The smart speaker market will be valued at US$2.68 billion in 2018 and is expected to be worth US$11.79 billion by 2023, growing at as much as 34.4 percent annually, according to a report of Research and Markets.
The smart speaker market will be valued at US$2.68 billion in 2018 and is expected to be worth US$11.79 billion by 2023, growing at as much as 34.4 percent annually, according to a report of Research and Markets.
The growth of this market can be attributed to rapid proliferation of multifunctional devices, growing trend of personalization, rising disposable income and increasing number of smart homes.
However, issues related to connectivity range, compatibility and power restrain the growth of the smart speaker market.
The report is segmented on the basis of applications in smart home, smart office, consumer and others (commercial and automotive). Smart home held the largest market shar...