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Smart Speakers Market Analysis by Leading Key Leaders, Growth Drivers, Built-In Voice Capabilities and Industry Expected to Increase Exponentially with 36% of CAGR by 2022(June 22, 2018)
Smart Speakers is type of speakers which is equipped with advance communication technologies such as Bluetooth, Wi-Fi and NFC and can be operated from any smart device such as smartphone, laptop and tablets. These speakers are similar in nature with a traditional speaker but provide different benefits which traditional speakers are not able to provide
The key drivers contributing to the growth of the global smart speakers market are rise in number of smart homes, increasing wireless streaming of audio content, speakers run on batteries, high durability, hassle free maintenance and high preference for wireless technology. The restraining factors towards the growth of the market are range, power and compatibility. The increase in number of smart homes driving the global smart speakers market.
There are various features such as compatibility with number of services and platforms, peer-to-peer connection through mesh networking, intelligent personal assistants among others are giving positive contribution in the market growth.
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Major Key Players
Beats Electronics (U.S.),
Bose Corporation (U.S.),
LG Electronics (South Korea),
Altec Lansing (U.S.),
Avnera Corporation (U.S.),
Panasonic (Japan) ,
Samsung Electronics Limited (Korea),
D&M Holdings, Inc (Japan),Sharp Corporation (Japan) and others
According to Market Research Future Analysis, Smart Speakers Market has been valued at USD 9 billion by the end of forecast period with 36% of CAGR during forecast period 2016 to 2022.
U.S. accounts for the largest market share, majorly due to increase in number of smart homes, rising disposable income, changing lifestyle and government policies. Also, Asian countries such as Japan and Korea are expected to grow at a fast pace, majorly due to advancement in the IT industry and investments in research & development sector.
For the purpose of this study, Market Research Future has segmented the market of smart speakers into product type, connectivity, application and regions. By product type, the market has been bifurcated into single-speakers, double-speakers and multi-speaker. On the basis of connectivity, the market has been segmented into- Wi-Fi enabled speakers, Bluetooth enabled speakers, NFC enabled speakers among others. On the basis of application, the market includes- personal use and commercial use.
North America is dominating the market of smart speakers in where U.S. accounted for the largest market share due to various factors such as rise in smart homes market, high per capita income, changing lifestyle and high preference for wireless technology in the region. For instance, Amazon Echo smart speakers outpaced other speakers in the U.S. due to changing lifestyle and increasing disposable income.
Asian countries, especially Japan and Korea are growing at a fast pace majorly due to high demand for consumer electronics, high growth rate of the countries and the advancement in the IT industry. According to MRFR analysis, the consumption of smart electronics has increased in these countries over the last few years and companies have been investing billions of dollars into research & development sectors which are driving the growth of the global smart speakers market.
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- Smart Speakers Manufacturers
- Smart Speakers Distributors
- Research/Consultancy firms
- Vendors from various verticals such as Bose, Harman, Samsung among others
- Semiconductor Manufacturers
LIST OF TABLES
TABLE 1 GLOBAL SMART SPEAKERS MARKET, BY PRODUCT TYPE
TABLE 2 GLOBAL SMART SPEAKERS MARKET, BY APPLICATION
TABLE 3 GLOBAL SMART SPEAKERS MARKET, BY CONNECTIVITY
LIST OF FIGURES
FIGURE 1 RESEARCH TYPE
FIGURE 2 GLOBAL SMART SPEAKERS MARKET: BY PRODUCT TYPE (%)
FIGURE 3 GLOBAL SMART SPEAKERS MARKET: BY APPLICATION (%)
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