference for technologically advanced products there is a rise in penetration of smartphones and smart devices.The enhanced personal use of smart devices points at integration of smart devices with devices such as smart lightbulbs, thermostats, and TVs.

The consumer interest in technologically advanced products has resulted in 205 million installed smart speakers in 2019 and reached 325 million by 2020.In 2019, Amazon could integrate LIDAR technology into Amazon Echo through which it will be able to recognize hand gestures, type of food, and even the clothes being worn.

In India, in 2019 the total number of smartphones users are 502.2 million and the smartphones market is expected to gain 859 million users by 2022. Regional manufacturers are being encouraged to produce innovative and advanced products with customer interest to accept and adopt emerging technology which is expected to drive the market.

Apart from increasing consumer preference for smart speakers the major drawback that’s concerning the market is the data privacy and security.These devices have access to the personal information stored in Gmail like contact details, bank details, login credentials which raise security issues.

The devices of a smart home have access to sensitive data like videos, photos, personal information which can be accessed and operated from anywhere.In 2019, a survey conducted in US states that smart speaker non-users are more concerned about data and privacy reasons like hacking risk (63%), smart speakers are always listening (55%) and monitoring by government (40%).

When compared with smart speaker users, they also agreed with the above data and privacy issues similarly. These issues may hinder the market growth if appropriate development in security concerns are not addressed.

Virtual assistant devices are powered by artificial intelligence which offer ultimate luxury to the owner.They keep on listening to the command, analyze the needs and performs the task when necessary.

The Amazon Echo with smart assistant Alexa can be activated with voice command of one hot word “Alexa”.Siri, the Apple voice assistant provides hands-free activation with deep integration technology and high-quality virtual surround sound and exhibits features like setting timer, managing calendar events and more.

Google assistant activated with “Ok Google” provides instant access to all of the Google services and the data associated with the Google account.In 2019, a survey states that Amazon Alexa/Echo dominates the US market with 70% market share followed by Google home with 25% and Apple HomePod with 5% which was largely because of the high sales of entry-level devices like Google Home Mini and Amazon Echo Dot with reasonable price.

The proliferation of virtual assistance is, in turn, driving the smart speaker market.

In November 2019, Sonos a US-based leading sound experience brand which allows its customers to listen better by giving access to their favorite content by controlling as they wish announced the acquisition of Snips for $37.5 million. The deal will benefit Sonos by improving the voice experience of Sonos with the addition of Intellectual Property of Snips and benefit Snips by taking its France technologies to international customers. Snips is a US-based private-by-design voice technology company which uses artificial intelligence integrated in connected devices.

The countries covered in the smart speakers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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