Global Smart Speaker Market Expected to Generate a Value of US $19.91 Billion by 2024 with a CAGR of 21.12% - ResearchAndMarkets.com

DUBLIN--()--The "Global Smart Speaker Market (by Value, Installed Base & Shipments) - Insights, Trends & Forecast (2020-2024)" report has been added to ResearchAndMarkets.com's offering.

The global smart speaker market is estimated to reach US$19.91 billion in 2024, growing at a CAGR of 21.12% for the period spanning from 2020 to 2024.

The factors such as increasing disposable income, rising number of smart homes, growing urban population, increasing penetration of IoT devices, rising voice commerce, millennials attraction towards smart speakers and establishment of 5G connections are expected to drive the market. However, the growth of the industry will be challenged by the localization of language privacy and security risks and high prices. A few notable trends include increasing usage of smart speakers at home, advancement in natural language processing, growing inclination towards technological advancement and rising demand for multifunctional devices.

The global smart speaker market is broadly segmented into various platforms including Amazon Alexa, Google Assistant, Apple Siri, Duer OS, Xiao Al, Ali Genie, and others. Rising consumer preference for Alexa, low cost and high efficiency along with its multi-functional features helped Alexa to remain at top position amongst all the smart speakers. In the smart speaker market, Alexa accounted for the highest share in 2019.

The fastest-growing regional market is the United States owing to an increasing number of devices per household coupled with the rising adoption of smart speakers. The U.S. and China are highly established premium markets that contribute to significant shares in the global market. Growing installed base users for smart devices in China propelled the demand for smart speakers.

Scope of the report:

  • The report provides a comprehensive analysis of the global smart speaker market is broadly segmented into various platforms including Amazon Alexa, Google Assistant, Apple Siri, Duer OS, Xiao Al, Ali Genie, and others.
  • The major regional markets have been analyzed, along with country coverage of the US and China.
  • The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
  • The competitive landscape of the market, along with the company profiles of leading players (Amazon.com Inc., Apple Inc., Alphabet Inc., Baidu Inc., Alibaba Group Holding Limited, Xiaomi Corporation) are also presented in detail.

Key Topics Covered:

1. Market Overview

1.1 Smart Speakers

1.2 Features of Smart Speakers

1.3 Pros of Smart Speakers

1.4 Cons of Smart Speakers

1.5 Smart Speakers Devices

1.6 Smart Speakers- Virtual Assistant Platforms

1.7 Major Smart Speakers- Virtual Assistant Platforms

2. Global Market Analysis

2.1 Global Smart Speaker Market by Value

2.2 Global Smart Speaker Market Forecast by Value

2.3 Global Smart Speaker Market by Platform

2.4 Global Smart Speaker Market by Region

2.5 Global Smart Speaker Market by Installed Base

2.6 Global Smart Speaker Installed Base by Region

2.7 Global Smart Speaker Shipments

2.8 Global Smart Speaker Shipments Forecast

2.9 Global Smart Speaker Shipment by Region

3. Regional Market Analysis

3.1 The US

3.1.1 The US Smart Speaker Market by Value

3.1.2 The US Smart Speaker Market Forecast by Value

3.1.3 The US Smart Speaker Market Share by Platform

3.1.4 The US Alexa Smart Speaker Sales by Value

3.1.5 The US Alexa Smart Speaker Sales Forecast by Value

3.1.6 The US Google Assistant Smart Speaker Sales by Value

3.1.7 The US Google Assistant Smart Speaker Sales Forecast by Value

3.1.8 The US Siri Smart Speaker Sales by Value

3.1.9 The US Siri Smart Speaker Sales Forecast by Value

3.1.10 The US Smart Speaker Market by Product

3.2 China

3.2.1 China Smart Speaker Shipment

4. Market Dynamics

4.1 Growth Drivers

4.1.1 Increasing Disposable Income

4.1.2 Increasing Number of Smart Homes

4.1.3 Growing Urban Population

4.1.4 Growing Penetration of IoT Devices

4.1.5 Increasing Popularity of Voice Commerce

4.1.6 Establishment of 5G Infrastructure

4.1.7 Millennials Attraction Towards Smart Speakers

4.2 Key Trends & Developments

4.2.1 Rapid Increase in the Usage of Smart Speakers at Home

4.2.2 Advancement in Natural Language Processing (NLP)

4.2.3 Growing Inclination Towards Technological Products

4.2.4 Rising Demand for Multifunctional Devices

4.3 Challenges

4.3.1 Localization of Language

4.3.2 Privacy and Security Risk

4.3.3 High Prices

5. Competitive Landscape

5.1 Global Market

5.1.1 Revenue and Market Cap Comparison

5.1.2 Global Smart Speaker Market Share by Company

5.1.3 Global Smart Speaker Shipment by Company

5.1.4 Global Smart Speaker Shipment Category Share by Company

5.2 The U.S. Market

5.2.1 The U.S. Smart Speaker Market Share by Company

5.3 China Market

5.3.1 China Smart Speaker Market Share by Company

6. Company Profiles

6.1 Amazon.com, Inc.

6.2 Apple, Inc.

6.3 Alphabet Inc. (Google)

6.4 Baidu, Inc.

6.5 Alibaba Group Holding Limited

6.6 Xiaomi Corporation

For more information about this report visit https://www.researchandmarkets.com/r/hic99l

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press@researchandmarkets.com
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Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900