Press Resease

Smart Voice Assistant Speaker Market by Intelligent Virtual Assistant (Alexa, Google Assistant, Siri, DuerOS and Others), by Distribution Channel (Online, Offline), by End User (Personal, Commercial): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028

Published Date: 10-Jun-2021 Category: Technology & Media Report Format : PDF Pages: 150 Report Code: ZMR-5761 Status : Published

The global smart voice assistant speaker market accounted for USD 7,216 Million in 2020 and is expected to reach USD 58,539 Million by 2028, growing at a CAGR of 30.1% from 2021 to 2028.

Description

Market Overview

The global smart voice assistant speaker market accounted for USD 7,216 Million in 2020 and is expected to reach USD 58,539 Million by 2028, growing at a CAGR of 30.1% from 2021 to 2028.

A voice assistant is a digital assistant developed with the aid of artificial intelligence, voice recognition, and machine learning. Smart voice assistance speakers are smart speakers that have voice recognition technology built into them. The speaker makes use of artificial intelligence (AI) to find information, play music and control other connected devices such as lights, air conditioners and others in the house. Such technology combines the elements of interactive voice response and other artificial intelligence projects to deliver virtual identities that converse with users.

Increasing popularity of smart homes with connected devices and a growing demand for smart speaker display can be attributed as the primary factors for growth of this market. The next wave of FMCG and grocery e-commerce is expected to be driven by smart speakers. Voice technology is being considered as part of a wider cross-channel strategy. Companies are coming up with new smart speaker apps to target wider audiences by providing more information such as football updates, lottery winning numbers and others.

COVID-19 Impact Analysis

The rapid increase in the usage of laptops and smartphones due to the Covid-19 pandemic has also had a corresponding increase in the use of smart speakers at home. As the virus continues to persist, the usage of these devices is expected to increase as more businesses and industries try to incorporate voice assistance and smart speakers in their offerings. Voice assistance speakers have been playing a vital role in the pandemic by enabling weak and immobile patients to keep in contact with their families and keep themselves entertained. It was predicted that by the end of 2020, 30% of internet searches will be performed by a device without a screen.

Growth Factors

One of the primary reasons for growth of this market has been simply the introduction and availability of smart voice assistant speakers. Smart speakers especially Alexa and Google Assistant have become as prevalent as television sets in households. Consumers are also using smart speakers for other purposes such as online shopping and making calls. It is predicted that 2023 there will be around 8 billion voice assistant speakers in use.

Significant developments made in AI over the past decade are also driving the growth of smart speakers. Machine learning, for instance is a key AI technology for smart voice assistant speakers. It enables the device to learn on its own and get ‘smarter’ as more data is fed. Alexa and Google Assistant are both being enhanced to detect the emotions from the voice of the users. Such a development can be a major boon for developers and boost this market.

Additionally, a rise in the characteristics expected from smart voice assistant speakers can also augment the growth of this market. Consumers are looking to make use of smart speakers beyond just playing music or searching for information, with the increasing popularity of smart homes they are also switching to smart speakers that can be compatible with devices such as ceiling lights, air conditioners, door locks and others.

Report Scope:

End User Segment Analysis Preview

Personal segment held a share of around 30% in 2020. This can be attributed to the proliferation of smart home devices, rising demand for multifunctional devices, changing lifestyles and increase in the disposable income of consumers, particularly millennials and gen Z age groups. With rapid advances in AI, traditional home devices are now being replaced with smart devices such as voice assistant speakers. The ability of smart speakers to seamlessly integrate with home devices is expected to give a major boost to sales within this segment.

Intelligent Virtual Assistant Segment Analysis Preview

Alexa segment is expected to grow at a CAGR of over 40% from 2021 to 2028. This growth can be attributable to its widespread market appeal and advanced features such as machine learning and semi-supervised learning techniques. Amazon first launched its Alexa IVA smart speaker Echo in 2014 and ever since has been employed in a range of smart speakers offered by other companies along with Amazon’s own Echo device series.

Regional Analysis Preview

The North America region held a share of around 35% in 2020. This is attributable to the presence of top companies such as Amazon, Microsoft and Apple among others. Countries such as US, Canada and Mexico have been highly receptive to smart technology devices.  The proliferation of smart speakers in this region, particularly in the US is high owing to the presence of key smart speaker providers and early adopters of this technology. Around 24% American adults are predicted to own atleast one smart speaker and the average person owns more than one.

