Smart Speaker Market 2
The growth of the smart speaker market is driven by the growing number of smart homes, the proliferation of multifunctional devices, and the growing demand for voice-activated devices. However, connectivity range issues restrain the growth of this ma
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Meticulous Researcha leading global market research company, has released a new report titled, Smart Speaker Market by Type (Display and Non-display), Audio Output Mode, Portability, Wattage, Distribution Channel (Online Retail and Offline Retail), Application (Personal Usage and Commercial Usage), and Geography - Global Forecast to 2031. Download free sample report here: https://www.meticulousresearch.com/download- sample-report/cp_id=5809 According to this latest publication, the global smart speaker market is anticipated to reach $48.8 billion by 2031, growing at a CAGR of 18.6% from 2024 to 2031. In terms of volume, the market is expected to achieve 143.1 million units by 2031, at a CAGR of 3.6% from 2024 to 2031. The market growth is primarily driven by the increasing number of smart homes, the rise of multifunctional devices, and the growing demand for voice-activated technology. However, challenges such as connectivity range issues may hinder market expansion. The report identifies significant growth opportunities stemming from the increasing consumer preference for advanced technology and the rising demand for display-based smart speakers. However, issues like the technological immaturity of voice user interfaces (VUIs) and privacy and security concerns are noted as challenges. Advancements in natural language processing (NLP) and the increasing focus on multi-room audio and smart displays are highlighted as prominent market trends. Market Segmentation Highlights Audio Output Mode: Surround Sound: Expected to hold 77% of the market share in 2024, driven by hands-free interaction and high-fidelity audio experiences. This segment is also projected to grow at the highest CAGR during the forecast period. Type: Non-Display Smart Speakers: Expected to dominate the market in 2024 due to their lower manufacturing costs and strong voice interaction capabilities. The display segment, however, is projected to grow at the highest CAGR, thanks to enhanced functionality and user experience. Browse in depth: https://www.meticulousresearch.com/product/smart-speaker-market- 5809 Portability: Wireless Smart Speakers: Anticipated to hold 84% of the market share in 2024, driven by advancements in voice recognition, user convenience, and integration with streaming platforms. This segment is also expected to register the highest CAGR. Wattage: Up to 99W: Expected to dominate the market in 2024 due to high-quality audio performance. The 100W to 199W segment is projected to grow at the highest CAGR, driven by demand in both consumer and commercial applications. Distribution Channel:
Online Retail: Expected to lead the market in 2024, thanks to the convenience of online shopping, competitive pricing, and a wide product range. This segment is also projected to grow at the highest CAGR. Download request sample report here: https://www.meticulousresearch.com/request- sample-report/cp_id=5809 Application: Personal Usage: Expected to hold 89% of the market share in 2024, driven by the multifunctionality of smart speakers for everyday tasks. This segment is projected to register the highest CAGR. Geography: North America: Expected to account for 39% of the market share in 2024, driven by early technology adoption and the presence of major smart speaker providers. Asia-Pacific is projected to grow at the highest CAGR of 20%, driven by technological advancements and increasing purchasing power. Quick buy: https://www.meticulousresearch.com/Checkout/71015469 Key Players The key players operating 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
