What Are The 5 Top Insights From The Smart Speakers Market Forecast 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Smart Speakers Global Market Report 2023, the smart speakers market is expected to show significant growth in the forecast period.
Key insights from the smart speakers market forecast include:
- Market Size
The worldwide smart speakers market is projected to rise from $6.6 billion in 2022 to $7.07 billion in 2023, with a 7.1% CAGR. Expected growth is a 6.9% CAGR, reaching $9.22 billion by 2027.
- Major Driver
Growing consumer demand for tech-savvy products boosts smartphone and smart device adoption. Increased personal use leads to smart device integration with items like lightbulbs, thermostats, and TVs. This trend resulted in 205 million installed smart speakers in 2020, reaching 325 million by 2020. Regional manufacturers are encouraged to create innovative, customer-focused products, driving the smart speakers market.
View More On The Smart Speakers Market Report 2023 – https://www.thebusinessresearchcompany.com/report/smart-speakers-global-market-report
- Key Trend
Virtual assistant devices, powered by AI, offer luxurious convenience. They continuously listen, analyze, and act on commands. Amazon Echo’s Alexa activates with a single word, Siri by Apple provides hands-free access with deep integration and premium sound. Google assistant, activated by “Ok Google,” offers full Google service access. Amazon led with 16.5 million smart speaker sales, followed by Google (13.2 million), Baidu (6.6 million), Alibaba (6.3 million), and Apple (4.6 million) in Q4 2020, per Voicebot.ai’s 2021 report. The virtual assistant boom fuels the smart speaker market.
- Major Players
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.
- Top Market Segments
The global smart speakers market is segmented –
1) By Intelligent Virtual Assistant: Amazon Alexa, Google Assistant, Siri, Cortana, Other Intelligent Virtual Assistants
2) By Application: Smart Home, Smart Office, Consumer, Other Applications
3) By End User: Personal, Commercial
4) By Distribution Channel: Online, Offline
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The Smart Speakers Global Market Report 2023 provides an in-depth analysis on the smart speakers market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the smart speakers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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