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The global smart speaker market size is expected to reach USD 15.6 billion by 2025 from USD 7.1 billion in 2020, at a CAGR of 17.1%. The growth of the market can be attributed to the growing demand for smart speaker display, the increasing number of smart homes, the rising disposable income, and the rapid proliferation of multifunctional devices. The increasing focus of companies on enhancing customer experience and consumer preference for technologically advanced products over traditional products are expected to present opportunities to players in the smart speaker market.

The Amazon Alexa intelligent virtual assistant is expected to hold a large share of the smart speaker market during the forecast period. The company launched Alexa IVA smart speaker Echo in 2014. Since then, the platform is used in Amazon’s Echo device series and smart speakers offered by most companies. Alexa speaker is offered in more than 80 countries, thus covering a wide audience from which the company gathers usage data and continually improves its service.

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The microphone segment expected to grow at the highest CAGR during the forecast period  

The increasing demand for wireless microphone technology, coupled with the rising demand for high-quality audio output, drives the growth of the microphone segment.

North America held the largest share in the global smart speaker market in 2019. The high adoption of smart devices with advanced technologies, such as IoT and AI, has pushed the sales figures for smart speakers in North America.

Major players in the global smart speaker market include Amazon, Inc (Amazon) (US), Harman International (US), Apple Inc. (Apple) (US), Sonos (US), Alphabet Inc (Alphabet) (US), Baidu, Inc (Baidu) (China), Bose Corporation (Bose) (US), Sony Corporation (Sony) (Japan), Onkyo Corporation (Onkyo) (Japan), Samsung Electronics (Samsung) (South Korea), Panasonic Corporation (Panasonic) (Japan), Alibaba Group (Alibaba) (China), Altec Lansing (US), Lenovo Group Ltd. (Lenovo) (China), Xiaomi Inc. (Xiaomi) (China), SK Telecom Co., Ltd. (SK Telecom) (South Korea), Facebook (US), and LG Electronics (South Korea).

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