Smart Voice Assistant Speaker Market Size, Share, Growth, Forecast 2032

Smart Voice Assistant Speaker Market Insights

According to a report from Zion Market Research, the global Smart Voice Assistant Speaker Market was valued at USD 12.32 Billion in 2023 and is projected to hit USD 51.02 Billion by 2032, with a compound annual growth rate (CAGR) of 17.1% during the forecast period 2024-2032. This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Smart Voice Assistant Speaker Market industry over the next decade.

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Global Smart Voice Assistant Speaker Market: Overview

A voice assistant is a digital assistant developed with the aid of artificial intelligence, voice recognition, and machine learning. Smart voice assistance speakers are smart speakers that have voice recognition technology built into them. The speaker makes use of artificial intelligence (AI) to find information, play music, and control other connected devices such as lights, air conditioners, and others in the house. Such technology combines the elements of interactive voice response and other artificial intelligence projects to deliver virtual identities that converse with users.

The increasing popularity of smart homes with connected devices and the growing demand for smart speaker displays can be attributed as the primary factors for the growth of this market. The next wave of FMCG and grocery e-commerce is expected to be driven by smart speakers. Voice technology is being considered as part of a wider cross-channel strategy. Companies are coming up with new smart speaker apps to target wider audiences by providing more information such as football updates, lottery winning numbers, and others.

Global Smart Voice Assistant Speaker Market: Growth Factors

One of the primary reasons for the growth of this market has been simply the introduction and availability of smart voice assistant speakers. Smart speakers especially Alexa and Google Assistant have become as prevalent as television sets in households. Consumers are also using smart speakers for other purposes such as online shopping and making calls. It is predicted that by 2023 there will be around 8 billion voice assistant speakers in use.

Significant developments made in AI over the past decade are also driving the growth of smart speakers. Machine learning, for instance, is a key AI technology for smart voice assistant speakers. It enables the device to learn on its own and get ‘smarter’ as more data is fed. Alexa and Google Assistant are both being enhanced to detect the emotions from the voice of the users. Such a development can be a major boon for developers and boost this market.

Smart Voice Assistant Speaker Market: Report Scope

Additionally, a rise in the characteristics expected from smart voice assistant speakers can also augment the growth of this market. Consumers are looking to make use of smart speakers beyond just playing music or searching for information, with the increasing popularity of smart homes they are also switching to smart speakers that can be compatible with devices such as ceiling lights, air conditioners, door locks and others.

Global Smart Voice Assistant Speaker Market: Segmentation

End User Segment Analysis Preview

Personal segment held a share of around 30% in 2023. This can be attributed to the proliferation of smart home devices, rising demand for multifunctional devices, changing lifestyles and increase in the disposable income of consumers, particularly millennials and gen Z age groups. With rapid advances in AI, traditional home devices are now being replaced with smart devices such as voice assistant speakers. The ability of smart speakers to seamlessly integrate with home devices is expected to give a major boost to sales within this segment.

Intelligent Virtual Assistant Segment Analysis Preview

Alexa segment is expected to grow at a CAGR of over 40% from 2024 to 2032. This growth can be attributable to its widespread market appeal and advanced features such as machine learning and semi-supervised learning techniques. Amazon first launched its Alexa IVA smart speaker Echo in 2014 and ever since has been employed in a range of smart speakers offered by other companies along with Amazon’s own Echo device series.

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Regional Analysis Preview

The North America region held a share of around 35% in 2023. This is attributable to the presence of top companies such as Amazon, Microsoft and Apple among others. Countries such as US, Canada and Mexico have been highly receptive to smart technology devices.  The proliferation of smart speakers in this region, particularly in the US is high owing to the presence of key smart speaker providers and early adopters of this technology. Around 24% American adults are predicted to own atleast one smart speaker and the average person owns more than one.

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The Asia Pacific region is projected to grow at a CAGR of around 23.87% over the forecast period, owing to a rising penetration of smart devices in this region. China alone is considered to register a 13% growth in voice assistance use, owing to the proliferation of Chinese players in this market such as Alibaba and Xiaomi. The integration of a complex language such as Mandarin in the smart speakers can also be expected to further boost growth in this region.

Global Smart Voice Assistant Speaker Market: Competitive Landscape

Some of the key players in the smart voice assistant speaker market are

• Amazon.com
• Apple Inc
• Google
• Microsoft Corporation
• Alphabet Inc.
• Lenovo
• IBM Corporation
• Sony
• Alibaba
• Xiaomi
• Samsung Electronics
• Sony
• NVIDIA
• Mattel
• among others. 

With constant advancements in AI and speech recognition technologies, key players are expanding their business footprint and market presence by coming up with innovative features in voice assistant speakers. Google for instance, in June 2020 announced the roll out of additional features for its voice assistant, Google Assistant to various new devices. An important feature is voice match, which enables speakers to recognize the voice of the user and personalize responses accordingly.

The global smart voice assistant speaker market is segmented as follows:

By Intelligent Virtual Assistant

• Alexa
• Google Assistant
• Siri
• DuerOS
• Others

By Distribution Channel

• Online
• Offline

By End User

• Personal
• Commercial

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa