Smart speakers are wireless speakers that are equipped with advanced technologies including Wi-Fi, Bluetooth, virtual assistant and/or other wireless protocols. Increasing advancements in natural language processing, speech recognition, and quality enhancements in the microphones are creating new growth avenues for the smart speaker market.
MARKET SCOPE
The "Global Smart Speaker Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the smart speaker market with detailed market segmentation by component, intelligent virtual assistant type, application, and geography. The report provides key statistics on the market status of the leading smart speaker market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on component, the global smart speaker market is segmented into hardware and software
- On the basis of intelligent virtual assistant type, the market is segmented into google assistant, cortana, siri, alexa, and others
- based on application, the market is segmented into consumer, smart home, smart office, and others
MARKET DYNAMICS
Drivers:
- The smart speaker market is anticipated to grow owing to driving factors such as rising demand for consumer electronics and rising penetration of smart homes.
- Proliferation of 5G technologies is opportunistic for the growth of the market.
Restraints:
- Privacy concerns may hinder the growth of the smart speaker market.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The smart speaker market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the smart speaker market in these regions.
IMPACT OF COVID-19 ON SMART SPEAKER MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the smart speaker market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from smart speaker market are anticipated to lucrative growth opportunities in the future with the rising demand in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the smart speaker market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Alphabet Inc
- Amazon.com, Inc
- Apple Inc
- HARMAN International.
- Bose Corporation
- Panasonic Corporation
- Pioneer Corporation
- Sonos, Inc.
- Sony
- Xiaomi