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Smart Speaker Market by End-user and Geography - Forecast and Analysis 2021-2025

  • Published: Jan 2022
  • Pages: 120
  • SKU: IRTNTR72040
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Based on Technavio's market sizing methodology, the smart speaker market size is predicted to surge to USD 20.72 billion from 2021 to 2026 at a CAGR of 25.98%.

This smart speaker market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The smart speaker market report also offers information on several market vendors, including Alibaba Group Holding Ltd., Alphabet Inc., Amazon.com Inc., Apple Inc., Lenovo Group Ltd., LG Electronics Inc., Onkyo Corp., Samsung Electronics Co. Ltd., Sony Group Corp., and Xiaomi Corp. among others.

This report further entails smart speaker market segmentations, including:

  • End-user - Residential users and commercial users
  • Geography - North America, Europe, APAC, South America, and MEA

What will the Smart Speaker Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Smart Speaker Market Size for the Forecast Period and Other Important Statistics

 

Smart Speaker Market: Key Drivers, Trends, and Challenges

The rapidly increasing unit sales of smart speakers is notably driving the smart speaker market growth, although factors such as privacy and security threats associated with smart speakers may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the smart speaker industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Smart Speaker Market Driver

One of the major factors driving the global smart speaker market growth is the rapidly increasing unit sales of smart speakers. Vendors such as Amazon, Alphabet (Google), Alibaba, Baidu, Xiaomi, and Apple are prominent in the market. For instance, with its range of Alexa-enabled Echo products, Amazon led the overall smart speaker market for Q4 2020 with a 28.3% share of global shipments with 16.5 million units with year-over-year growth of 4%. Google established itself as the second-largest player in the global smart speaker market, though its number of shipments of smart speakers dropped by 5% in Q4 2020. Google held a 22.6% market share and shipped 13.2 million units of smart speakers in Q4 2020. China-based Baidu and Alibaba both shipped 6.6 million and 6.3 million units of smart speakers, respectively, in Q4 2020. The huge amount of revenue generated will encourage vendors to introduce low-budget speakers to achieve optimum market penetration, which will positively impact the market in focus during the forecast period.

Key Smart Speaker Market Trend

One of the key smart speaker market trends fueling market growth is the increasing popularity of voice commerce. Voice commerce is a technology that provides an alternative to using a keyboard and mouse or smartphones for ordering and purchasing products online. Consumers can give voice commands to smart speakers enabled with virtual assistants such as Google Assistant or Amazon Alexa for searching and buying products online. With the help of voice commerce, completing a purchase becomes fast and convenient. Moreover, consumers prefer voice commerce over traditional input methods due to advantages such as hands-free operation, the ability to order while being involved in other tasks, and fast response and results. Therefore, the increasing popularity of voice commerce will be a major trend driving the demand for smart speakers in the global market during the forecast period.

Key Smart Speaker Market Challenge

One of the major challenges impeding the global smart speaker market growth is the privacy and security threats associated with smart speakers. For instance, most of the population in the US is concerned that smart speakers are posing a great threat to the privacy of their conversations and personal data. Smart devices such as smart speakers can lead to a wide range of cybersecurity attacks such as denial-of-service (DDoS) attacks, man-in-the-middle (MiTM) attacks, data breaches through hacking smart speakers, advanced persistent threats (APTs), and ransomware attacks. Thus, the lack of privacy and security policies in the global smart speaker market might limit their adoption during the forecast period.

This smart speaker market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global smart speaker market as a part of the global consumer electronics market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the smart speaker market during the forecast period.

Who are the Major Smart Speaker Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Alibaba Group Holding Ltd.
  • Alphabet Inc.
  • Amazon.com Inc.
  • Apple Inc.
  • Lenovo Group Ltd.
  • LG Electronics Inc.
  • Onkyo Corp.
  • Samsung Electronics Co. Ltd.
  • Sony Group Corp.
  • Xiaomi Corp.

 

This statistical study of the smart speaker market encompasses successful business strategies deployed by the key vendors. The smart speaker market is fragmented and the vendors are deploying growth strategies such as product innovation and promotion on social media platforms to compete in the market.

Product Insights and News

  • Apple Inc. - The company offers the HomePod mini that offers an intelligent assistant, and smart home capabilities, with built-in privacy and security, in a beautiful compact design.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The smart speaker market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Smart Speaker Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the smart speaker market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global consumer electronics market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Aftersale service
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

 

Which are the Key Regions for Smart Speaker Market?

