Smart Speaker Market Size will Observe Substantial Growth of 23.93 Billion in 2028 | Emergen Research – EIN News

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Market Size – USD 6.91 Billion in 2020, Market Growth – at a CAGR of 16.9%, Market Trends – Growing demand for smart home devices worldwide

Market Size – USD 6.91 Billion in 2020, Market Growth – at a CAGR of 16.9%, Market Trends – Growing demand for smart home devices worldwide

— Emergen Research

VANCOUVER, BC, CANADA, June 16, 2022 /EINPresswire.com/ — The global Smart Speaker Market size is expected to reach USD 23.93 billion in 2028 at a CAGR of 16.9% during the forecast period, according to the latest report by Emergen Research. Increasing demand for smart appliances and devices due to growing trend of smart homes, rising preference for connected devices, and availability of technologically advanced smart devices are key factors expected to drive market revenue growth over the forecast period. In addition, introduction and launch of smart speakers with advanced features, support for popular voice assistants, and reasonable prices are some other key factors expected to further fuel revenue growth of the market going ahead.

Smart speakers are internet-connected devices that can be controlled by voice commands and can seamlessly stream audio content, provide information, and communicate and connect with other devices. Growing trend of smart homes has led to a significant increase in the demand for smart speakers and other connected devices. Today, a wide range of house appliances, electronic devices, and systems are available in the market that can be accessed and controlled remotely via connected devices and smartphones. In addition, smart home designers have actively collaborated with smart speaker manufacturers for the seamless integration of smart speakers in smart home automation systems and this trend is expected to continue going ahead. Rapid advancements in wireless technologies and deployment of robust security software along with smart devices are expected to boost their adoption and further contribute to the revenue growth of the market.

However, increasing concerns surrounding privacy, safety, and connectivity range of smart speakers and other smart devices owing to rising incidence of cyberattacks and misuse of IoT infrastructure are some key factors expected to restrain growth of the market to a certain extent over the forecast period.

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This study relies on the evolution of the industry to derive the trends that are observed. A significant increase in the global market is visible, which promises the expansion of the market in the coming years.

This report highlights the major contributing sectors in the industry and details the niche areas that exhibit potential to have an impact on the overall growth of the industry. The key players that account for a sizable portion of the market share have been profiled in this report. The research comprises of crucial information that has been drawn after analyzing the trends in the market. It includes market insights that aim to help the readers navigate their business ventures.

The major manufacturers covered in this report:

Apple Inc., Alphabet Inc., Amazon.com, Inc., Sony Corporation, Lenovo Group Ltd., Xiaomi Corporation, Altec Lansing, Inc., SK Telecom Co., Ltd., Onkyo Corporation, Baidu, Inc

Scope of the report:

The study aims to evaluate different segments, their individual development trends, and their contribution towards the growth of the overall industry. Furthermore, the research offers extensive data about the key factors such as the drivers, challenges, restraints and opportunities and their impact on the growth rate. Most importantly, the market intelligence report delivers competitive intelligence data from market …….

Source: https://www.einnews.com/pr_news/577091719/smart-speaker-market-size-will-observe-substantial-growth-of-23-93-billion-in-2028-emergen-research

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