Smart Home Speakers Market Size, Share, Growth, And Industry Analysis, By Type (Wi-Fi Enabled and Bluetooth Enabled), By Application (Sports, Leisure & Entertainments and Others), Regional Forecast From 2023 To 2030

Updated On: 13 November 2023

Smart Home Speakers Market Report Overview

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The global smart home speakers market size was USD 6.41 billion in 2022 and the market is expected to reach USD 28.11 billion in 2028, exhibiting a CAGR of 27.9% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the smart home speakers market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

Smart home speakers are wireless devices that offer several connectivity options to enhance the functionality of existing speakers. These extra features are offered to make it simpler for clients to use and to connect. Smart speakers come with capabilities including voice assistant, to-do list creation, alarm setting, real-time information, and much more. Loud stereos, LED speakers, and a variety of additional products are among the many that are available for these speakers.

The development of audio technology, the increase in the number of home automation, the development of wireless technology, the increasing use of smartphones and other smart devices, and innovative products with the incorporation of new services and technologies are the factors that are propelling the market for smart speakers.

COVID-19 Impact: Outbreak of the Pandemic has Boosted the Need for Speakers due to the Smart Homes’ Quick Expansion

The COVID-19 outbreak has boosted the need for speakers on account of the market for smart homes' quick expansion. Additionally, as a result of the advancement of wireless technology, target consumers all over the globe have started to embrace better audio technologies. The use of smart home speakers has increased as a result of this development, which has been greatly accelerated by the culture of working remotely. Additionally, Asian nations including Taiwan, South Korea, Japan, India, and China have experienced unclear production schedules and lockdowns globally. These nations generate major amounts of raw materials such as chipsets for smart speakers and forged iron and aluminum used for frameworks.

Latest Trends

"Compatibility with both Amazon-made Speakers and Other Companies will Increase the Market Share for Speakers in the U.S."

Amazon Alexa: Over the course of the projection period, the Amazon Alexa category will significantly contribute to market growth. The digital voice assistant Amazon Alexa is compatible with both Amazon-made smart speakers and those made by other companies. During the projection period, Amazon Echo speakers' share in the US market for smart home speakers could rise as a result of the addition of new capabilities to Alexa, which could raise demand for them.

Smart Home Speakers Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Wi-Fi Enabled and Bluetooth Enabled

• By Application Analysis

Based on application, the market can be divided into Sports, Leisure & Entertainments and Others

Driving Factors

"Inclusion of AI and NPL in the Speakers will Boost the Home Speakers Industry"

Over the projected period, the market growth will be boosted by the smart home speaker's incorporation of AI. The chipsets utilized in smart speakers with AI integration have capabilities including voice control, excellent audio, and extended battery capacity. Natural processing language (NPL) and voice recognition systems also make it possible for speakers to comprehend voice commands more easily. For instance, Baidu has a big advantage thanks to its AI capabilities when it comes to creating voice - enabled devices that can comprehend natural language and learn communicative abilities.

"Rising Adoption of Smart Home Devices with the Speakers as a Control Hub will Drive Up the Market "

Over the course of the projection period, the market will see significant potential due to the rising adoption of smart home devices. Consumers are increasingly adopting smart home products, door locks, video surveillance, heaters, lighting systems, and smart TVs. The ability to easily operate and control smart devices remotely is also provided by this type of speaker, which acts as a primary point of contact and control hub for all connected devices.

Restraining Factors

"Fear of Misuse of Data by the Manufacturers has the Potential to Obstruct the Market Growth of Speakers from the Consumer’s End "

The misuse of the private information gathered by smart home speakers by manufacturers presents a threat to data privacy. The wake word causes the home speakers to turn on. Alexa, for Amazon Echo smart speakers, or Ok Google, for Google Home smart speakers, are two instances. Users have the option to later erase the data, however once the server has processed the user's inquiries, they are recorded in digital logs for use in further voice pattern analysis. The methods used to activate other speakers in the smart speaker sector are comparable. Therefore, consumers are worried that businesses might utilize their personal information for ad targeting or other purposes. This is one factor which has the potential of obstructing the smart home speakers’ market growth from the consumer’s end.

Smart Home Speakers Market Regional Insights

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"North America to Dominate the Market due to Presence of Prominent Suppliers and Early Adoption of Technology in the Region "

The smart home speaker North America market is expected to predominate throughout the projected period due to the continuous presence of early adopters and significant smart speaker suppliers including Google Inc. and Amazon.com. The North American region is growing along with the introduction of cutting-edge technology such as IoT and AI. Among the countries in North America that are willing to accept products with cutting-edge technologies are the US, and Canada smart speakers are widely used in North American nations, especially in the US, as a result of early adopters and big smart speaker manufacturers. Regional firms have developed cutting-edge products as a result of consumers' willingness to adopt and use new technologies. The majority of items are announced and delivered here initially since the US is home to significant corporations notably Google, Amazon, Apple, and Bose that manufacture these speakers. Due to early adoption of top-notch technologies and a healthy economic climate, smart home speakers market share have rapidly gained appeal in North America.

Asia-Pacific is also likely to grow faster during the forecast period, as expected. As customers adopt smart homes and offices in response to the COVID 19 problem, the market for these home speakers has been growing rapidly in the Asia-Pacific area. During the projected period, the introduction of smart city initiatives in the countries within the region will also fuel the Asia-Pacific market for the speakers.

Key Industry Players

"Key Players are Utilizing Growth Strategies and Techniques Advancements to Gain a Competitive Advantage"

The market for smart home speakers is fragmented, and vendors are using growth techniques including new product introductions to compete. The market is extremely competitive and includes a wide range of domestic and foreign competitors. Vendor operations are seriously put at risk by fierce vendor competition as well as quick technical advancements. Vendors are therefore distinguishing their offerings of products and services with a distinct and clear value proposition in order to thrive in a cutthroat industry. Products are being sold by market vendors at affordable prices. Additionally, the market is luring new competitors, which will ratchet up the rivalry.

List of Market Players Profiled

• Sony (Japan)
• Bose (U.S.)
• Harman International (U.S.)
• DTS Inc (U.S.)
• Yamaha (Japan)
• LG (South Korea)
• Samsung (South Korea)
• Sharp (Japan)
• Lenovo (Hong Kong)
• Panasonic (Japan)
• JVC (Japan)
• VOXX (U.S.)

Report Coverage

This report covers the smart home speakers market. The CAGR expected to be in during the forecast period, and also the USD value in 202 and what it is expected to be in 2028. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.