The global smart speaker market size is expected to reach USD 23.93 billion in 2028 at a CAGR of 16.9% during the forecast period, according to the latest report by Emergen Research. Increasing demand for smart appliances and devices due to growing trend of smart homes, rising preference for connected devices, and availability of technologically advanced smart devices are key factors expected to drive market revenue growth over the forecast period. In addition, introduction and launch of smart speakers with advanced features, support for popular voice assistants, and reasonable prices are some other key factors expected to further fuel revenue growth of the market going ahead.

The latest study performs the quantitative and qualitative assessment of the global market dynamics, taking into consideration a slew of factors, such as market penetration, product portfolios, pricing structure, end-user industries, and key drivers and constraints. The report segments the market to help readers get a more in-depth understanding of the different aspects of the market. With an inspection of the financial standing of the leading companies operating in this market, the report provides information on their gross profits, revenue shares, sales volume, manufacturing costs, individual growth rate, and numerous other financial ratios.

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Some Key Highlights in the Report:

• Alexa segment accounted for a significant revenue share in the global market in 2020 and is expected to register robust revenue growth over the forecast period owing to its easy availability and affordability. Alexa has been the most preferred voice assistant for a wide range of smart speakers and is available in over 80 countries across the globe.
• The personal use segment is expected to dominate other end-use segments in terms of revenue over the forecast period owing to rising adoption of smart home systems across the globe, increasing integration of smart speakers with various devices, and rising use of smart speakers to for various personal applications such as making phone calls, tracking user activity, and scheduling appointments, among others.
• North America is expected to account for largest revenue share in the global market in terms of revenue over the forecast period owing to high adoption of smart speakers, preference for innovative and cost-effective devices, increasing purchasing power among individuals, and presence of key manufacturers in the region.
• Key companies in the market include Apple, Inc., Alphabet, Inc., Amazon.com, Inc., Sony Corporation, Lenovo Group Ltd., Xiaomi Corporation, Altec Lansing, Inc., SK Telecom Co. Ltd., Onkyo Corporation, and Baidu, Inc.

Smart Speaker Market Segmentation:

For the purpose of this report, Emergen Research has segmented the global smart speaker market on the basis of component, application, intelligent virtual assistant, end-use, and region:

• Component Outlook (Revenue, USD Billion; 2018-2028)
  • Hardware
  • Software
• Application Outlook (Revenue, USD Billion; 2018-2028)
  • Smart Office
  • Smart Home
  • Others
• Intelligent virtual assistant Outlook (Revenue, USD Billion; 2018-2028)
  • Google Assistant
  • Alexa
  • Siri
  • Cortana
  • Others
• End-use Outlook (Revenue, USD Billion; 2018-2028)
  • Commercial
  • Personal

Key Geographical Segments:

• North America (U.S., Canada)
• Europe (U.K., Italy, Germany, France, Rest of EU)
• Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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Key questions addressed:

• What are the estimated CAGR for the global Smart Speaker market and each segment in the global market?
• Which market segments and sub-segments have been covered in this report? Which of these segments is foreseen to exhibit the highest growth rate over the projected period? What are the most prominent industry aspects likely to impact the market values and shares of the regionsviz., North America, Europe, Asia Pacific, Latin America, and Middle East &Asia? What do the SWOT analysis and Porter’s five forces entailed in the report signify with respect to the future position of the market?
• Which are the leading companies operating in the global Smart Speaker market? What are their strengths and weaknesses?
• What are the most common market expansion strategies applied by the key market competitors to reinforce their market positions?

Table of Content:

Chapter 1. Methodology & Sources
    1.1. Market Definition
    1.2. Research Scope  
    1.3. Methodology
    1.4. Research Sources
          1.4.1. Primary
          1.4.2. Secondary
          1.4.3. Paid Sources
    1.5. Market Estimation Technique
Chapter 2. Executive Summary
    2.1. Summary Snapshot, 2021–2028
Chapter 3. Key Insights
Chapter 4. Smart Speaker Market Segmentation & Impact Analysis
    4.1. Smart Speaker Market Material Segmentation Analysis
    4.2. Industrial Outlook
          4.2.1. Market indicators analysis
          4.2.2. Market drivers analysis
                    4.2.2.1. Growing number of smart homes
                    4.2.2.2. Increasing formation of alliances among smart homemakers
                    4.2.2.3. Increasing smart home device demand
                    4.2.2.4. Rising customer preference for technically advanced products
          4.2.3. Market restraints analysis 
                    4.2.3.1. High level of security risk
                    4.2.3.2. Concerns regarding connectivity range
    4.3. Technological Insights 
    4.4. Regulatory Framework
    4.5. Porter’s Five Forces Analysis
    4.6. Competitive Metric Space Analysis
    4.7. Price trend Analysis
    4.8. Covid-19 Impact Analysis

Chapter 5. Smart Speaker Market By Component Insights & Trends, Revenue (USD Billion)
    5.1. Component Dynamics & Market Share, 2021–2028
          5.1.1. Hardware
          5.1.2. Software

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