Smart Speaker Market to Rise to USD 34.24 Billion by 2028; Rising Smart Home Trend to Propel Growth – GlobeNewswire

February 9, 2022 by No Comments

Pune, India, Feb. 08, 2022 (GLOBE NEWSWIRE) — The global Smart Speaker Market size reached USD 7.82 billion in 2020. The market valuation is set to increase from USD 9.04 billion in 2021 to USD 34.24 billion in 2028 at a CAGR of 21.0% during the forecast period. The product adoption will soar in the forthcoming years led by the proliferation of smart home devices. Consumer demand for latest AI-powered tech to control smart home devices will be a key trend in the market. Fortune Business Insights presents this information in its report titled “Smart Speaker Market, 2021-2028.”

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Leading Companies Profiled in the Market Report:         

  • Apple Inc. (California, U.S.)
  • Avnera Corporation (Oregon, U.S.)
  • Baidu, Inc. (Beijing, China)
  • Deutsche Telekom (Bonn, Germany)
  • Fabriq (England, U.K.)
  • Facebook (California, U.S.)
  • Jam Audio (Michigan, U.S.)
  • KaKao (Jeju-si, South Korea)
  • Lenovo (Quarry Bay, Hong Kong)
  • LG Electronics (Seoul, South Korea) 

Smart speakers are audio systems that are Wi-Fi enabled and function through voice commands. They are gaining massive popularity in smart home applications as they serve as a control hub for smart devices and home appliances. Due to these factors, the demand for these speakers is rising primarily in the residential sector. New technologies powered by artificial intelligence (AI) featuring built-in display capabilities are being launched in the market. As new technologies enter the market, the market players are slated to face immense competition in the forthcoming years.    

COVID-19 Impact:        

Pandemic-Induced Work-From-Home Trend Brings Lucrative Opportunities                 

The COVID-19 pandemic has presented tremendous opportunities for market players across the globe. With rise in remote working culture, the demand for high-quality smart wireless audio devices has increased considerably. Strategy Analytics reports that product sales during Q1 2020 reached 28.2 million units worldwide. This number reached 30 million units by the second quarter. Amid a highly uncertain COVID-19 landscape, the continuing work-from-home trend will further fuel the product adoption over the projected timeline.

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Type, Application, and Region are studied for the Market

Based on type, the market is segmented into wireless speakers, virtual assistants, and others.

On the basis of application, the market is bifurcated into residential and commercial.

In terms of region, the market is studied across North America, Asia Pacific, South America, Europe, and the Middle East & Africa.

Report Coverage:

The report offers:

  • Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
  • Comprehensive insights into regional developments.
  • List of major industry players.
  • Key strategies adopted by the market players.
  • Latest industry developments such as product launches, partnerships, mergers, and acquisitions.    

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