The global smart speaker market is anticipated to grow at a CAGR of 20.2% during the forecast period (2024-2031). The key companies across the globe are highly inclined towards the adoption of different growth strategies including capacity expansion, mergers and acquisitions, new product launches, and product innovation to remain competitive in the marketplace. The various product launches of the key players are as follows:
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- In April 2021, Anker Innovations, a consumer electronics company, has announced two products under the AnkerWork product line including the PowerConf C300, AI-enabled HD webcam, and the PowerConf S500 Portable Conference Speaker.
- In March 2021, the second generation of Google nest was launched. In this generation, it has 50% more bass and a sleep sensor. The Google Nest by Google, Inc. is a Bluetooth device with a 7-inch touch screen display.
- In October 2020, Apple Inc. has announced the launch of HomePod Mini, which delivers impressive sound, the intelligence of Siri, and a smart home experience that offers comfort and convenience without complexity. It is just available at $99 and only 3.3 inches tall.
- In October 2020, Baidu Inc has launched a new product named Xiaodu Smart Display X10 and the upgraded true wireless XiaoduPods smart earbuds. Xiaodu Smart Display X10 is a new edition in Xiaodu’s smart speaker product line and has AI-powered functions.
- In July 2020, LG Electronics USA Inc. has announced an LG XBOOM Go PL5 Speaker, which is based on Bluetooth as well as WI-Fi also.
- In September 2019, Amazon launched an all-new line-up of Echo devices that provide more ways to add Alexa to daily life. Also, new Alexa features, smart home experiences, developer tools, and devices and services from Ring and other Alexa device makers were also announced. The Echo devices of the Amazon include Echo Flex, a wireless smart speaker, Echo dot with clock, with showtime, temperature, and alarms, Echo show 8, a camera, and Echo studio, five directional speakers with room adaptation technology.
Therefore, the launches of the products with the innovation by key players such as Sonos Inc. Amazon.com Inc., LG Electronics USA Inc., Baidu Inc., Apple Inc., among others, is driving the growth of the global smart speaker market during the forecast period.
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Market Coverage
- Segment Covered-
o By Product
o By Technology
o By Application
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Google Inc., Baidu, Inc., Apple, Inc., Sonos Inc., LG Electronics USA Inc., Harman international industries Inc., (JBL), among others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Smart Speakers Market Report Segment
By Product
- Single Room Speakers
- Multi-Room Speakers
By Technology
- Bluetooth
- Wi-Fi
- Others (DLNA, Airplay, Nera Field Communication (NFC))
By Application
- Commercial
- Residential
- Others (Automotive)
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