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Smart Speaker Market Trends Ovie Ejaria Jersey , Analysis and Forecasts 2018-2023
by Miller@21 · October 17, 2018


The smart speaker market was valued at USD 2.68 Billion in 2018 and is expected to reach USD 11.79 billion by 2023, at a CAGR of 34.44% between 2018 and 2023. The smart speaker market is expected to grow because of various driving factors, such as the smart speaker market are increasing number of smart homes, rising disposable income, rapid proliferation of multifunctional devices Nathaniel Clyne Jersey , and growing trend of personalization.


A smart speaker operates via an intelligent voice assistant (IVA) and performs operations such as browsing web, streaming music, and purchasing grocery. Advancements in speakers have changed the way users listen to music. There is an increase in demand for artificial intelligence (AI)-enabled smart speakers in smart home and smart office applications. Major IVAs for smart speakers include Alexa, Google Assistant, Cortana, Siri Mohamed Salah Jersey , Xiaowei, DuerOS, Bixpy, and AliGenie, among others. Currently, Alexa Marko Grujic Jersey , Google Assistant, Cortana, and Siri are the most preferred IVAs and have witnessed burgeoning demand in the past year


The smart home application is expected to cover the maximum size of the smart speaker market between 2018 and 2023. Smart home is the major application of smart speakers owing to their features and usability. Smart speakers can control smart devices with user voice, thus making day-to-day tasks easy. With a voice command, the user can control all smart devices by connecting the device to the Internet. Smart speakers understand the natural way of speaking and are less complicated to operate than other smart devices. Further, changing lifestyle Mamadou Sakho Jersey , increasing per capita income, and the inclination of smart home owners toward luxurious entertainment systems have spurred the demand for smart speakers in smart homes.


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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鈥搖ser 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.


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 Lucas Leiva Jersey , making phone calls, and controlling smart devices.


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