A key factor driving the growth of the global smart speaker market size is the growing necessity of smart speakers in households. The demand for smart speakers in households is increasing at a significant rate owing to the increasing number of home renovation projects, the growing popularity of digital streaming platforms, and easy integration with other smart home devices. Moreover, smart speakers are designed to serve as a hub to connect with various digital streaming platforms and with TV and other devices. Thus, with consumers increasingly spending on renovation projects to make their homes digitally connected, the installation of smart home devices such as smart speakers is expected to increase at a significant rate during the forecast period.
As per Technavio, the increasing popularity of voice commerce will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global smart speaker market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Smart Speaker Market: Increasing Popularity of Voice Commerce
The concept of voice commerce is gaining immense popularity worldwide as it provides an alternative to using a keyboard and mouse or smartphones for ordering and purchasing products online. Voice commerce allows consumers to give a voice command to smart speakers that are equipped with virtual assistants such as Amazon Alexa, and Google Assistant, while buying products online. Therefore, the growing popularity of voice commerce is expected to be one of the key smart speaker market trends that will fuel the market growth during the forecast period.
“Apart from the increasing popularity of voice commerce, other factors such as the strong distribution network between manufacturers and retailers, and the growth in prominence of smart displays will have a significant impact on the smart speaker market growth during the forecast period,” says a senior analyst at Technavio.
Global Smart Speaker Market: Segmentation Analysis
This market research report segments the global smart speaker market worth by end-user (residential users, and commercial users), and geographic regions (Europe, North America, APAC, South America, and MEA).
The North American region led the smart speaker market in 2018, followed by Europe, APAC, South America, and MEA respectively. The smart speaker market analysis report identifies factors such as the growing necessity of smart speakers in households, and the increasing number of home renovation projects in the US to fuel market growth in North America during the forecast period.
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- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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