Smart Speaker Market Size will Grow at a Lucrative CAGR through 2025

Posted by mahendra lunkad on October 9th, 2017

Smart Speakers are a wireless device that provides a different kind of connectivity’s to add more function than existing speakers. These additional features are provided for ease of use for customers and to connect. The smart speakers offer features like voice assistant, make the to-do list, set alarms, and provide real time information and much more. A wide range of products are included in smart speakers like boom boxes, LED smart speakers etcetera.

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The most trending smart speakers are the ones integrated with Google Home and Amazon Echo which can automate digital tasks along with playing high-quality sound. The smart speakers can work equivalently to the smartphones. Siri and Cortana are also now included in smart speakers.

Smart Speaker: Drivers and Restraints

The factors driving the market of smart speakers are the advancement in audio technology, growing number of smart homes, Growth in wireless technology and rising penetration of smartphones and smart devices and product innovation with the integration of new technologies and services.

The factors impeding the growth of smart speakers are the threat to privacy, an explosion in the system, compatibility issues with all smartphones and other devices and lack of standardization. 

Smart Speaker: Segmentation

Segmentation based on connectivity with the speaker in Smart Speaker Market:

• Wi-Fi connectivity
• Bluetooth connectivity

Segmentation based on the price range in Smart Speaker Market:

• Premium
• Mid-range
• Low range

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Smart Speaker: Competitive Landscape

The key players of the smart speaker market are Amazon.com, Inc., Google Inc., Apple Inc., Harman International Industries, Panasonic Corporation, Sonos Inc., Sony Corporation, LG Electronics Inc., Logitech International S.A. and Samsung Electronics.