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According to the new market research report "Smart Speaker Market by IVA (Alexa, Google Assistant, Siri, Cortana), Component (Hardware (Speaker Driver, Connectivity IC, Processor, Audio IC, Memory, Power IC, Microphone,) and Software), Application, and Geography - Global Forecast to 2023", the smart speaker market was valued at USD 2.68 Billion in 2018 and is expected to be worth USD 11.79 Billion by 2023, at a CAGR of 34.44% between 2018 and 2023. The smart speaker market has huge potential across applications such as smart home, smart office, consumer, and automotive. Major factors driving the smart speaker market are increasing number of smart homes, rising disposable income, rapid proliferation of multifunctional devices, and growing trend of personalization.
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The emergence of smart speaker is expected to transform the outlook of wireless speaker market. Application areas for smart speaker range from smart home, smart office, commercial, and automotive applications. There has been continuous increase in demand for smart speakers, especially in smart homes, owing to increasing consumer demand for advanced and multifunctional devices. Moreover, the proliferation of smartphones has enabled the development of applications to stream music to a specific device, thus fueling the demand for smart speakers.
Smart speaker market for smart office application to grow at highest CAGR between 2018 and 2023
The smart speaker market for smart office application is expected to grow at the highest CAGR between 2018 and 2023. Intelligent virtual assistant (IVA) smart speakers are experiencing substantial growth and are playing a significant role in the evolution of the voice–user interface in smart offices. Further, recent developments in artificial intelligence and natural language processing to enhance voice recognition capabilities have increased the overall demand for smart speakers in smart offices.
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Hardware to account for major portion of smart speaker market between 2018 and 2023
Hardware constitutes a major portion of the smart speaker. Currently, smart speakers process a small volume of data, which requires hardware platform with computing capabilities to support basic functions such as streaming music, surfing information, making phone calls, and controlling smart devices.
The smart speaker market ecosystem includes channel partners, including manufacturers of semiconductor components, device manufacturers, AI agents, ODMs, assemblers, distributors, and end users. The smart speaker market comprises major players, such as Amazon (US), Harman International (US), Apple (US), Sonos (US), Alphabet (US), Bose (US), Sony (Japan), Onkyo (Japan), Panasonic (Japan), Alibaba (China), Pioneer (Japan), Altec Lansing (US), Lenovo (US), Xioami (China), and SK Telecom (South Korea) among others.
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North America is currently leading the smart speaker market and is projected to be in the leading position for the next few years owing to the high adoption of smart speakers. The penetration of smart speakers is high in this region owing to the presence of early adopters. The willingness of customers to accept and use new technologies has also encouraged manufacturers in the region to develop new and advanced products. Key players such as Amazon, Google, Apple, and Bose offering smart speakers are based in the US, so most of the products are launched and shipped first in the region.
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