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Smart Speaker Market Forecast to Grow at 50% CAGR from 2017 to 2024
July 21, 2017 | Global Market InsightsEstimated reading time: 3 minutes
The global smart speaker industry has recently witnessed a plethora of megatrends that are underlining its massive expansion. Industry players are betting on the competitive landscape to capitalize the growth opportunity. Arguably pioneered by Amazon, subject to their launch of interactive speakers with Echo device late in 2014, the industry now is witnessing an inflection point with the influx of new players in the business exploiting the future growth prospects. In the past two years, the rushing in of Chinese competitors in the smart speaker market has diversified the product landscape immensely. Recently, the announcement of Alibaba’s entrance in the business is expected to add a new dimension to the industry trends, grounding on the fact that participation by these renowned players is slated to disrupt the market consolidation.
The trends of IoT, particularly in the electronics and telecommunication industry has observed vibrant advancements over the past few years. Boasting the potential contribution of internet in the evolution of smart era, smart speaker market has established its immutable presence across various developing geographies. Increasing proliferation of consumer electronics and high demand for wireless connectivity are the two major grounds driving the market penetration. Of late, technological interventions have allowed manufacturers to introduce products that are not confined only to playing music, but have extended their applications to problem-solving, setting reminders, streaming of news and music with a single voice command. Integration of virtual assistant software has played a pivotal role in reshaping the business model. Google Home, for instance, powered by Google is profoundly considered one such technological breakthrough.
From a valuation of $400 million in 2016, smart speaker market in the next seven years is forecast to outpace all records by collecting a revenue of $13 billion by 2024. Considering the technological integration in the manufacturing of these devices, smart speaker market mainly encompasses Bluetooth, Wi-Fi, and NFC based products. Portability, compactness, built in battery makes Bluetooth enabled device an absolute choice for usage in outdoor activities and travel. Wi-Fi based smart speakers market is also experiencing an escalating commercialization, subject to its longer range and feasibility of directly connecting with the home network.
The remarkable expansion of smart speaker market is quite evident from its diversified product landscape. The industry being highly consumer driven, observes a widespread variety of products that increase the consumer convenience. Growing consumer inclination toward single room smart speakers is likely to enable this product’s domination in the global industry landscape. Ease of access from a single room is expected to be the main factor driving the huge adoption. However, one of the factors that might provide a lucrative opportunity to its counterpart—multiroom smart speakers—is the service range limitation of single room speakers. Greater convenience in terms of connectivity range, signal resilience, and user amenability can be given the credit for the multiroom smart speaker market penetration. Sonos Play wireless system is one of the profound examples of multiroom smart speakers.
The United States being one of the most progressive nations, as far as technological penetration is concerned, observes an upper hand in the global smart speaker industry. Increasing regional demand for wireless connection and rising IoT applications is driving the U.S. smart speaker market.
With China, India, and Japan at the helm, APAC smart speaker market will also witness substantial gains in the years ahead. Macroeconomic conditions, low labor costs, decreasing raw materials prices, and a paradigm shift in automation trends are some of the factors influencing the regional market outlook.
Despite having associated risks such as security breaches and data threats, the smart speaker industry is certain to witness a phenomenal demand over the coming years. The testimony of the projected growth curve being the huge set of opportunities this industry holds for application developers, component suppliers, network operators, and several other vendors. Global Market Insights Inc. projects the global smart speaker market to register a massive CAGR of 50% over the 2017–2024 period.
For more information on Global Market Insights' latest report on the smart speaker market, click here.
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