The global smart speaker market is expected to grow at a significant rate through 2025 owing to the growing demand for luxury entertainment systems, predicts Research and Markets.
Growing number of smart homes and rising internet penetration is aiding to the growing demand for smart speaker, globally, adds the research group. Further, increasing technological advancement has led to variety of smart speakers available in the market. This has also led to increase in the demand for multifunctional devices and hence smart speakers are getting increasingly popular around the world.
Research and Markets says the growing number of tech savvy consumers is leading to the increasing demand for smart technology equipped devices like smart speakers. Consumers’ readiness to spend on trending technologies and rise in usage of smart devices, especially among youngsters is anticipated to fuel the demand for smart speakers in the coming years. The establishment of 5G network and advancement in Natural Language Processing (NLP) are further supporting the demand for smart speakers.
The smart speaker market can be segmented based on intelligent virtual assistant, component, connectivity, application, distribution channel and region. Based on intelligent virtual assistant, the market is segmented into Apple’s Siri, Google Assistant, Alexa, Microsoft Cortana, Clova and others.
Alexa, which was first launched by Amazon in 2014, captured the largest market share in 2019. Research and Markets says that growing consumer preference for Alexa due to its lesser cost and more application than other assistants fuels the demand for Alexa smart speakers across the globe.
Regionally, North America holds the largest market share in the smart speaker market due to high technological advancements in the region and increasing per capita disposable income. Leading smart speaker companies are American and hence the North American region is expected to dominate the market in terms of revenue during the next five years as well, notes Research and Markets.