NEW YORK, Nov. 3, 2023 /PRNewswire/ — The smart speaker market by end-user (residential and commercial), distribution channel (offline and online), and geography (North America, Europe, APAC, South America, and Middle East and Africa) – Forecast and Analysis 2023-2027 report has been added to technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here
The potential growth difference for the smart speaker market between 2023 and 2027 is USD 16.65 billion. A rapid increase in unit sales of smart speakers drives market growth. There is an increase in the number of smart speaker devices across the world. Some of the main companies that offer smart speakers include Amazon, Alphabet (Google), and Apple. In addition, it is expected that sales of smart speakers to increase in the coming years. Hence, such factors are expected to drive market growth during the forecast period.
Market Challenge –
The privacy and security threats associated with smart speakers are a significant challenge hindering the market growth. Consumers in the global smart speaker market are not aware of potential privacy and security issues while using smart speakers. For instance, in the United States, a majority of the population is concerned that smart speakers pose a significant threat to the privacy of their conversations and personal data. Hence, such factors are negatively impacting the market which in turn will hinder the market growth during the forecast period.
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The smart speaker market is segmented by End-user (Residential and Commercial), Distribution Channel (Offline and Online), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
- The market share growth by the residential segment is significant during the forecast period. One of the main factors that is significantly contributing to the growth of the segment is the increasing need for smart speakers in the home.
- North America is estimated to account for 34% of the growth of the global market during the forecast period. The United States and Canada are some of the prominent countries that are significantly contributing to the growth of the market in North America. One of the main factors which is fuelling the market growth is the growing demand for smart speakers in different households in the region. Hence, such factors drive the market growth in North America during the forecast period.
View the Sample Report for insights into the contribution of all the segments and regional opportunities in the report.
Key Companies in the Smart Speaker Market:
Alphabet Inc., Amazon.com Inc., Apple Inc., Bang and Olufsen Group, Belkin International Inc., Bose Corp., Edifier International Ltd., Imagine Marketing Pvt. Ltd., Lenovo Group Ltd., LG Electronics Inc., NXP Semiconductors NV, Onkyo Corp., Portronics Digital Pvt. Ltd., Qualcomm Inc., Samsung Electronics Co. Ltd., Sonos Inc., Sony Group Corp., Xiaomi Communications Co. Ltd., Zebronics India Pvt. Ltd., and Zound Industries International AB
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Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by End-user
Market Segmentation by Distribution Channel
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
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