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40% of the market’s growth will originate from North America during the forecast period. The US is the key market for smart speakers in North America. Market growth in this region will be faster than the growth of the market in Europe, South America, and MEA.

The increasing number of new households will facilitate the smart speaker market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the COVID-19 pandemic positively impacted the regional smart speaker market. The governments in countries such as the US and Canada imposed nationwide lockdowns and COVID-related restrictions. As a result, consumers spent more time indoors. Consumers engage in voice shopping and listen to music on their smart speakers. Through smart speakers, consumers can control other smart home devices. Even amidst the pandemic, the increased use of smart speakers encouraged vendors in the regional market to launch new products. Therefore, owing to the increased consumer demand and product launches, the regional smart speaker market will witness growth during the forecast period.

What are the Revenue-generating End-user Segments in the Smart Speaker Market?

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The smart speaker market share growth by the residential users segment will be significant during the forecast period. The rise in popularity of digital content and subscription services such as Amazon Prime, Netflix, and YouTube, as well as other digital content platforms, is increasing the demand for smart speakers in households globally, which will drive the growth in this segment. Other factors such as home renovation projects will further increase the demand for smart devices such as speakers. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the smart speaker market size and actionable market insights on post COVID-19 impact on each segment.

 

Smart Speaker Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 25.98%

Market growth 2021-2025

$ 20.72 billion

Market structure

Fragmented

YoY growth (%)

20.87

Regional analysis

North America, Europe, APAC, South America, and MEA

Performing market contribution

North America at 40%

Key consumer countries

US, China, UK, Germany, and Australia

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Alibaba Group Holding Ltd., Alphabet Inc., Amazon.com Inc., Apple Inc., Lenovo Group Ltd., LG Electronics Inc., Onkyo Corp., Samsung Electronics Co. Ltd., Sony Group Corp., and Xiaomi Corp.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Smart Speaker Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive smart speaker market growth during the next five years
  • Precise estimation of the smart speaker market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the smart speaker industry across North America, Europe, APAC, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of smart speaker market vendors

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1. Executive Summary                           

                1.1 Market Overview

                                Exhibit 01:  Key Finding 1

                                Exhibit 02:  Key Finding 2

                                Exhibit 03:  Key Finding 3

                                Exhibit 04:  Key Finding 5

                                Exhibit 05:  Key Finding 6

                                Exhibit 06:  Key Finding 7

                                Exhibit 07:  Key Finding 8

2. Market Landscape                             

                2.1 Market ecosystem             

                                Exhibit 08:  Parent market

                                Exhibit 09:  Market characteristics

                2.2 Value chain analysis           

                                Exhibit 10: Value chain analysis: Consumer electronics

                                2.2.1 Inputs

                                2.2.2 Inbound logistics

                                2.2.3 Operations

                                2.2.4 Outbound logistics

                                2.2.5 Marketing and sales

                                2.2.6 Service

3. Market Sizing                       

                3.1 Market definition

                                Exhibit 11:  Offerings of vendors included in the market definition

                3.2 Market segment analysis 

                                Exhibit 12:  Market segments

                3.3 Market size 2020 

                3.4 Market outlook: Forecast for 2020 - 2025 

                                3.4.1 Estimating growth rates for emerging and high-growth markets

                                3.4.2 Estimating growth rates for mature markets

                                Exhibit 13:  Global - Market size and forecast 2020 - 2025 ($ million)

                                Exhibit 14:  Global market: Year-over-year growth 2020 - 2025 (%)

4. Five Forces Analysis                          

                4.1 Five Forces Summary        

                                Exhibit 15:  Five forces analysis 2020 & 2025

                4.2 Bargaining power of buyers           

                                Exhibit 16: Bargaining power of buyers

                4.3 Bargaining power of suppliers       

                                Exhibit 17: Bargaining power of suppliers

                4.4 Threat of new entrants    

                                Exhibit 18: Threat of new entrants

                4.5 Threat of substitutes         

                                Exhibit 19: Threat of substitutes

                4.6 Threat of rivalry   

                                Exhibit 20: Threat of rivalry

                4.7 Market condition

                                Exhibit 21:  Market condition - Five forces 2020

5 Market Segmentation by End-user                              

                5.1 Market segments

                                Exhibit 22:  End-user - Market share 2020-2025 (%)

