Smart Speaker Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
Albany, NY -- (SBWIRE) -- 07/13/2018 -- The global smart speaker market is expected to reach US$ 18,472.1 Mn by 2026. The market is projected to expand at a CAGR of 18.01% during the forecast period from 2018 to 2026. According to the report, the global smart speaker market will continue to be influenced by a range of factors such as increasing number of companies proving highly advanced smart speakers around the globe, rising smart homes trend worldwide, and rising disposable income. Asia Pacific will continue to be at the forefront of global demand, with the market in the region growing at above 19% through 2026.
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The global smart speaker market is bifurcated by components into hardware and software. Hardware based component segment is expected to surpass US$ 10,343.7 Mn by 2026. Within the hardware segment, smart speaker processor is expected to expand at a significant CAGR of above 18% during the forecast period. Smart speakers are getting more intelligent and rapidly becoming important devices used across homes. Processors are important as a smart speaker component, as it helps the smart speaker device to handle and perform multiple voice commands and tasks prompted by the user. Furthermore, it also helps in performing multiple tasks to support various functions such as music streaming, making phone calls, and device controlling.
Based on mode of sale, the smart speaker market is segmented into online and offline sale. The online mode of sale segment is expected to witness higher market share, owing to the rising demand for smart speakers worldwide and the ease of convenience it provides. Additionally, many well-established market players from the smart speaker domain such as Apple, Inc., Amazon.com, Inc., and Harman International are offering these smart speakers online, as it is easier to reach the global customers and helps in increasing sales opportunities.
On the basis of application, the smart speaker market is segmented into commercial and personal. Smart speakers primarily enhance the experience of an individual while using it at home or in smart homes. Consumers can ask the smart speaker to play a song or a movie according to choice. Furthermore, consumers can also ask the smart speaker to set a timer while doing some work. A smart speaker helps in controlling the entire house through a simple voice command. Smart speakers are capable of turning down the room lights or turn up the heating, apart from performing many other tasks.
Amazon Alexa voice assistant type segment expected to hold significant market share during the forecast period
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On the basis of voice assistant systems, the smart speaker market is segmented into Amazon Alexa, Google Assistant, Apple Siri, Microsoft Cortana, and others. Amazon Alexa is expected to hold a higher market share of more than 55% in 2026. Amazon.com, Inc. unveiled its smart speaker named "Amazon Echo" in the year 2015 and it was the first to enter the smart speaker market. It also launched other versions of smart speakers namely "Amazon Dot and Amazon Tap" for the U.S. market and later on for the other bigger markets such as the U.K, India, and China.