Global smart speaker market was valued at USD 9.46 billion in 2021, and the market size is estimated to reach USD 35.93 billion by 2028, at a CAGR of 21% over the forecast period (2022–2028).
Westford, USA, Aug. 29, 2022 (GLOBE NEWSWIRE) — Smart speakers are becoming increasingly popular around the globe as consumers adopt them in place of traditional speakers. Smart speaker market is witnessing increased popularity due to their ability to facilitate Voice-Over-Internet Protocol (VoIP) calls and streaming services such as Amazon Prime Video and Netflix. Additionally, smart speakers can be used to control various functions in the home such as lights and locks.
Despite their growing popularity, there are still some limitations associated with smart speakers. For example, they are not suitable for listening to music or playing games due to their limited sound quality. Additionally, many of these devices do not support touch controls which may be inconvenient for some users.
Looking forward, SkyQuest is expecting a strong demand in the global smart speaker market because of recent technological developments such as AR/VR and autonomous driving. These platforms allow for enhanced interaction between humans and devices through interactive experiences that can be personalized for each individual. As a result, we can expect to see even more innovation from manufacturers in the coming years that will enable users to interact with their smart speakers in even more interesting ways.
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Global Smart Speaker Shipment to Reach 417 Million By 2028
According to SkyQuest analysis of the global smart speaker market, the demand for smart speakers surpassed 186 million units in 2021. As per our research analyst, the demand for smart speakers is expected to grow at a CAGR of over 12.23% in the years to come. Wherein Amazon, Google, Baidu, Alibaba, Xiaomi, and Apple are holding prominent market share. Our study suggests that Amazon and Google are likely to continue holding their prominence throughout the assessment period of 2022–2028 thanks to their early entry, widescale adoption, increasing support across numerous IoT, integration across several electronic devices like mobile phone, camera, modem, router, other home appliances, among others. In 2021, Amazon and Google collectively sold more than 73 million smart speakers. Currently, Amazon’s Alexa and Eco is ruling global smart speaker market by accounting for over 40% market share, followed Google and Baidu.
Out of these, the U.S. accounted for the highest demand in the global smart speaker market, followed by China and India. Other countries that showed significant growth in demand include Indonesia, Thailand, Brazil, Mexico, and South Korea. In Asia, meanwhile, there is still a long way to go before smart speakers become entrenched in everyday life. This is partly due to the Region’s strong preference for traditional audio/video content providers such as television and radio. Nevertheless, despite these challenges, there is significant potential for smart speaker adoption within Asia as more consumers switch to using voice-controlled devices in lieu of traditional gadgets.
For more information about smart speaker market in terms of demand, consumption by country, shipment by players, market dynamics, growth opportunities, trends, and revenue pockets,
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Smart Speaker Market to Continue Witnessing Neck to Neck Competition
Smart Speaker industry is still witnessing neck to neck competition, with no real clear winner in sight. The key players are continuing to release new models and prices are continuing to fall. Even though the market share of Android and Apple speakers have decreased somewhat, the overall market is growing quickly.
Until September 2016, Amazon was the only player active in the global smart speaker market and the company sold over 900,000 devices in the same year. However, Google entered in the Q4 of 2016 and disturbed the monopoly of Amazon by becoming second player in the market. However, Google failed to overcome the strong competition challenge from Amazon and end up selling nearly 400,000 units of its smart speakers and Amazon sold more than 4.1 million units in the same quarter. But the scenario started changing over the period. Only 2 players in 2016 to over 43 major and local players until July 2022. However, the market is currently being dominated by only 6 players such as Amazon, Google, Baidu, Alibaba, Xiaomi, and Apple. Rest of the players in the global smart speaker market are holding less than 10% of market share. As of 2021, Amazon Sold over 40 million units of Alexa and Eco, and Google sold more than 35 million units, followed by Baidu (~22 million units), Alibaba (~19 million units), Xiaomi (9.8 million units), and Apple (~15.78 million).
The demand for smart speaker market is still high and there is no indication that this trend will change soon. The major players are continuing to invest in new technologies and bring their products closer to meeting consumer needs. In terms of as per the sales figure of the major brands, the competition between different brands is expected to remain very tight in the years to come.
SkyQuest studied the global smart speaker market on a deeper level and published a report. The report would help you understanding current market competition, sales of volume of each player by country, their market share, global shipment of smart speakers across the globe, competition from new entrants and their market landscape, and competitive landscape analysis. In addition to this, the report would help the players in gaining insights about consumer behavior and their purchasing decisions.
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Prominent Players in Global Smart Speaker Market
Amazon, Inc (US)
Apple Inc. (US)
Alphabet Inc (US)
Baidu, Inc (China)
Alibaba Group (China)
Lenovo Group Ltd. (China)
Xiaomi Inc. (China)
Deutsche Telecom (Germany)
Avnera Corporation (US)
Google (US)
KaKao (South Korea)
Jam Audio (US)
Related Reports in SkyQuest’s Library:
Global Electric Lunch Box Market
Global Digital Photography Market
Global Microwave Oven Market
Global Kiosks Market
Global Hair Dryer Market
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SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
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