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Smart speaker market size projected to reach $23.3 million by 2025

The smart speaker market size is projected to grow from US$4.4 million in 2017 to $23.3 million by 2025 at a compound annual growth rate [CAGR] of 23.4%, according to Valuates.

A smart speaker is a type of speaker and voice control system with an integrated virtual assistant that offers interactive behavior and hands-free activation. Demand for smart speakers has been steadily growing, especially in smart homes, owing to increased consumer demand for advanced, multifunctional products. In addition, the proliferation of smartphones has allowed applications to stream music to a specific unit, increasing demand for smart speakers, according to Valuates.

The highest smart speaker market share, region wise, was held by North America with 36.9%. However, Asia-Pacific is predicted to show the highest growth rate for the smart speaker market, with a CAGR of 24.93%.

Valuates says trends influencing the global smart speaker market include:

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