The Smart Speaker Market is being driven by Rapidly increasing unit sales of smart speakers
The Smart Speaker Market is expected to grow at a CAGR of 34.28% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 50753.9 million. Voice commerce, a burgeoning technology, is revolutionizing the way consumers interact with e-commerce platforms. This innovative solution allows users to place orders and make purchases through voice commands issued to smart speakers, such as Google Assistant or Amazon Alexa. By eliminating the need for keyboard and mouse input or smartphone usage, voice commerce offers significant advantages, including hands-free operation, multitasking capabilities, and swift response times. Consumers increasingly prefer this method over traditional input methods due to its convenience and efficiency.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
171 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 34.28% |
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Market growth 2024-2028 |
USD 50753.9 million |
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Market structure |
market_structure.ucfirst |
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YoY growth 2023-2024(%) |
25.65 |
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Key countries |
US, Germany, China, UK, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The smart speaker market is witnessing significant growth, driven by the integration of digital technology in smart homes. Smart speakers, as wireless voice-enabled devices, serve as the hub for managing various smart home devices and appliances. Speaker manufacturers are continuously innovating with intelligent virtual assistance and voice recognition technology to enhance user experience. Data-steered innovations are transforming smart home products into more intuitive and automated solutions. Smart speakers are no longer just entertainment devices, but essential tools for managing smart homes.
The smart speaker market is a significant segment of the global consumer electronics industry, encompassing smart home devices, hubs, and speaker manufacturers. This sector falls under the household durables market, which includes the revenues generated by companies engaged in the production and marketing of smart home devices, consumer electronics, furnishings, and decorative products, as well as household appliances and homeware. The market's growth is driven by the continuous introduction of innovative smart home devices and smart speakers, as companies strive to expand their customer base and enhance user experiences. These new product launches, featuring advanced technologies and functionalities, are transforming the way we interact with our homes and appliances.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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UK: +44 203 893 3200
Email: media@technavio.com
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