The Asia Pacific region is projected to grow at a CAGR of around 23.87% over the forecast period, owing to a rising penetration of smart devices in this region. China alone is considered to register a 13% growth in voice assistance use, owing to the proliferation of Chinese players in this market such as Alibaba and Xiaomi. The integration of a complex language such as Mandarin in the smart speakers can also be expected to further boost growth in this region.

Key Market Players & Competitive Landscape

Some of key players in smart voice assistant speaker market are Amazon.com, Apple Inc, Google, Microsoft Corporation, Alphabet Inc., Lenovo, IBM Corporation, Sony, Alibaba, Xiaomi, Samsung Electronics, Sony, NVIDIA and Mattel among others. 

With constant advancements in AI and speech recognition technologies, key players are expanding their business footprint and market presence by coming up with innovative features in voice assistant speakers. Google for instance, in June 2020 announced the roll out of additional features for its voice assistant, Google Assistant to various new devices. An important feature is voice match, which enables speakers to recognize the voice of the user and personalize responses accordingly.

The global smart voice assistant speaker market is segmented as follows:

By Intelligent Virtual Assistant

  • Alexa
  • Google Assistant
  • Siri
  • DuerOS
  • Others

By Distribution Channel

  • Online
  • Offline

By End User

  • Personal
  • Commercial

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

  • Chapter No. 1 Introduction
    • 1.1. Report Description
      • 1.1.1. Purpose of the Report
      • 1.1.2. USP & Key Offerings
    • 1.2. Key Benefits for Stakehulders
    • 1.3. Target Audience
    • 1.4. Report Scope
  • Chapter No. 2 Executive Summary
    • 2.1. Key Findings
      • 2.1.1. Top Investment Pockets
        • 2.1.1.1. Market Attractiveness Analysis, By Intelligent Virtual Assistant
        • 2.1.1.2. Market Attractiveness Analysis, By Distribution Channel
        • 2.1.1.3. Market Attractiveness Analysis, By End User
        • 2.1.1.4. Market Attractiveness Analysis, By Region
    • 2.2. Market Snapshot
    • 2.3. Global Smart Voice Assistant Speaker Market, 2016 – 2028 (USD Million)
    • 2.4. Insights from Primary Respondents
  • Chapter No. 3 COVID 19 Impact Analysis
    • 3.1. Impact Assessment of COVID-19 Pandemic, By Region
      • 3.1.1. North America
      • 3.1.2. Europe
      • 3.1.3. Asia Pacific
      • 3.1.4. Latin America
      • 3.1.5. The Middle-East and Africa
    • 3.2. Quarterly Market Revenue and Forecast by Region 2020 & 2021
    • 3.3. Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Million)
    • 3.4. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Million)
    • 3.5. Key Strategies Undertaken by Companies to Tackle COVID-19
      • 3.5.1. Company Quarterly Revenue Analysis, 2019 & 2020
    • 3.6. Short Term Dynamics
    • 3.7. Long Term Dynamics
  • Chapter No. 4 Smart Voice Assistant Speaker Market – Intelligent Virtual Assistant Segment Analysis
    • 4.1. Overview
      • 4.1.1. Market Revenue Share, By Intelligent Virtual Assistant, 2020 & 2028
  • Chapter No. 5 Smart Voice Assistant Speaker Market – Distribution Channel Segment Analysis
    • 5.1. Overview
      • 5.1.1. Market Revenue Share, By Distribution Channel, 2020 & 2028
  • Chapter No. 6 Smart Voice Assistant Speaker Market – End User Segment Analysis
    • 6.1. Overview
      • 6.1.1. Market Revenue Share, By End User, 2020 & 2028
  • Chapter No. 7 Smart Voice Assistant Speaker Market – Regional Analysis
    • 7.1. Overview
      • 7.1.1. Global Market Revenue Share, By Region, 2020 & 2028
