According to Stratistics MRC, the Global Smart Speaker Market is accounted for $14.2 billion in 2024 and is expected to reach $40.7 billion by 2030 growing at a CAGR of 19.1% during the forecast period.
A smart speaker is a voice-activated device that integrates artificial intelligence and internet connectivity to perform various tasks. It responds to voice commands, providing functionalities such as playing music, controlling smart home devices, answering questions, setting reminders, and more. Equipped with intelligent virtual assistants like Amazon Alexa or Google Assistant, smart speakers enhance user convenience and interactivity in everyday life.
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The Asia Pacific region anticipates rapid growth in the smart speaker market, driven by increasing urbanization, rising disposable incomes, and growing consumer awareness of smart home technologies. Countries like China, Japan, and India are experiencing significant adoption of smart speakers, supported by local manufacturers and the expansion of global brands, leading to the highest CAGR in the region.
Some of the key players in Smart Speaker Market include Amazon, Google LLC, Apple Inc., Sonos, Inc., Alibaba Group Holding Limited, Xiaomi Corporation, Baidu, Inc., Samsung Electronics Co., Ltd., Bose Corporation, Harman International Industries, Incorporated, Sony Corporation, Lenovo Group Limited, LG Electronics Inc., Panasonic Corporation, Huawei Technologies Co., Ltd., Microsoft Corporation, Tencent Holdings Limited, SK Telecom Co., Ltd. and Philips.
Key Developments:
In January 2024, Amazon announced several new developments at CES 2024, including a global partnership with Panasonic to integrate Fire TV into new smart TVs, and the introduction of Matter Casting support for Fire TV and Echo Show 15 devices.
In May 2024, Apple released new features for HomePod with tvOS 17, including Enhanced Dialogue for clearer audio and Siri support for AirPlay. For the first time, the Apple TV hardware integrates with the iPhone camera with the Continuity Camera feature on tvOS 17. With that, Apple added the FaceTime app to the set-top box.
In December 2023, video conferencing apps like Webex by Cisco and Zoom launched on tvOS and brought their communications capabilities to Apple TV 4K. Developers can use Continuity Camera APIs on Apple TV 4K to integrate the iPhone or iPad camera and microphone into their tvOS apps.
What our report offers:
– Market share assessments for the regional and country-level segments
– Strategic recommendations for the new entrants
– Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
– Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
– Strategic recommendations in key business segments based on the market estimations
– Competitive landscaping mapping the key common trends
– Company profiling with detailed strategies, financials, and recent developments
– Supply chain trends mapping the latest technological advancements
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