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Global Smart Speaker Market Size, Trends, and Analysis- Forecasts To 2026 By Intelligent Virtual Assistant (Alexa, Siri, Google Assistant, Dueros, Aligenie, XIAO AI, Others), By Component (Software, Hardware), By Application (Smart Home, Consumer, Smart Office), By Region (North America, Asia Pacific, CSA, Europe, and the Middle East and Africa); End-User Landscape, Company Market Share Analysis & Competitor Analysis
Smart speakers are a way forward in the technological space and are expected to have huge market growth in the forecast period. Around the globe, consumers are using the smart speaker for varied reasons such as to help induce sleep, easy management, and control of home settings and Wi-Fi connectivity. The rise of the popularity of Siri, Alexa in the Western region has also demonstrated a powerful impact on the rest of the world. The trending work from home culture and the ease of playing music with the help of just the consumer’s voice will have a strong impact on market demand. The heavy festival discounts also help to spurt the market growth. Another social benefit of such a smart speaker by different players is that they offer the role of a companion for elderly people who run the risk of either Parkinson’s disease or other chronic illnesses. Growing to the power in Asian as well North American countries, the smart speaker segment in the market domain will flourish to see boundless opportunities arising from their simplified features, reasonable prices, and rising middle-class income group all across the globe.
Based on the IVA, the market categorizes, Google Assistant, Siri, Alexa, and Aligenie among others. Google Assistant smart speaker would be rapidly rising in the market space. This segment offers features like voice match, the addition of a default speaker, and hot word sensitivity. The Google Assistant is now readily available on smart speakers, smartphones, headphones and, etc. Alexa enabled speakers would also contribute majorly to this market owing to the range of smart speakers to choose from and the attractive features offered by these features.
Based on the component, the market segregates software and hardware. The software domain would have a competitive edge over the hardware segment. Amazon Echo, Echo Dot, Amazon Smart Plug, Echo Auto are the various Alexa Device software versions. The Amazon Echo speaker is a more affordable version and is also labelled the best and smart version speakers for 2021.
Based on the application, the market bifurcates smart homes, smart offices, and consumers. The smart home domain would occupy a major chunk in the market domain because as per the 2018 data, Google home had 7.2 million new and enthusiastic US users which were more in number as compared to Amazon’s Echo. The smart home is poised to have the highest segmental share in the market.
Based on the regional study, North America will have a higher perpetuation level in this market owing to the rapidly rising consumer base for the smart home. The presence of giant player Apple in the United States and worldwide makes the region to have a competitive edge over other regions. The fast adoption rate of smart speakers in the region and the new yearly addition of millions of consumers in the United States for the smart speakers market can significantly affect the market growth in a positive direction.
Key players operating in the market include Amazon, Apple, Bose, Eufy, Harman Kardon, Google, Asus, Sonos, Redmi, Marshall, Lenovo, Xiaomi, Sony, and Polk Audio among others.
Please note: This is not an exhaustive list of companies profiled in the report.
In January 2019, Whyd startup operating in the domain of smart speaker announced to develop the voice assistant software to shift focus from creating smart speaker.
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The Global Smart Speaker Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Smart Speaker Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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