Global Smart Speaker Market was worth US$ 7.10 Bn. in 2020 and total revenue is expected to grow at a rate of 17.1 % CAGR from 2021 to 2027, reaching almost US$ 21.44 Bn. in 2027.
Smart Speaker Market Overview:
Maximize Market Research has Published an intelligence report entitled Smart Speaker Market 2021 by Manufacturers, Regions, Type and Application, Forecast to 2027 that is the complete creation of meticulous primary and secondary research. The report thoroughly covers analysed insights in view of the market along with its ever-changing patterns, industry environment, and all dominant aspects of the market. This research methodology has been applied to examine the Smart Speaker market and these findings have been logically mentioned in this report.
A smart speaker is a Wi-Fi-enabled speaker that performs interactive activities via voice commands and serves as a smart home management hub. Amazon’s Echo was the first smart speaker, released in November 2014. It immediately gained popularity in the United States. In China, smart speakers began to gain popularity in 2018 A smart speaker is a voice-activated device with an intelligent virtual assistant that can help with a variety of tasks around the house, such as answering questions, streaming music or Setting timers, alerts, or reminders, turning on lights, regulating the thermostat, and controlling other smart devices are all possibilities. Most smart speakers on the market today are compatible with virtual assistants like Amazon’s Alexa or Google Assistant, and offer a wealth of features and functions that can be controlled remotely. Many speakers have a touchscreen display that responds to user commands visually.
Global Smart Speaker Market 2021 research report 2027 provides vital statistics and analytical knowledge to grant an entire understanding of the market size, share, growth, trend, demand, top player and industry summary, opportunities, worth cycle, end-users, technology, types and application. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
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Porters Five Force Model:
The report provided by Maximize Market Research provides Porter’s Five Force model which helps you in designing the business strategies. The report helps you in identifying how many rivals, who are they that you have to compete with and how their product quality compared to yours in Smart Speaker market. It helps in determining the number of potential suppliers, how unique products they provide, and how expensive is to switch from one to another.
Based on Virtual Assistance, the market is sub segmented into Amazon Alexa, Google Assistant, Siri, Cortana, Other. The Alexa speaker is available in more than 80 countries, providing the firm with a large audience from which to gather usage data and improve its service. Siri, Apple’s voice assistant, offers hands-free activation, deep integration technologies, and high-quality virtual surround sound, as well as capabilities such as timer scheduling, calendar event management, and more. When launched with “Ok Google,” the Google assistant enables fast access to all Google services and data linked with the Google account. According to a survey released in 2019, Amazon Alexa/Echo has a 70% market share in the United States, followed by Google Home with 25% and Apple Home Pod with 5%. This is partly due to the high sales of low-cost devices such as Google Home Mini and Amazon Echo Dot. As a result of the rise of virtual help, the smart speaker market is growing.
Based on Distribution channel, the market is sub-segmented into online, offline. In 2017, the online channel had the greatest market share, with a CAGR of over 21% over the forecast period. The expanding number of online OEM e-commerce portals and online direct-to-consumer retailers, such as Amazon, eBay, Best Buy, Alibaba, and JD.com, is boosting the global market for this segment. Factors like ease of access and convenience provided by such channels are improving the online retail channel’s sales in the global market. Leading suppliers are providing YouTube training videos to aid beginners in learning how voice-assistant speakers work and how to set them up in the global market. Leading players in the worldwide smart speaker market will benefit from the growing popularity of online stores in the United Kingdom, the United States, and Germany.
• Apple, Inc.
• Alibaba Group
• Alphabet Inc.
• Tmall Genie
• Sonos one
• Bose Corporation
• Panasonic SC-GA10
• Samsung Electronics Co. Ltd.
• Baidu Inc.
• JBL Link 20
• Sonas Beam
• Google home mini
The competitive landscape is a critical aspect every key player needs to be familiar with. The report throws light on the competitive scenario of the global Smart Speaker market to know the competition at both the domestic and global levels. The key aspects such as areas of operation, production, and product portfolio. Additionally, companies in the report are studied based on key factors such as company size, market share, market growth, revenue, production volume, and profits.
In additional Smart Speaker Market Share analysis of players, in-depth profiling, product/service and business overview, the study also concentrates on BCG matrix, heat map analysis, Competitive Benchmarking along with SWOT analysis to better correlate market competitiveness.
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Geographically, this report is segmented into several key countries, with market size, growth rate, import and export of Smart Speaker market in these countries, which covering North America, U.S., Canada, Mexico, Europe, UK, Germany, France, Spain, Italy, Rest of Europe, Asia Pacific, China, India, Japan, Australia, South Korea, ASEAN Countries, Rest of APAC, South America, Brazil, and Middle East and Africa.
COVID-19 Impact Analysis on Smart Speaker Market:
Covid 19 is a global pandemic and public health emergency that has affected almost every industry, effects of this pandemic are expected to impact the industry growth through the forecast period. Our research report extends our research framework to ensure that it includes the underlying COVID 19 issues and potential paths to the future. The report provides insights on COVID 19 taking into account consumer and demand changes, purchasing behavior, supply chain transformation, current market power dynamics, and significant government intervention. The updated study provides insights, analysis, estimates, and forecasts that take into account the impact of COVID 19 on the Smart Speaker market.
Key Questions answered in the Smart Speaker Market Report are:
- Which product segment grabbed the largest share in the Smart Speaker market?
- How is the competitive scenario of the Smart Speaker market?
- Which are the key factors aiding the Smart Speaker market growth?
- Which region holds the maximum share in the Smart Speaker market?
- What will be the CAGR of the Smart Speaker market during the forecast period?
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