Report Overview
In 2020, the market for smart speakers was worth USD 7.82 billion. The market is anticipated to expand at a CAGR of 21.0% from USD 9.04 billion in 2021 to USD 34.24 billion in 2028. The impact of COVID-19 on the world has been unprecedented and astonishing, and the epidemic has had a beneficial effect on demand for smart speakers in every region. According to our data, the global market grew by a greater 14.6% in 2020 than it did on average between 2017 and 2019. When the pandemic is finished, this market’s demand and growth will resume to pre-pandemic levels, which will explain the increase in CAGR.
Due to the rapid expansion of smart homes, smart speakers have begun to gain popularity in recent years. They have Wi-Fi capabilities and voice commands for communication. They serve as a central centre for controlling smart home technology.
In the near future, it is projected that rising demand for speaker systems in residential applications would drive up product demand. Several key reasons, including the proliferation of smart home products, the advancement of artificial technology, and the rise of display-based gadgets, are anticipated to open up new market opportunities for key competitors. Additionally, major industry participants are concentrating on internationalising their company divisions. For example,
Due to the rapid expansion of the smart home market, the COVID-19 epidemic has driven the demand for speakers. Additionally, end users all around the world have begun embracing improved audio technology as a result of the development of wireless technology. The culture of remote work has considerably accelerated this trend, which has led to a rise in the use of smart speakers.
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Additionally, Asian countries that produce a significant amount of raw materials, such as chipsets for voice assistants and stamped iron and aluminium used for frames, such Japan, Taiwan, South Korea, India, and China, have seen uncertain production schedules and lockdowns around the globe.
The pandemic’s effects on the economy and the possibility of working from home have expanded the use of speakers in numerous residential applications for routine tasks. The market growth has been further fueled by a variety of functions, including as turning on lights, managing other smart devices at home, regulating the thermostat, setting timers, alarms, or reminders, and streaming podcasts or music. Additionally, COVID-19 caused a decline in speaker shipment in 2020, yet growth was still maintained. According to Strategy Analytics, there were 28.2 million smart speaker sales worldwide in the first quarter of 2020, a rise of 5%. Additionally, with a 6% increase, the number increased to 30 million units in the second quarter of 2020.
Numerous speaker manufacturers have started to include smart home connectivity features in their products, including Apple Inc., Avnera, Baidu, Beijing LingLong (JD.com), Deutsche Telekom, Fabriq, and others. Still other manufacturers are working together and partnering with manufacturers of smart home products like Xiaomi and Siemens AG. For instance, Apple Inc. introduced the HomePod tiny speaker in October 2020. It works with edge software and Siri, Apple’s speech assistant. Additionally, the HomePod mini has built-in privacy and security features, as well as Wi-Fi and smart home functionality.
Commercial applications are anticipated to take off as a result of enterprises’ greater use of smart assistants, which facilitate more effective management of corporate processes. Commercial use of these speakers promotes staff preparedness, organisation, and focus, which ultimately increases productivity and is expected to further fuel market expansion. Rising household and commercial use in industrialised countries like the U.S., Canada, Germany, and others is blamed for the market expansion.
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Due to the rapid development of digital technologies in the continent, major players are embracing smart home speakers more and more. In the U.K., for instance, there were 13 million speakers in use in 2019, with a 22% penetration rate. Similar to this, Germany is anticipated to enact a new regulation for flexible online media outlets in February 2020 that will recognise voice assistants as “end-user interfaces” and help make them more accountable to the laws of the nation. In addition, prominent market players’ investments, government initiatives, and rising funding for R&D activities are a few of the factors boosting market expansion in the area.
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
