Smart speaker market to reach US$2.68 billion in size in 2018

Smart speaker market to reach US$2.68 billion in size in 2018
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 share in 2017 owing to changing lifestyle, increasing per capita income and the inclination of smart home owners toward luxurious entertainment systems

Intelligent voice assistant platform in a smart speaker compliments hardware by storing and recalling spatial data and allows live data streaming rather than static data. These functions require advance software with high-performance computing and functionality.

This report covers North America, Europe, Asia Pacific and Rest of the World. The market in Rest of the World is expected to grow at the highest annual rate between 2018 and 2023.

The Middle East accounts for a substantial share of the smart speaker market in the Rest of the World. People in the Middle Eastern countries, especially the UAE and Saudi Arabia, are among the early adopters of smart devices that are convenient and easy to use, thus fueling the demand for smart speakers in the Rest of the World category.

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