The smart speaker market was valued at USD 2.68 Billion in 2018 and is expected to reach USD 11.79 Billion by 2023, at a CAGR of 34.44% between 2018 and 2023. Major drivers for the growth of the smart speaker market are increasing number of smart homes, rising disposable income, rapid proliferation of multifunctional devices, and growing trend of personalization.
- Advertising -
According to the new market research report "Smart Speaker Market by IVA (Alexa, Google Assistant, Siri, Cortana), Component (Hardware (Speaker Driver, Connectivity IC, Processor, Audio IC, Memory, Power IC, Microphone,) and Software), Application, and Geography - Global Forecast to 2023", the smart speaker market was valued at USD 2.68 Billion in 2018 and is expected to be worth USD 11.79 Billion by 2023, at a CAGR of 34.44% between 2018 and 2023. The smart speaker market has huge potential across applications such as smart home, smart office, consumer, and automotive.
Major factors driving the smart speaker market are increasing number of smart homes, rising disposable income, rapid proliferation of multifunctional devices, and growing trend of personalization.
Browse 71 market data Tables and 47 Figures spread through 150 Pages and in-depth TOC on "Smart Speaker Market - Global Forecast to 2023"
- Advertising -
Alexa held largest share of smart speaker market in 2017
The market for Alexa smart speakers is growing owing to its low cost and compatibility with numerous smart devices and apps, such as smart switches, garage doors, sprinklers, locks, and security cameras.
Download PDF Brochure @ www.marketsandmarkets.com/pdfdownload.asp?id=44984088
Smart speaker market for smart office application to grow at highest CAGR between 2018 and 2023
The smart speaker market for smart office application is expected to grow at the highest CAGR between 2018 and 2023. Intelligent virtual assistant (IVA) smart speakers are experiencing substantial growth and are playing a significant role in the evolution of the voice–user interface in smart offices.
Further, recent developments in artificial intelligence and natural language processing to enhance voice recognition capabilities have increased the overall demand for smart speakers in smart offices.
Hardware to account for major portion of smart speaker market between 2018 and 2023
Hardware constitutes a major portion of the smart speaker. Currently, smart speakers process a small volume of data, which requires hardware platform with computing capabilities to support basic functions such as streaming music, surfing information, making phone calls, and controlling smart devices.
Inquiry Report @ www.marketsandmarkets.com/Enquiry_…g.asp?id=44984088
Currently, North America leads smart speaker market in terms of market size
North America is currently leading the smart speaker market and is projected to be in the leading position for the next few years owing to the high adoption of smart speakers. The penetration of smart speakers is high in this region owing to the presence of early adopters.
The willingness of customers to accept and use new technologies has also encouraged manufacturers in the region to develop new and advanced products. Key players such as Amazon, Google, Apple, and Bose offering smart speakers are based in the US, so most of the products are launched and shipped first in the region.
Category: Market Research Publishers and RetailersCompany about: MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth ...
For more information: