Smart Speakers Market is projected to grow at a CAGR of 8.24% during the forecast period, reaching a total market size of US$5.922 billion in 2024 from US$3.683 billion in 2018. Smart speakers are wireless, voice-enabled devices with built-in virtual assistants that are capable of streaming audio content, relaying information, and communicating with other devices.
The rising demand for smart home devices will boost the demand for these devices during the given forecast period. Additionally, rising disposable income has increased the ability of consumers to invest in new technology and devices, thus, augmenting the growth of the market through 2024. However, security concerns regarding the private data of consumers might restrict the growth of the smart speakers market during the given time frame.
The “Smart Speakers Market – Forecasts from 2019 to 2024” is an exhaustive study that aims to present the key market trends through various chapters focusing on different aspects of the market. The study provides a detailed market overview through the market dynamics sections which detail key markets, drivers, restraints, and opportunities in the current market. The report analyses key opportunities in regional markets, and the current technology penetration through lifecycle analysis. The report also analyses the market through comprehensive market segmentation by component and geography.
The smart speakers market has been segmented based on components and geography. Regional analysis has been provided with detailed analysis and forecast for the period 2018 to 2024. The global market has been broken down into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific regions. The report also analyses 15 countries across these regions with a thorough analysis and forecast along with prevailing market trends and opportunities which each of these countries presents for the manufacturers.
Major players in the smart speakers market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. The company profiles section details the business overview, financial performance for the past three years, key products and services being offered along with the recent developments of these important players in the smart speakers market.
| Report Metric | Details |
| Market size value in 2018 | US$3.683 billion |
| Market size value in 2024 | US$5.922 billion |
| Growth Rate | CAGR of 8.24% from 2018 to 2024 |
| Base year | 2018 |
| Forecast period | 2019–2024 |
| Forecast Unit (Value) | USD Billion |
| Segments Covered | Component, And Geography |
| Regions covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Companies covered | Amazon, Google, Baidu, Xiaomi, Sony, Bose, Sonos, Apple, Panasonic, Alibaba |
| Customization scope | Free report customization with purchase |
Segmentation:
Frequently Asked Questions (FAQs)
Q1. What will be the smart speakers market size by 2024?
A1. The smart speakers market is projected to reach a total market size of US$5.922 billion in 2024.
Q2. What are the growth prospects for the smart speakers market?
A2. The global smart speakers market is projected to grow at a CAGR of 8.24% during the forecast period.
Q3. What is the size of the global smart speakers market?
A3. Smart Speakers Market was valued at US$3.683 billion in 2018.
Q4. What factors are anticipated to drive the smart speakers market growth?
A4. The rising demand for smart home devices will boost the demand for the smart speakers market during the given forecast period.
Q5. How is the global smart speakers market segmented?
A5. The smart speakers market has been segmented based on component and geography.
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