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Smart Speaker Market Size

Report ID: GMI1757
Published Date: Jul 2018
Report Format: PDF

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Smart Speaker Market Size

Smart Speaker Market size was over 4.5 billion in 2017 and is estimated to exhibit 20% CAGR from 2018 to 2024. The global industry shipments will cross 500 million units by 2024.

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Rising penetration of the IoT technology is expected to propel the worldwide smart speaker market growth over the forecast timespan. A variety of smart electronic devices is increasingly keeping users connected to the internet and the network of connected devices in addition to smartphones. These devices include features such as social networking applications, gaming, weather information, e-book readers, music players, digital camera, and GPS navigation. A strong growth is observed in the fields of the Internet of Things (IoT) and connected devices due to the reduction in computing costs and growing Wi-Fi connectivity. The growth in the use of smartphones and the deployment of data-friendly networks, such as 3G and 4G, are expanding the network connectivity across the globe. This is increasing the proliferation of these devices across the consumers of smart technologies.

In addition to the provision of sound and entertainment, these devices have extended their functionality to include several other applications such as live music & news streaming, problem-solving, setting reminders, and ordering of household supplies. The integration of the virtual assistant software has established new pathways for the market expansion. Virtual assistants are projected to undergo a high growth over the forecast period and various companies have leveraged this opportunity to launch products integrated with virtual assistants.

Smart Speaker Market Report Attributes
Report Attribute	Details
Base Year:	2017
Smart Speaker Market Size in 2017:	4.5 Billion (USD)
Forecast Period:	2018 to 2024
Forecast Period 2018 to 2024 CAGR:	20%
2024 Value Projection:	30 Billion (USD)
Historical Data for:	2013 to 2017
No. of Pages:	300
Tables, Charts & Figures:	401
Segments covered:	Intelligent Virtual Assistant, Application and Region
Growth Drivers:	Growing penetration of IoT technology across globe Increasing focus of players in North America to increase customer satisfaction Penetration of smart homes in the U.S. Technological advancements across Europe Increasing implementation of IVA technology in household electronics in Germany Growing wireless infrastructure in Asia Pacific Increasing customer focus towards connected solutions in India & China Rising disposable income in Africa
Pitfalls & Challenges:	Increasing threats pertaining to the security of the connected devices High cost of the devices

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Impounding security issues are major factors restraining the global market value. These devices are developed with the prime focus on listening to the vocal commands from the users. The microphone within these systems hear the command keywords even when the devices are idle. This allows the personal customer data to be registered over the internet without the knowledge of the user. The security loophole allows the external entities to hack into these systems and use the customer data for nefarious purposes.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of smart speaker estimated to be over USD 4.5 billion in 2017.

The industry share of smart speaker is expected to grow at CAGR of over 20% from 2018 to 2024.

According to the analysts at GMI, the global industry shipments are forecast to reach 500 million units by 2024.

The U.S. market is expected to grow at a CAGR of over 25% during the forecast period due to increasing penetration of smart homes in the country.

Prominent players in the market include Amazon, Apple, Inc., Google, Inc, Sonos, Sony, Onkyo, Fabriq, Harman International, and Lenovo.

Intelligent virtual assistant devices like Siri or Alexa enabled smart speakers are projected to foresee tremendous growth during the estimated time frame owing to the large, well-established marketplace for both Amazon and Apple for smart devices.