The smart speaker market size is expected to grow by 17% per annum, from $7.1 billion in 2020 to $15.6 billion in 2025. The growth of the market can be attributed to the growing demand for smart speaker displays, the increase in smart homes, the increase in disposable income and the rapid proliferation of multifunctional devices. Increasing focus of enterprises on increasing customer experience and consumer preferences for products that are technologically advanced compared to existing products is expected to provide opportunities for players in the smart speaker ecosystem.
A full report of Smart Speaker Market is available at: https://www.orionmarketreports.com/smart-speaker-market/26260/
Google Assistant occupies the largest share of the smart speaker market during the forecast period
Google Assistant is supported by data generated by web search engines. It provides context-sensitive information and generally provides longer and informative answers. In addition, the Google Assistant works with Google’s online services and quotes the source website while providing information.
Software segment expected to grow at the highest CAGR over the forecast period
Various IVA platforms such as Alexa from Amazon, Google Assistant from Google, and Siri from Apple support smart speakers. Other IVAs such as XiaoAI, DuerOS, Bixby and AliGenie are also starting to gain traction as the demand for voice-enabled platforms for smart devices increases.
Smart Speaker Market: Segmentation
Market, By Intelligent Virtual Assistant
• Alexa
• Google Assistant
• Siri
• Cortana
• Others
Market, By Application
• Personal
• Professional
• Commercial
Recent Developments
o Market Overview and growth analysis
o Import and Export Overview
o Volume Analysis
o Current Market Trends and Future Outlook
o Market Opportunistic and Attractive Investment Segment
Key Questions Answered by Smart Speaker Market Report
• What was the Smart Speaker Market size in 2018 and 2019; what are the estimated growth trends and market forecast (2019-2025).
• What will be the CAGR of Smart Speaker Market during the forecast period (2019-2025)?
• Which segments (product type/applications/end-user) were most attractive for investments in 2018? How are these segments are expected to grow during the forecast period (2019-2025)?
• Which manufacturer/vendor/players in the Smart Speaker Market was the market leader in 2018?
• Overview on the existing product portfolio, products in the pipeline, and strategic initiatives taken by key vendors in the market.
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
