According to the latest study report, the Global Smart Speaker Market will be valued USD 15.01 billion by 2025, with a staggering CAGR of 35.13 percent throughout the prediction period of 2018-2025. The study report, titled Global Smart Speaker Market, registered USD 1.35 Billion in 2017.
Smart speakers are wireless devices connected to the internet and the network of various connected devices. These speakers are operating and controlling through voice commands or smartphones, where users utilize this for listening to news, music, or weather forecast in their daily routine. The technological advancements are largely driving this market growth, and the burgeoning popularity of smart speakers has prominently cultivated smart speakers’ usage. Many leading IT firms have developed and introduced their own Smart Speakers like Amazon’s Alexa, Google’s Google Home, Microsoft’s Cortana, and others that support a range of languages, where users can use this as per their convenience. Further, the study report for global smart speaker market features key drivers responsible for the market growth includes the rising number of smart homes, rising adoption of Cloud platforms, increasing disposable income, a rapid blast of multifunctional devices, and growing trend of personalization. However, it also covered restraining factors that hinder the growth of the market includes connectivity range issues, power darning, and compatibility problem.
Apart from these, the rapid explosion of multifunctional devices in multiple industries is expected to fuel the market for smart speaker during the projection time. The market for global smart speaker segmented on the basis of components- hardware and software, intelligent virtual assistant, application, end-user, and regions. In the intelligent virtual assistant division involves Siri, Alexa, Google Assistant, Cortana, and others, where Google Assistant is supposed to dominate the market with the highest CAGR of 24.68 percent.