Smart Speakers Global Market Report 2024

The smart speakers market size has grown exponentially in recent years. It will grow from $10.93 billion in 2023 to $14.56 billion in 2024 at a compound annual growth rate (CAGR) of 33.2%. The expansion witnessed during the historical period can be attributed to factors such as the integration of voice assistants, control over smart home devices, music streaming capabilities, efficient information retrieval, and seamless integration within the ecosystem.

The smart speakers market size is expected to see exponential growth in the next few years. It will grow to $35.59 billion in 2028 at a compound annual growth rate (CAGR) of 25.0%. The anticipated growth in the forecast period can be linked to the implementation of multi-modal interfaces, enhanced voice recognition technologies, extended localization and language support, the incorporation of health and wellness features, and the increased adoption within the business and enterprise sectors. Notable trends expected during the forecast period encompass the rise of voice commerce (v-commerce), heightened focus on privacy and data security, the ability to customize wake words, the delivery of personalized content, and the application of artificial intelligence for improved contextual understanding.

The increasing consumer preference for technologically advanced products has led to a surge in smartphone and smart device adoption. The widespread personal use of these smart devices is driving their integration with various other devices, such as smart lightbulbs, thermostats, and TVs. For example, as of February 2023, a report from Uswitch Limited indicates that the UK population is expected to reach 68.3 million by 2025, with around 95% (approximately 65 million individuals) owning smartphones. This trend encourages regional manufacturers to produce innovative and advanced products that align with consumer interests and the adoption of emerging technology, thereby propelling the smart speakers market.

The key intelligent virtual assistants used in smart speakers include Amazon Alexa, Google Assistant, Siri, Cortana, and others. Google Assistant, driven by artificial intelligence, is prominently accessible on both mobile and smart home devices. Smart speakers serve various applications, including those for smart homes, smart offices, consumers, and other purposes, and they are made available to consumers through both online and offline distribution channels. These smart speakers find utility among both personal and commercial end-users.

The smart speakers market research report is one of a series of new reports that provides smart speakers market statistics, including smart speakers industry global market size, regional shares, competitors with a smart speakers market share, detailed smart speakers market segments, market trends and opportunities, and any further data you may need to thrive in the smart speaker’s industry. This smart speakers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The smart speakers market is experiencing growth due to increased consumer spending on entertainment products. Consumer spending on entertainment encompasses the funds allocated for various forms of entertainment, including movies, video games, streaming services, and live events. Consumers are directing their spending toward smart speakers, which serve as versatile hubs for music streaming, voice-controlled devices, and interactive content, enhancing the overall entertainment experience. As of February 2022, data from the Digital Entertainment Group (DEG) reveals that consumer spending on digital and physical home entertainment formats in the U.S. reached $32.3 billion in 2021, representing an impressive 8% increase from the $30 billion spent in 2020. Hence, increased consumer spending on entertainment products is expected to drive the smart speakers market.

The data privacy and security concerns present a major drawback in the smart speakers market. These devices have access to sensitive personal information stored in email accounts, including contact details, bank information, and login credentials, raising security issues. Smart home devices can access and operate sensitive data like videos, photos, and personal information from remote locations, potentially compromising user privacy. For instance, a survey on the Metaverse published by Agora Lab Inc. in April 2022 revealed that 33% of survey participants identified data privacy and security as the most significant challenges within the context of the Metaverse. Failure to address these security concerns adequately may hinder market growth.

Virtual assistant devices, powered by artificial intelligence, offer unparalleled convenience to their users. They constantly listen for commands, analyze needs, and perform tasks as required. Devices like Amazon Echo with the Alexa virtual assistant, Apple's Siri, and Google Assistant provide hands-free activation, deep integration technology, high-quality virtual surround sound, and a range of features such as setting timers and managing calendar events. As reported by Voicebot.ai in 2021, Amazon led the market with 16.5 million smart speakers and smart displays sold in the fourth quarter of 2020, followed by Google with 13.2 million, Baidu with 6.6 million, Alibaba with 6.3 million, and Apple with 4.6 million smart speakers. The proliferation of virtual assistants is consequently driving the smart speaker market.

Major companies in the smart speakers market are concentrating on developing smart speakers featuring Dolby Atmos technology to gain a competitive advantage. Dolby Atmos technology enhances audio immersion by providing a three-dimensional sound experience, creating a more realistic and spacious audio environment. In October 2023, Sonos Inc., a U.S.-based audio product manufacturer, introduced the Sonos Era 300, equipped with Dolby Atmos Technology. This compact speaker boasts six powerful drivers that precisely direct sound in multiple directions, offering an immersive spatial audio experience enhanced by Dolby Atmos technology for both movies and music. Notably, it's the first third-party speaker capable of playing Apple Music's spatial library and is also compatible with Amazon Music.

In April 2022, Sonos, the U.S.-based company specializing in wireless speakers and home sound systems, acquired Mayht, a Netherlands-based audio technology company, to expand its product portfolio to include compact light-powered Bluetooth speakers.

Major companies operating in the smart speakers market include Amazon.com Inc., Apple Inc., Xiaomi Corporation, Alibaba Group Holding Limited, Sonos Inc., Harman International Industries Incorporated, Bose Corporation, Sony Corporation, ONKYO CORPORATION, Panasonic Corporation, Alphabet Inc., Baidu Inc., Plantronics Inc., Pioneer Corporation, SK Telecom Co. Ltd., Lenovo Group Limited, Samsung Electronics Co. Ltd., Avnera Corporation, Fabriq, Invoxia, LG Electronics Inc., Libratone A/S, Mobvoi Inc., Mojo, Ultimate Ears, Yamaha Corporation, Edifier International Limited, Meta Platforms Inc., Jam Audio, Kakao Corporation, KitSound by Kondor Ltd., Koninklijke Philips N.V., Logitech International S.A., Beijing LingLong Electronics Co. Ltd., Deutsche Telekom AG, Anker Innovations, JBL, Marshall Amplification plc

Asia-Pacific was the largest region in the smart speakers market in 2023. Africa is expected to be the fastest-growing region in the smart speakers market during the forecast period. The regions covered in the smart speakers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the smart speakers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The smart speakers market consists of sales of alexa, google assistant, siri, and other smart speakers. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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