Northbrook, IL -- (SBWire) -- 12/21/2018 --[150 Pages Report] The overall smart speaker market is expected to grow from USD 1.57 billion in 2017 to USD 11.79 billion by 2023, at a CAGR of 34.44% from 2018 to 2023.
The emergence of smart speaker is expected to transform the outlook of wireless speaker market. Application areas for smart speaker range from smart home, smart office, commercial, and automotive applications. There has been continuous increase in demand for smart speakers, especially in smart homes, owing to 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. The base year considered for the study is 2017, and the forecast is for the period between 2018 and 2023.
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Increasing number of smart homes to drive the global smart speaker market
A smart home is an advanced automation system that controls devices and appliances such as smart thermostats; heating, ventilation, and air conditioning (HVAC) systems; and security systems through internet connection.
Increasing number of smart homes, rising disposable income, growing trend of personalization, and rapid proliferation of multifunctional devices are the major factors that play a significant role in the growth of the smart speaker market
Smart Home
Smart home is also known as connected home or automated home. It is defined as a dwelling unit where partial or all functionalities can be controlled remotely or manually with the integration of required electronic devices and specialized software. Smart home is the major application of smart speakers owing to their features and usability. Smart speakers can control smart devices with user voice, thus making day-to-day tasks easy. With a voice command, the user can control all smart devices by connecting the device to the Internet. Smart speakers understand the natural way of speaking and are less complicated to operate than other smart devices, making them an easy-to-use tool for the elderly and busy people.
Consumer
Smart speakers, excluding those used in smart home, smart office, commercial, and automotive applications, owned by direct/target consumers are considered under this segment. Smart speakers are increasingly adopted by the consumer owing to the convenience offered by the device. Smart speaker can control any smart devices, through a smartphone and internet connection.
Smart offices
Smart offices are getting more advanced with increasing deployment of smart speakers. Smart speakers that make life easier and efficient for consumers in smart homes can be employed in work settings as well. Smart speakers are physically made to be compatible with office surroundings. Convenience is the key factor for the increasing demand for smart speakers in office automation. In a smart office environment, especially in customer service applications in retail and call centers, smart speakers know how the business is doing at present and help business owners make better and quick business decisions.
Others
Other applications of smart speakers include automotive and commercial. Demand for smart speakers used in the automotive application is growing rapidly owing to their compactness and compatibility with other devices. Smart speaker is a voice-enabled hands-free device. It allows users to change the radio station, find a button to change the song, or receive calls while driving without looking at the music system and smartphone, thus increasing safety. Smart speakers can also act as a link between the car and smart home, making user life convenient and saving their time. Users can access their car from their home and also access their smart home while driving. For instance, if users want to switch on the AC unit at their home while driving, they can command the smart speaker through their smartphone, and the speaker would switch on the AC.
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