The global smart speaker market was valued at US$ 2,384.5 Mn in 2016 and is projected to register compound annual growth rate (CAGR) of 18.00% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled “Smart Speaker Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018-2026.” The report suggests that rising trend of building smart homes globally, increasing efforts to improve consumer experience, along with the growing voice assistant system trend is likely to spur the demand for smart speakers in the coming years (2018 to 2026). As key players introduce their new smart speakers in developed markets such as North America and Europe, these regions are likely to account for a dominating share of the global smart speaker market. Growing demand for smart speakers from emerging markets such as China and India is likely to boost growth of the Asia Pacific smart speaker market at a growth rate of around 18.01% from 2018 to 2026.
Security concerns over smart speakers to restrain global market expansion
Smart speakers come in a range of different sizes and shapes and are growing in terms of popularity in the last few years. Smart speakers are music speakers that can interact with users with the help of an integrated voice recognition system. There are different brands of smart speakers in the market such as Amazon Echo, Apple HomePod, Google Home, and many more. However, these smart speakers can lead to security concerns over the user’s privacy.
For instance, Google Home smart speaker’s recording is being sent to the servers after hearing the command word over a connection that is encoded. It has been noticed that when Google Home was launched, the device was recording without any command word. Google, Inc. resolved this by stating that it was a hardware problem and the bug has been removed. However, it shows how easy it is for these devices to do more than they should. Security concerns regarding smart speakers is expected to have a medium impact on the smart speaker market, as bigger players are trying to make these devices more secure and maintain the privacy of the users.
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Amazon Alexa voice assistant system to be the most promising segment
On the basis of voice assistant type, the smart speaker market is segmented into Amazon Alexa, Google Assistant, Apple Siri, Microsoft Cortana, and others. The others segment includes voice assistant systems provided by the Alibaba Group and Xiaomi, Inc. Google Assistant segment is expected to expand at a CAGR of over 19% during the forecast period. Amazon.com, Inc. was the first to enter the smart speaker market by launching Amazon Echo device in the year 2015. Google, Inc. launched a smart speaker named “Google Home” in 2016 and later “Google Home Mini” in October, 2017 at a much lower price. Google Home is projected to grow at a much faster rate, as it is competitively priced as compared to Amazon.com and it is also eying both the smart-home and e-commerce space. Additionally, others segment that consists of voice assistant system from the Alibaba Group and Xiaomi, Inc. is projected to expand at a prominent pace, as these players have launched their smart speakers at much lower price as compared to Amazon.com, Inc. and Alphabet, Inc.
North America is the leading contributor to the smart speaker market
North America is expected to hold higher market share throughout the forecast period. The growth is mainly due to the booming smart speaker marketplace with the presence of well-established players across the region, especially across the U.S. and Canada. North America is home to many well-established players from the smart speaker domain including Apple, Inc., Amazon.com, Inc., Google, Inc. and Harman International. Furthermore, North America is witnessing higher adoption of smart speakers by the continuously rising consumer preference toward technologically advanced products.
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Many companies across the U.S. are launching novel smart speakers made specifically for a particular industry. For instance, in 2017, a start-up named “Askwithcue, Inc.” launched smart speakers named “Roxy” which is focused on the hospitality business and aims to replace hotel phones. Roxy is powered with the AI based voice assistant system that is fully customizable and under the control of the customer. This feature will help hotels to input easier commands for guests and helps in planning more comprehensive capabilities other than speech-enabled assistants.
Key players such as Amazon.com, Inc., Apple Inc., Google Inc., and Harman International are likely to lead the global smart speaker market
Amazon.com, Inc., Apple Inc., Google Inc., Harman International, and Sonos, Inc. among others are some of the major players operating within the smart speaker market profiled in this study. Various players are providing novel smart speakers to enhance consumer convenience and experience worldwide. Also, many regional market players are manufacturing and providing low cost smart speakers to compete with well-established market players such as Amazon.com, Inc. and Google, Inc. For instance, in 2017, Alibaba Group from China launched its smart speaker named “Tmall Genie” at a reduced price to compete with Apple HomePod, Google Home, and Amazon Echo. The new smart speaker that is powered by AI voice assistant is priced at approximately US$ 73 across the Chinese market. Furthermore, in March 2018, Xiaomi Corporation launched its smart speaker named “Mi AI” with the voice enabled assistant.
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