Smart Speaker Market Demand, Size, Share, Growth, Forecast 2032

Smart Speaker Market: Industry Perspective

The global smart speaker market size was worth around USD 9.68 billion in 2023 and is predicted to grow to around USD 30.25 billion by 2032 with a compound annual growth rate (CAGR) of roughly 13.50% between 2024 and 2032.

Request Free Sample

The report covers forecasts and analysis for the smart speaker market on a global and regional level.

Smart Speaker Market Overview

Smart speakers are devices that operate on voice commands. The systems consist of Artificial Intelligence (AI) that offer hands-free activation. Smart speakers support Wi-Fi and Bluetooth connectivity to provide solutions for verbal questions. Thus, such speakers can prove to be a source of information.

Demand for smart speakers is considerably high in developed countries such as the U.S., the UK, Germany, and others. Increasing number of smart homes in these countries is preliminary driving smart speaker market. Further, in 2023, the number of smartphone users worldwide was around 2.3 billion. As smart speakers are compatible with various smartphones, it is expected that the market would propel at a rapid pace in the coming years. The major challenge for the market is maintaining data secrecy of the customers. The product works on voice commands. There are concerns among the users that smart speakers may have access to their private conversations. External units can hack into the system and gain access to the private and confidential data of users. Reliability and security of the system for the customers is a major obstacle that several top companies would have to overcome.

This report offers a comprehensive analysis of the global smart speaker market along with market trends, drivers, and restraints of the smart speaker market. This report includes a detailed competitive scenario and the product portfolio of key manufacturers. To understand the competitive landscape in the market, an analysis of Porter’s Five Forces model for the market has also been included. The study encompasses a market attractiveness analysis, wherein all segments are benchmarked based on their market size, growth rate, and general attractiveness. This report is prepared using data sourced from in-house databases, and secondary and primary research teams of industry experts.

Request Free Sample

Smart Speaker Market Segmentation Analysis

Global smart speaker market is segmented on the basis of product, distribution channel, component, operating system (OS), storage space, and region. On the basis of the distribution channel, the market is divided into online and offline segments. In 2023, around 1.5 billion people opted for online shopping. Thus, the online segment is expected to hold a significant market share during the forecast period. Top players like Amazon and Apple also offer their products online so as to have a broad customer base. Segmentation on the basis of the component includes the hardware and software; hardware is projected to hold a substantial market share. In the hardware segment, processors are expected to grow at a considerable rate. Processors are an important feature of any device. Manufacturers like Qualcomm are focusing on providing processors that can suffice demands of speed and accuracy for performing various tasks.

North America is anticipated to hold the highest smart speaker market share over the forecast period. The major factor for its dominance includes the base of significant market players such as Amazon, Apple, and Google in the U.S. Further, demand for technically superior products is also increasing in North America. Smart speakers are gaining popularity in China, India, and Japan. China is expected to grow at a steady pace as manufacturers like Xiaomi and Alibaba Group are investing in manufacturing speakers that are available in the local language.

Smart Speaker Market: Report Scope

The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Each region has been further segmented into countries such as the U.S., Canada, Mexico, UK, France, Germany, China, Japan, India, Brazil, Argentina, and others.

Smart Speaker Market: Competitive Analysis

The global smart speaker market is dominated by players like:

• Amazon Inc.
• Apple Inc.
• Alphabet, Inc.
• Panasonic Corporation
• Harman International
• Xiaomi Inc.
• Alibaba Group Holding Limited
• Sony Corporation
• Askwithcue Inc.
• Sonos, Inc.

The report segments the global smart speaker market as follows:

Smart Speaker Market: Product Segment Analysis

• Single Speaker
• Double Speaker
• Multi Speaker

Smart Speaker Market: Distribution Channel Segment Analysis

• Online
• Offline

Smart Speaker Market: Component Segment Analysis

• Hardware
• Software

Smart Speaker Market: Operating System Segment Analysis

• Android
• iOS
• Others

Smart Speaker Market: Storage Space Segment Analysis

• Up to 4GB
• 4GB to 16GB
• Above 16GB

Smart Speaker Market: Regional Segment Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa