DUBLIN--(BUSINESS WIRE)--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" report has been added to ResearchAndMarkets.com's offering
The global smart speaker market 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 growing demand for smart speaker display, increasing number of smart homes, rising disposable income, and rapid proliferation of multifunctional devices. However, high-security risk and availability of substitutes could pose challenges for the smart speaker market growth.
DuerOS to register the highest CAGR during the forecast period.
Baidu's current smart devices and new additions all use the company's DuerOS assistant. DuerOS can support a wide range of hardware devices, such as mobile phones, televisions, speakers, household appliances, automobiles, and robots. The DuerOS smart speaker solution is a customized voice solution for audio output devices with or without a screen.
Hardware to hold the largest share of the smart speaker market throughout the forecast period
Hardware constitutes a major portion of the smart speaker. Currently, smart speakers process a small volume of data, which requires a hardware platform with computing capabilities to support basic functions, such as streaming music, surfing for information, making phone calls, and controlling smart devices.
The smart speaker market in APAC expected to grow at the highest CAGR during the forecast period
The increasing penetration of smart devices in APAC countries, along with the growing market share of Chinese players such as Baidu, Alibaba, and Xiaomi, who have launched smart speakers with local language support, is expected to fuel the demand for smart speakers in the region.
- Increasing Number of Smart Homes
- Growing Trend of Smart Speakers with Display
- Rising Disposable Income
- Rapid Proliferation of Multifunctional Devices
- Growing Trend of Personalization
- Issues Related to Connectivity Range, Compatibility, and Power
- Increasing Consumer Preference for Technologically Advanced Products
- Increasing Focus of Companies on Enhancing Customer Experience
- High-Security Risk
- Availability of Substitutes
- Harman International
- Onkyo Corporation
- SK Telecom
- LG Electronics
- Altec Lansing
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