Smart Speaker Market expected to be worth $15.6 billion by 2025

(IT-NEWSWIRE.COM, June 12, 2020 ) According to the new market research report published by MarketsandMarkets, the "Smart Speaker Market with COVID-19 Impact Analysis by IVA (Alexa, Google Assistant, Siri, DuerOS, Ali Genie), Component (Hardware (Speaker Driver, Connectivity IC, Processor, Audio IC, Memory, Power IC, Microphone) and Software), Application, and Region - Global Forecast to 2025", size is expected to grow from USD 7.1 billion in 2020 to USD 15.6 billion by 2025, at a CAGR of 17.1%. The growth of the market can be attributed to the rising demand for smart speaker display, increasing number of smart homes, rising disposable income, and rapid proliferation of multifunctional devices. The increasing focus of companies on enhancing customer experience and consumer preference for technologically advanced products over traditional products are expected to present opportunities to players in the smart speaker ecosystem.

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The smart home segment to hold the largest share of the smart speaker market during the forecast period

There has been a continuous increase in the demand for smart speakers, especially in smart homes, owing to the increasing consumer demand for advanced and multifunctional devices. Moreover, the proliferation of smartphones has enabled the development of applications to stream music to a specific device, thus fueling the demand for smart speakers.

Google Assistant to hold the largest share of the smart speaker market during the forecast period

Google Assistant is supported by the data generated from its web search engine. It gives contextual information and generally gives longer and informative answers. Google Assistant also works with Google’s online services and cites source websites while providing information.

The software segment expected to grow at the highest CAGR during the forecast period

Different IVA platforms support smart speakers, such as Alexa offered by Amazon, Google Assistant offered by Google, and Siri offered by Apple. Other IVAs such as XiaoAI, DuerOS, Bixby, and AliGenie have also started gaining traction owing to the increasing demand for voice assistance platforms in smart devices.

APAC smart speaker market to grow rapidly in the coming years

Smart speakers with local language support have enormous potential to grow in technologically advancing countries of APAC. The growing population, the rapid increase in purchasing power parity (PPP), and the adoption of innovative technologies are the major factors for the fast growth of the market in this region. However, smart speakers are an expensive purchasing decision for most consumers in APAC.

Major players in the smart speaker market include Amazon, Inc (Amazon) (US), Harman International (US), Apple Inc. (Apple) (US), Sonos (US), Alphabet Inc (Alphabet) (US), Baidu, Inc (Baidu) (China), Bose Corporation (Bose) (US), Sony Corporation (Sony) (Japan), Onkyo Corporation (Onkyo) (Japan), Samsung Electronics (Samsung) (South Korea), Panasonic Corporation (Panasonic) (Japan), Alibaba Group (Alibaba) (China), Altec Lansing (US), Lenovo Group Ltd. (Lenovo) (China), Xiaomi Inc. (Xiaomi) (China), SK Telecom Co., Ltd. (SK Telecom) (South Korea), Facebook (US), and LG Electronics (South Korea).

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Smart Speaker Market expected to be worth $15.6 billion by 2025