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Smart speaker market size worth over USD 13 billion by 2024: Report

Smart speaker market size worth over USD 13 billion by 2024: Report
Smart speaker market size is estimated to exceed USD 13 billion, with shipments of over 100 million units by 2024, according to a new research report conducted by Global Market Insights.

The smart speaker market is expected to grow at a significant pace over the forecast timeframe owing to the growing proliferation of smart homes across the globe. Factors such as high network connectivity and growing demand to increase consumer convenience are anticipated to drive the market. Several device manufacturers are investing in improving the functionality of legacy systems beyond playing music. This, coupled with increasing demand for wireless devices will escalate the industry size.

Rise in demand for IoT is expected to fuel the smart speaker market growth. The manufacturers are increasingly investing to develop devices that work with the devices such as Wink Hub, Logitech Harmony Elite, and Philips Hue Bulbs. For instance, Amazon Alexa works directly with several smart home devices using IFTTT methodology.

Implementation of virtual personal assistants are expected to positively impact the smart speaker market growth. This technology can stream music and audio books with a single voice commands. The launch of Amazon Echo has caused disruption in the market, with several other companies such as Google and Apple following suit. For instance, Apple has announced the launch of HomePod in December 2017.

The market report also indicated that factors such as connectivity range, compatibility, and power are expected to restrain the smart speaker market growth. The market faces growing security concern, owing to the connection of these devices to the internet. The voice assistant-enabled speakers inadvertently store consumers’ private data into Amazon servers. The threats of hacking and data leaks persist, though the company claims that the data is secured. This is expected to hamper the market growth during the forecast timeframe.

Increasing customer desire to be able to walk around their house and control the music playing in different rooms with a single device will drive the demand for multi-room speakers. To address the issue of connectivity and sound quality, companies have developed multi-room systems, that enables users to connect to multiple speakers around the house to a single device. Proliferation of smartphones has enabled the development of applications to stream music to a specific device.

The US smart speaker market is expected to witness significant growth, owing to numerous technological advancements taking place in the region. Readiness of customers to adopt to newer technologies has encouraged manufacturers in the region to develop newer, and advanced products. Countries in Asia Pacific, including China, South Korea and Japan are expected to experience high market demand, owing to increasing consumption of connected consumer electronics.

According to Global Market Insights, prominent players in the smart speaker market include Amazon, Bose, Altec Lansing, Apple, Samsung Electronics, Logitech, Sonos, and Sony. The companies are highly competitive and continuously invest in development of technologically advanced products to retain their position in the industry. For instance, after Sonos launched its multi-room range, Philips developed a protocol, named Izzy link to connect multiple speakers.

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