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 the consumers to invest in new technology and devices, thus, augmenting the growth of the market through to 2024. However, security concerns regarding the private data of the 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 market, drivers, restraints, and opportunities in the current market. The report analyses key opportunity 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 component 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, Middle East and Africa, and Asia Pacific regions. The report also analyses 15 countries across these regions with 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.