                5.2 Comparison by End-user  

                                Exhibit 23:  Comparison by End-user

                5.3 Residential users - Market size and forecast 2020-2025       

                                Exhibit 24:  Residential users - Market size and forecast 2020-2025 ($ million)

                                Exhibit 25:  Residential users  - Year-over-year growth 2020-2025 (%)

                5.4 Commercial users - Market size and forecast 2020-2025     

                                Exhibit 26:  Commercial users - Market size and forecast 2020-2025 ($ million)

                                Exhibit 27:  Commercial users - Year-over-year growth 2020-2025 (%)

                5.5 Market opportunity by End-user  

                                Exhibit 28:  Market opportunity by End-user

6. Customer landscape                         

                6.1 Overview

                                Technavio’s customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria

                                Exhibit 29: ?Customer landscape?

7. Geographic Landscape                     

                7.1 Geographic segmentation

                                Exhibit 30:  Market share by geography 2020-2025 (%)

                7.2 Geographic comparison   

                                Exhibit 31: Geographic comparison

                7.3 North America - Market size and forecast 2020-2025           

                                Exhibit 32:  North America - Market size and forecast 2020-2025 ($ million)

                                Exhibit 33:  North America - Year-over-year growth 2020-2025 (%)

                7.4 Europe - Market size and forecast 2020-2025          

                                Exhibit 34:  Europe - Market size and forecast 2020-2025 ($ million)

                                Exhibit 35:  Europe - Year-over-year growth 2020-2025 (%)

                7.5 APAC - Market size and forecast 2020-2025              

                                Exhibit 36:  APAC - Market size and forecast 2020-2025 ($ million)

                                Exhibit 37:  APAC - Year-over-year growth 2020-2025 (%)

                7.6 South America - Market size and forecast 2020-2025           

                                Exhibit 38:  South America - Market size and forecast 2020-2025 ($ million)

                                Exhibit 39:  South America - Year-over-year growth 2020-2025 (%)

                7.7 MEA - Market size and forecast 2020-2025               

                                Exhibit 40:  MEA - Market size and forecast 2020-2025 ($ million)

                                Exhibit 41:  MEA - Year-over-year growth 2020-2025 (%)

                7.8 Key leading countries        

                                Exhibit 42:  Key leading countries

                7.9 Market opportunity by geography

                                Exhibit 43: Market opportunity by geography

8. Drivers, Challenges, and Trends                   

                8.1 Market drivers     

                                8.1.1 Rapidly increasing unit sales of smart speakers

                                8.1.2 Growing necessity of smart speakers in households

                                8.1.3 Rising demand for smart speakers from non-English speaking countries

                8.2 Market challenges              

                                8.2.1 Privacy and security threats associated with smart speakers

                                8.2.2 Threat from fake setup apps and counterfeit products

                                8.2.3 Availability of substitutes

                                Exhibit 44:  Impact of drivers and challenges

                8.3 Market trends      

                                8.3.1 Increasing popularity of voice commerce

                                8.3.2 Strong distribution network between manufacturers and retailers

                                8.3.3 Growth in prominence of smart displays

9. Vendor Landscape                             

                9.1 Overview

                                Exhibit 45: Vendor landscape

                                The potential for the disruption of the market landscape was moderate in 2020, and its threat is expected to remain unchanged by 2025. 

                9.2 Landscape disruption        

                                Exhibit 46: ?Landscape disruption?

                                Exhibit 47: Industry risks

10. Vendor Analysis               

                10.1 Vendors covered              

                                Exhibit 48: Vendors covered

                10.2 Market positioning of vendors    

                                Exhibit 49: ?Market positioning of vendors?