      • 7.1.2. Global Market Revenue, By Region, 2016 – 2028 (USD Million)
    • 7.2. North America
      • 7.2.1. North America Market Revenue, By Country, 2016 – 2028 (USD Million)
      • 7.2.2. North America Market Revenue, By Intelligent Virtual Assistant, 2016 – 2028
      • 7.2.3. North America Market Revenue, By Distribution Channel, 2016 – 2028
      • 7.2.4. North America Market Revenue, By End User, 2016 – 2028
      • 7.2.5. U.S.
        • 7.2.5.1. U.S. Market Revenue, By Intelligent Virtual Assistant, 2016 – 2028
        • 7.2.5.2. U.S. Market Revenue, By Distribution Channel, 2016 – 2028
        • 7.2.5.3. U.S. Market Revenue, By End User, 2016 – 2028
      • 7.2.6. Canada
        • 7.2.6.1. Canada Market Revenue, By Intelligent Virtual Assistant, 2016 – 2028
        • 7.2.6.2. Canada Market Revenue, By Distribution Channel, 2016 – 2028
        • 7.2.6.3. Canada Market Revenue, By End User, 2016 – 2028
      • 7.2.7. Mexico
        • 7.2.7.1. Mexico Market Revenue, By Intelligent Virtual Assistant, 2016 – 2028
        • 7.2.7.2. Mexico Market Revenue, By Distribution Channel, 2016 – 2028
        • 7.2.7.3. Mexico Market Revenue, By End User, 2016 – 2028
    • 7.3. Europe
      • 7.3.1. Europe Market Revenue, By Country, 2016 – 2028 (USD Million)
      • 7.3.2. Europe Market Revenue, By Intelligent Virtual Assistant, 2016 – 2028
      • 7.3.3. Europe Market Revenue, By Distribution Channel, 2016 – 2028
      • 7.3.4. Europe Market Revenue, By End User, 2016 – 2028
      • 7.3.5. Germany
        • 7.3.5.1. Germany Market Revenue, By Intelligent Virtual Assistant, 2016 – 2028
        • 7.3.5.2. Germany Market Revenue, By Distribution Channel, 2016 – 2028
        • 7.3.5.3. Germany Market Revenue, By End User, 2016 – 2028
      • 7.3.6. France
        • 7.3.6.1. France Market Revenue, By Intelligent Virtual Assistant, 2016 – 2028
        • 7.3.6.2. France Market Revenue, By Distribution Channel, 2016 – 2028
        • 7.3.6.3. France Market Revenue, By End User, 2016 – 2028
      • 7.3.7. U.K.
        • 7.3.7.1. U.K. Market Revenue, By Intelligent Virtual Assistant, 2016 – 2028
        • 7.3.7.2. U.K. Market Revenue, By Distribution Channel, 2016 – 2028
        • 7.3.7.3. U.K. Market Revenue, By End User, 2016 – 2028
      • 7.3.8. Italy
        • 7.3.8.1. Italy Market Revenue, By Intelligent Virtual Assistant, 2016 – 2028
        • 7.3.8.2. Italy Market Revenue, By Distribution Channel, 2016 – 2028
        • 7.3.8.3. Italy Market Revenue, By End User, 2016 – 2028
      • 7.3.9. Spain
        • 7.3.9.1. Spain Market Revenue, By Intelligent Virtual Assistant, 2016 – 2028
        • 7.3.9.2. Spain Market Revenue, By Distribution Channel, 2016 – 2028
        • 7.3.9.3. Spain Market Revenue, By End User, 2016 – 2028
      • 7.3.10. Rest of Europe
        • 7.3.10.1. Rest of Europe Market Revenue, By Intelligent Virtual Assistant, 2016 – 2028
        • 7.3.10.2. Rest of Europe Market Revenue, By Distribution Channel, 2016 – 2028
        • 7.3.10.3. Rest of Europe Market Revenue, By End User, 2016 – 2028
    • 7.4. Asia Pacific
      • 7.4.1. Asia Pacific Market Revenue, By Country, 2016 – 2028 (USD Million)
      • 7.4.2. Asia Pacific Market Revenue, By Intelligent Virtual Assistant, 2016 – 2028
      • 7.4.3. Asia Pacific Market Revenue, By Distribution Channel, 2016 – 2028
      • 7.4.4. Asia Pacific Market Revenue, By End User, 2016 – 2028
      • 7.4.5. China
        • 7.4.5.1. China Market Revenue, By Intelligent Virtual Assistant, 2016 – 2028
        • 7.4.5.2. China Market Revenue, By Distribution Channel, 2016 – 2028
        • 7.4.5.3. China Market Revenue, By End User, 2016 – 2028
      • 7.4.6. Japan
        • 7.4.6.1. Japan Market Revenue, By Intelligent Virtual Assistant, 2016 – 2028
