smart speaker market 6

Smart Speaker Market Size, Share, Forecast, & Trends Analysis

Smart Speaker Market to be Worth $228.8 Billion by 2031 According to the latest report by Meticulous Research , the global smart speaker market is projected to reach $48.8 billion by 2031, growing at a compound annual growth rate (CAGR) of 18.6% between 2024 and 2031. The market volume is expected to rise to 143.1 million units by 2031, with a CAGR of 3.6%. This growth is driven by the increasing prevalence of smart homes, the expansion of multifunctional devices, and the rising demand for voice-activated technologies. However, the market's expansion is somewhat hindered by connectivity range limitations. Download free sample report here: https://www.meticulousresearch.com/download-sample- report/cp_id=5809?utm_source=pdf&utm_medium=social&utm_campaign=product&utm_content=27-09- 2024 The market is also set to benefit from the growing consumer interest in advanced technological products and the rising demand for display-based smart speakers, which are expected to offer significant growth opportunities. Nevertheless, challenges such as the underdeveloped state of voice user interfaces (VUIs) and ongoing privacy and security concerns could impede market growth. Notable trends influencing the market include advancements in natural language processing (NLP) and an increased focus on multi-room audio systems and smart displays. The global smart speaker market is segmented by various factors: type (display and non-display), audio output mode (stereo and surround), portability (wired and wireless), wattage (up to 99W, 100W to 199W, 200W to 499W, 500W to 799W, and more than 800W), distribution channel (online and offline retail), and application (personal and commercial usage). The report also assesses key industry competitors and provides a comprehensive analysis at the regional and country levels. In the audio output mode category, the market is divided into stereo and surround sound. The surround segment is expected to dominate the market in 2024, accounting for 77% of the market share. This dominance is attributed to the benefits of hands-free interaction and high-quality audio experiences offered by surround smart speakers, which appeal to audiophiles. Ongoing technological innovations are also contributing to the development of advanced and affordable surround speakers. The surround segment is anticipated to register the highest CAGR during the forecast period. Browse in depth: https://www.meticulousresearch.com/product/smart-speaker-market- 5809?utm_source=pdf&utm_medium=social&utm_campaign=product&utm_content=27-09-2024 Page 1 of 3 Meticulous Research| sales@meticulousresearch.com

Smart Speaker Market to be Worth $228.8 Billion by 2031 When segmented by type, non-display smart speakers are projected to hold the largest market share in 2024. Their popularity is driven by their lower manufacturing costs, making them more affordable and accessible to a broader audience. These speakers are also highly effective at voice interaction, providing a seamless hands-free experience ideal for multitasking. Leading companies like Amazon and Apple are introducing new non-display smart speakers to meet this demand. For instance, Amazon launched the Echo Pop in June 2023, a budget-friendly smart speaker with Alexa support, while Apple released the second-generation HomePod in January 2023, offering superior acoustics and Siri intelligence. Despite this, the display segment is expected to grow at the highest CAGR during the forecast period, driven by the enhanced functionality and user experience that smart displays offer. In terms of portability, wireless smart speakers are expected to lead the market in 2024, capturing 84% of the market share. This growth is fueled by advancements in voice recognition technology, the expanding Internet of Things (IoT) ecosystem, and the increasing popularity of music streaming, podcasts, and audiobooks. The wireless smart speakers segment is also projected to register the highest CAGR during the forecast period. Download request sample report here: https://www.meticulousresearch.com/request-sample- report/cp_id=5809?utm_source=pdf&utm_medium=social&utm_campaign=product&utm_content=27-09- 2024 Based on wattage, the up to 99W segment is expected to hold the largest market share in 2024, due to the superior sound quality and deeper bass offered by these speakers. However, the 100W to 199W segment is anticipated to grow at the highest CAGR, driven by the rising demand for smart speakers in professional settings such as offices and retail stores. The market is also segmented by distribution channel, with online retail expected to account for the largest market share in 2024. Online platforms offer customers the convenience of browsing, comparing, and purchasing smart speakers from the comfort of their homes, coupled with a wide range of product options and competitive pricing. The online retail segment is projected to register the highest CAGR during the forecast period. In terms of application, the personal usage segment is expected to dominate the market in 2024, accounting for 89% of the market share. This dominance is driven by the hands-free operation and voice Page 2 of 3 Meticulous Research| sales@meticulousresearch.com

Smart Speaker Market to be Worth $228.8 Billion by 2031 control capabilities of smart speakers, making them indispensable in daily life. The personal usage segment is also projected to grow at the highest CAGR during the forecast period. Geographically, North America is expected to hold the largest market share of 39% in 2024, driven by the region's early adoption of technology and consumer preference for convenience. However, the Asia- Pacific region is expected to grow at the highest CAGR of 20% during the forecast period, supported by the region's growing population, rising purchasing power, and rapid technological advancements. The presence of established market players and the increasing production of consumer electronics further contribute to the growth of the smart speaker market in Asia-Pacific. Buy now: https://www.meticulousresearch.com/Checkout/71015469?utm_source=article&utm_medium=social&utm_ campaign=product&utm_content=27-09-2024 Key Players in the Market: The leading companies in the global smart speaker market include Apple Inc. (U.S.), Amazon.com, Inc. (U.S.), Bose Corporation (U.S.), Google LLC (U.S.), Harman International Industries, Inc. (U.S.), Baidu, Inc. (China), Sony Group Corporation (Japan), Sonos, Inc. (U.S.), Panasonic Holdings Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea), Lenovo Group Limited (China), SK Telecom Co., Ltd. (South Korea), LG Electronics Inc. (South Korea), Onkyo Corporation (Japan), and Xiaomi Corporation (China). Contact Us: Meticulous Research Email- sales@meticulousresearch.com Contact Sales- +1-646-781-8004 Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Page 3 of 3 Meticulous Research| sales@meticulousresearch.com