(EMAILWIRE.COM, March 07, 2019 ) The overall smart speaker market is expected to grow from USD 1.57 billion in 2017 to USD 11.79 billion by 2023, at a CAGR of 34.44% from 2018 to 2023.

The emergence of smart speaker is expected to transform the outlook of wireless speaker market. Application areas for smart speaker range from smart home, smart office, commercial, and automotive applications. There has been continuous increase in demand for smart speakers, especially in smart homes, owing to increasing consumer demand for advanced and multifunctional devices. Moreover, the proliferation of smartphones has enabled the development of applications to stream music to a specific device, thus fueling the demand for smart speakers. The base year considered for the study is 2017, and the forecast is for the period between 2018 and 2023.

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Alexa held largest share of smart speaker market in 2017

The market for Alexa smart speakers is growing owing to its low cost and compatibility with numerous smart devices and apps, such as smart switches, garage doors, sprinklers, locks, and security cameras.

Smart speaker market for smart office application to grow at highest CAGR between 2018 and 2023

The smart speaker market for smart office application is expected to grow at the highest CAGR between 2018 and 2023. Intelligent virtual assistant (IVA) smart speakers are experiencing substantial growth and are playing a significant role in the evolution of the voice–user interface in smart offices. Further, recent developments in artificial intelligence and natural language processing to enhance voice recognition capabilities have increased the overall demand for smart speakers in smart offices.

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Hardware to account for major portion of smart speaker market between 2018 and 2023

Hardware constitutes a major portion of the smart speaker. Currently, smart speakers process a small volume of data, which requires hardware platform with computing capabilities to support basic functions such as streaming music, surfing information, making phone calls, and controlling smart devices.

Currently, North America leads smart speaker market in terms of market size

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North America is currently leading the smart speaker market and is projected to be in the leading position for the next few years owing to the high adoption of smart speakers. The penetration of smart speakers is high in this region owing to the presence of early adopters. The willingness of customers to accept and use new technologies has also encouraged manufacturers in the region to develop new and advanced products. Key players such as Amazon, Google, Apple, and Bose offering smart speakers are based in the US, so most of the products are launched and shipped first in the region.

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