        • 7.4.6.2. Japan Market Revenue, By Distribution Channel, 2016 – 2028
        • 7.4.6.3. Japan Market Revenue, By End User, 2016 – 2028
      • 7.4.7. India
        • 7.4.7.1. India Market Revenue, By Intelligent Virtual Assistant, 2016 – 2028
        • 7.4.7.2. India Market Revenue, By Distribution Channel, 2016 – 2028
        • 7.4.7.3. India Market Revenue, By End User, 2016 – 2028
      • 7.4.8. South Korea
        • 7.4.8.1. South Korea Market Revenue, By Intelligent Virtual Assistant, 2016 – 2028
        • 7.4.8.2. South Korea Market Revenue, By Distribution Channel, 2016 – 2028
        • 7.4.8.3. South Korea Market Revenue, By End User, 2016 – 2028
      • 7.4.9. South-East Asia
        • 7.4.9.1. South-East Asia Market Revenue, By Intelligent Virtual Assistant, 2016 – 2028
        • 7.4.9.2. South-East Asia Market Revenue, By Distribution Channel, 2016 – 2028
        • 7.4.9.3. South-East Asia Market Revenue, By End User, 2016 – 2028
      • 7.4.10. Rest of Asia Pacific
        • 7.4.10.1. Rest of Asia Pacific Market Revenue, By Intelligent Virtual Assistant, 2016 – 2028
        • 7.4.10.2. Rest of Asia Pacific Market Revenue, By Distribution Channel, 2016 – 2028
        • 7.4.10.3. Rest of Asia Pacific Market Revenue, By End User, 2016 – 2028
    • 7.5. Latin America
      • 7.5.1. Latin America Market Revenue, By Country, 2016 – 2028 (USD Million)
      • 7.5.2. Latin America Market Revenue, By Intelligent Virtual Assistant, 2016 – 2028
      • 7.5.3. Latin America Market Revenue, By Distribution Channel, 2016 – 2028
      • 7.5.4. Latin America Market Revenue, By End User, 2016 – 2028
      • 7.5.5. Brazil
        • 7.5.5.1. Brazil Market Revenue, By Intelligent Virtual Assistant, 2016 – 2028
        • 7.5.5.2. Brazil Market Revenue, By Distribution Channel, 2016 – 2028
        • 7.5.5.3. Brazil Market Revenue, By End User, 2016 – 2028
      • 7.5.6. Argentina
        • 7.5.6.1. Argentina Market Revenue, By Intelligent Virtual Assistant, 2016 – 2028
        • 7.5.6.2. Argentina Market Revenue, By Distribution Channel, 2016 – 2028
        • 7.5.6.3. Argentina Market Revenue, By End User, 2016 – 2028
      • 7.5.7. Rest of Latin America
        • 7.5.7.1. Rest of Latin America Market Revenue, By Intelligent Virtual Assistant, 2016 – 2028
        • 7.5.7.2. Rest of Latin America Market Revenue, By Distribution Channel, 2016 – 2028
        • 7.5.7.3. Rest of Latin America Market Revenue, By End User, 2016 – 2028
    • 7.6. The Middle-East and Africa
      • 7.6.1. The Middle-East and Africa Market Revenue, By Country, 2016 – 2028 (USD Million)
      • 7.6.2. The Middle-East and Africa Market Revenue, By Intelligent Virtual Assistant, 2016 – 2028
      • 7.6.3. The Middle-East and Africa Market Revenue, By Distribution Channel, 2016 – 2028
      • 7.6.4. The Middle-East and Africa Market Revenue, By End User, 2016 – 2028
      • 7.6.5. GCC Countries
        • 7.6.5.1. GCC Countries Market Revenue, By Intelligent Virtual Assistant, 2016 – 2028
        • 7.6.5.2. GCC Countries Market Revenue, By Distribution Channel, 2016 – 2028
        • 7.6.5.3. GCC Countries Market Revenue, By End User, 2016 – 2028
      • 7.6.6. South Africa
        • 7.6.6.1. South Africa Market Revenue, By Intelligent Virtual Assistant, 2016 – 2028
        • 7.6.6.2. South Africa Market Revenue, By Distribution Channel, 2016 – 2028
        • 7.6.6.3. South Africa Market Revenue, By End User, 2016 – 2028
      • 7.6.7. Rest of Middle-East Africa
        • 7.6.7.1. Rest of Middle-East Africa Market Revenue, By Intelligent Virtual Assistant, 2016 – 2028
        • 7.6.7.2. Rest of Middle-East Africa Market Revenue, By Distribution Channel, 2016 – 2028
