The intelligent speakers market is expected to grow ~29% annually through 2029. Apart from just producing audio output, intelligent speaker includes advanced features such as voice assistant, and allows users to make to-do list, set alarms, and gain access to real time information.
PMR reports that the global intelligent speakers market generated a revenue of ~US$ 8,355 Mn in 2018. Rapid advances in disruptive technologies such as IoT and Artificial Intelligence have been impacting the growth of the intelligent speakers market. Incessant rise in demand for smart home devices has led to an increase in the adoption of multifunctional devices, and the result is likely to lead to surge in sales of intelligent speakers.
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Key Takeaways from the Intelligent Speakers Market Study
- Rapid penetration of digital technologies and smart devices in both residential and commercial areas has been weighing on a same scale as the rising demand for intelligent speakers.
- Increasing adoption of online audio listening, especially among the millennial demographic, is likely to impact the growth of the intelligent speakers market.
- With the advancements of technologies, the quest of assistant which listens to consumers’ calls, anticipates their needs, and takes action when necessary has been on the rise, thereby potentially raising the demand for intelligent speakers.
- PMR reports that demand for Alexa will increase with striking CAGR of ~33% through 2029.
- While North America continues to offer greater opportunities for the intelligent speaker manufacturers, growth prospects of the market will increase in APEJ, in the view of macro factors such as urbanization and increased disposable income.
“As the quest of ‘convenience’ intensifies, today’s consumers are continuously leveraging smart devices that use several types of connectivity to perform a wide range of functions. The demand for intelligent speakers will continue to be quite strong going forward, on the account of deploying voice-activated digital assistant that can operate every home automation hub,” says the FMI analyst.
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Ever-increasing Demand for Smart Devices Promoting the Market Growth
Several devices can be operated by intelligent speakers including TV, air conditioners, and refrigerators, and other accessories. Increasing penetration of smartphones, has led to surge in the demand for supportive accessories, ultimately resulting in increasing sales of intelligent speakers. Given consideration to evolving demand and significant advances in wireless technologies, manufacturers are specifically focusing on increasing the production of portable intelligent speakers.
For instance, in September 2018, Amazon introduced new Alexa features which include a number of entertainment features such as TIDAL, Amazon music new release notification, and right-left stereo pairing.
Future Market Insights, in its new study, provides historical growth analysis of the intelligent speakers market (2014-2018) along with forecast statistics in terms of both value and volume for the period (2019-2029). FMI studies the intelligent speakers market on the basis of devices (Alexa, Google Assistant, Siri, and others), distribution channel (organized retail, unorganized retail, and online/e-commerce), and application (residential and commercial) across the globe.
Companies covered in Intelligent Speakers Market Report
- Riva Concert
- Alphabet (Google)
- Sony Corporation
- Panasonic Corporation
- Samsung Electronics Co.
- Polk Audio