                10.3 Alibaba Group Holding Ltd.          

                                Exhibit 50:  Alibaba Group Holding Ltd. - Overview

                                Exhibit 51:  Alibaba Group Holding Ltd. - Business segments

                                Exhibit 52:  Alibaba Group Holding Ltd. - Key offerings

                                Exhibit 53:  Alibaba Group Holding Ltd. - Segment focus

                10.4 Alphabet Inc.      

                                Exhibit 54:  Alphabet Inc. - Overview

                                Exhibit 55:  Alphabet Inc. - Business segments

                                Exhibit 56:  Alphabet Inc. - Key offerings

                                Exhibit 57:  Alphabet Inc. - Segment focus

                                10.5 Amazon.com Inc.

                                Exhibit 58:  Amazon.com Inc. - Overview

                                Exhibit 59:  Amazon.com Inc. - Business segments

                                Exhibit 60:  Amazon.com Inc. - Key offerings

                                Exhibit 61:  Amazon.com Inc. - Segment focus

                                10.6 Apple Inc.

                                Exhibit 62:  Apple Inc. - Overview

                                Exhibit 63:  Apple Inc. - Business segments

                                Exhibit 64:  Apple Inc. - Key news

                                Exhibit 65:  Apple Inc. - Key offerings

                                Exhibit 66:  Apple Inc. - Segment focus

                10.7 Lenovo Group Ltd.           

                                Exhibit 67:  Lenovo Group Ltd. - Overview

                                Exhibit 68:  Lenovo Group Ltd. - Business segments

                                Exhibit 69:  Lenovo Group Ltd. - Key offerings

                                Exhibit 70:  Lenovo Group Ltd. - Segment focus

                10.8 LG Electronics Inc.            

                                Exhibit 71:  LG Electronics Inc. - Overview

                                Exhibit 72:  LG Electronics Inc. - Business segments

                                Exhibit 73:  LG Electronics Inc. - Key offerings

                                Exhibit 74:  LG Electronics Inc. - Segment focus

                10.9 Onkyo Corp.       

                                Exhibit 75:  Onkyo Corp. - Overview

                                Exhibit 76:  Onkyo Corp. - Product and service

                                Exhibit 77:  Onkyo Corp. - Key offerings

                                Exhibit 78:  Onkyo Corp. - Key customers

                                Exhibit 79:  Onkyo Corp. - Segment focus

                10.10 Samsung Electronics Co. Ltd.     

                                Exhibit 80:  Samsung Electronics Co. Ltd. - Overview

                                Exhibit 81:  Samsung Electronics Co. Ltd. - Business segments

                                Exhibit 82:  Samsung Electronics Co. Ltd. - Key offerings

                                Exhibit 83:  Samsung Electronics Co. Ltd. - Segment focus

                10.11 Sony Group Corp.          

                                Exhibit 84:  Sony Group Corp. - Overview

                                Exhibit 85:  Sony Group Corp. - Business segments

                                Exhibit 86:  Sony Group Corp. - Key offerings

                                Exhibit 87:  Sony Group Corp. - Segment focus

                10.12 Xiaomi Corp.    

                                Exhibit 88:  Xiaomi Corp. - Overview

                                Exhibit 89:  Xiaomi Corp. - Business segments

                                Exhibit 90:  Xiaomi Corp. - Key offerings

                                Exhibit 91:  Xiaomi Corp. - Segment focus

11. Appendix                             

                11.1 Scope of the report         

                                11.1.1 ????Market definition

                                11.1.2 ????Objectives

                                11.1.3 ????Notes and caveats

                11.2 Currency conversion rates for US$            

                                Exhibit 92: ?Currency conversion rates for US$?

                11.3 Research Methodology 

                                Exhibit 93: ?Research Methodology

                                Exhibit 94: ??Validation techniques employed for market sizing?

                                Exhibit 95: ??Information sources

                11.4 List of abbreviations        

                                Exhibit 96: List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
Technavio

TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
Technavio

TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The smart speaker market growth will increase by $20724.27 million during 2020-2025.
The smart speaker market is expected to grow at a CAGR of 25.98% during 2020-2025.
Technavio has segmented the smart speaker market by end user (Residential users and Commercial users) and geographic (North America, Europe, APAC, South America, and MEA).
Alibaba Group Holding Ltd., Alphabet Inc., Amazon.com Inc., Apple Inc., Lenovo Group Ltd., LG Electronics Inc., Onkyo Corp., Samsung Electronics Co. Ltd., Sony Group Corp., Xiaomi Corp. are a few of the key vendors in the smart speaker market.
North America will register the highest growth rate of 39.62% among the other regions. Therefore, the smart speaker market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
  • US
  • China
  • UK
  • Germany
  • Australia
The key factors driving the smart speaker market growth are:
  • Rapidly increasing unit sales of smart speakers
The smart speaker market vendors should focus on grabbing business opportunities from the residential users segment as it accounted for the largest market share in the base year.
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