        • 7.6.7.3. Rest of Middle-East Africa Market Revenue, By End User, 2016 – 2028
  • Chapter No. 8 Smart Voice Assistant Speaker Market – Industry Analysis
    • 8.1. Introduction
    • 8.2. Market Drivers
      • 8.2.1. Driving Factor 1 Analysis
      • 8.2.2. Driving Factor 2 Analysis
    • 8.3. Market Restraints
      • 8.3.1. Restraining Factor Analysis
    • 8.4. Market Opportunities
      • 8.4.1. Market Opportunity Analysis
    • 8.5. Porter’s Five Forces Analysis
    • 8.6. PEST Analysis
    • 8.7. Regulatory Landscape
    • 8.8. Technulogy Landscape
    • 8.9. Regional Market Trends
      • 8.9.1. North America
      • 8.9.2. Europe
      • 8.9.3. Asia Pacific
      • 8.9.4. Latin America
      • 8.9.5. The Middle-East and Africa
    • 8.10. Pricing Analysis
    • 8.11. Value Chain Analysis
    • 8.12. Downstream Buyers
    • 8.13. Distributors/Traders List
  • Chapter No. 9 Competitive Landscape
    • 9.1. Company Market Share Analysis – 2019
      • 9.1.1. Global Smart Voice Assistant Speaker Market: Company Market Share, 2019
      • 9.1.2. Global Smart Voice Assistant Speaker Market, Company Market Revenue, 2016 – 2019 (USD Million)
      • 9.1.3. Global Smart Voice Assistant Speaker Market, Company Y-o-Y Growth, 2017 – 2019 (%)
      • 9.1.4. Global Smart Voice Assistant Speaker Market: Radar Determinant Chart, 2019
    • 9.2. Strategic Developments
      • 9.2.1. Acquisitions & Mergers
      • 9.2.2. New Product Launch
      • 9.2.3. Regional Expansion
    • 9.3. Company Strategic Developments – Heat Map Analysis
  • Chapter No. 10 Company Profiles
    • 10.1. Amazon
      • 10.1.1. Company Overview
      • 10.1.2. Key Executives
      • 10.1.3. Product Portfulio
      • 10.1.4. Financial Overview
      • 10.1.5. Operating Business Segments
      • 10.1.6. Business Performance
      • 10.1.7. Recent Developments
    • 10.2. Google
    • 10.3. Apple
    • 10.4. Microsoft
  • Chapter No. 11 Marketing Strategy Analysis
    • 11.1. Marketing Channel
    • 11.2. Direct Marketing
    • 11.3. Indirect Marketing
    • 11.4. Marketing Channel Development Trends
    • 11.5. Economic/Pulitical Environmental Change
  • Chapter No. 12 Research Methodulogy
    • 12.1. Research Methodulogy
    • 12.2. Phase I - Secondary Research
    • 12.3. Phase II - Data Modeling
      • 12.3.1. Company Share Analysis Model
      • 12.3.2. Revenue Based Modeling
    • 12.4. Phase III - Primary Research
    • 12.5. Research Limitations
      • 12.5.1. Assumptions

Methodology


Frequently Asked Questions

The global smart voice assistant speaker market was valued at USD 7,216 Million in 2020.
The global smart voice assistant speaker market is expected to reach USD 58,539 Million by 2028, growing at a CAGR of 30.1% between 2021 to 2028.
Some of the key factors driving the global smart voice assistant speaker market growth are rising demand for smart homes and voice assistance devices, developments in AI technology and increasing applications of smart speakers.

North America region held a substantial share of the smart voice assistant speaker market in 2020. This is attributable to the presence of major players such as Amazon, Microsoft, and Apple, among others. Asia Pacific region is projected to grow at a significant rate owing to the rising demand for smart voice assistant speakers in developing economies such as China.

Some of the major companies operating in the smart voice assistant speaker market are Amazon.com, Apple Inc, Google, Microsoft Corporation, Alphabet Inc., Lenovo, IBM Corporation, Sony, Alibaba, Xiaomi, Samsung Electronics, Sony, NVIDIA and Mattel among others. 

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