Smart Speaker Market 2020: Growth Forecast & Industry Share Report

The recent trends of IoT and artificial intelligence have had a commendable impact on the development of smart speaker market. The robust proliferation of the internet has further aided smart speaker industry growth in the last few years. Apart from the rising penetration of consumer electronics and high demand for wireless connectivity, technological interventions have also allowed manufacturers to introduce products that are not confined only to playing music, but have extended their applications to problem-solving, setting reminders, streaming of news and music with a single voice command. Integration of virtual assistant software has further played a pivotal role in reshaping the business model of prominent contenders.
The smart speaker market size, by the end of the next few years is forecast to outpace all records by collecting a revenue of USD 30 billion. Primarily dominated by intelligent virtual assistants such as Siri, Google Assistant, Cortana, Alexa, and many others, this business space stands to gain appreciable proceeds through the efforts of established contenders and new entrants striving to bring innovative products to the fore. Google for instance, recently made it to the headlines for having announced its supposed launch of homegrown smart display later this year.
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Smart speaker industry has been the recipient of a plethora of megatrends that are indeed underlining its massive expansion. Pioneered by Amazon, the Echo made its mark as the first product to debut across this business space in 2014, post which the smart speaker industry is witnessing an inflection point with the influx of new players in the business wanting exploiting the future growth prospects. Speaking of which, the last three years have also witnessed the incursion of Chinese competitors in smart speaker market, leading to a massive diversification in the product landscape.
U.S. smart speaker industry contender Amazon made it to the headlines for having set up model smart homes across the United States so that shoppers conveniently experience how it is like for Alexa to perform tasks like ordering stuff online, dimming the lights, or turning on the TV. Powered by the robust demand for internet-enabled products and services and the rising proliferation of smart products owing to their advantages such as luxury, safety, convenience, and entertainment, the U.S. smart speaker market share is anticipated to register a commendable CAGR over 2018-2024.
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Despite having associated risks such as security breaches and data threats, the smart speaker industry is certain to witness a phenomenal demand over the coming years. The projected growth curve of this market aptly justifies that this vertical holds a tremendous set of opportunities for application developers, component suppliers, network operators, and several other vendors. The smart speaker market size to register a massive CAGR of 33% over 2018-2024, in terms of shipments.
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Data Tables
TABLE 1 Smart speaker industry 3600synopsis, 2014 - 2024
TABLE 2 Smart speaker industry, by region, 2014 - 2017 (USD Million)
TABLE 3 Smart speaker industry, by region, 2018 - 2024 (USD Million)
TABLE 4 Smart speaker industry, by region, 2014 - 2017 (Million Units)
TABLE 5 Smart speaker industry, by region, 2018 - 2024 (Million Units)
TABLE 6 Smart speaker industry, by IVA, 2014 - 2017 (USD Million)
TABLE 7 Smart speaker industry, by IVA, 2018 - 2024 (USD Million)
TABLE 8 Smart speaker industry, by IVA, 2014 - 2017 (Million Units)
TABLE 9 Smart speaker industry, by IVA, 2018 - 2024 (Million Units)
TABLE 10 Smart speaker industry, by application, 2014 - 2017 (USD Million)
TABLE 11 Smart speaker market, by application, 2018 - 2024 (USD Million)
TABLE 12 Smart speaker industry, by application, 2014 - 2017 (Million Units)
TABLE 13 Smart speaker industry, by application, 2018 - 2024 (Million Units)
TABLE 14 Vendor matrix
TABLE 15 Industry impact forces
TABLE 16 Strategy dashboard
TABLE 17 Global smart speaker market, 2014 - 2017 (USD Million)
TABLE 18 Global smart speaker market, 2018 - 2024 (USD Million)
TABLE 19 Global smart speaker industry, 2014 - 2017 (Million Units)
TABLE 20 Global smart speaker industry, 2018 - 2024 (Million Units)
TABLE 21 Global smart speaker market, by IVA, 2014 - 2017 (USD Million)
TABLE 22 Global smart speaker industry, by IVA, 2018 - 2024 (USD Million)
TABLE 23 Global smart speaker industry, by IVA, 2014 - 2017 (Million Units)
TABLE 24 Global smart speaker industry, by IVA, 2018 - 2024 (Million Units)
TABLE 25 Global smart speaker industry, by application, 2014 - 2017 (USD Million)
TABLE 26 Global smart speaker industry, by application, 2018 - 2024 (USD Million)
TABLE 27 Global smart speaker industry, by application, 2014 - 2017 (Million Units)
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