The Evolution of Smart Speakers: Market Trends and Future Projections


Smart speaker Market Size, Share, Forecast, & Trends Analysis

 

 

Meticulous Research® has recently published a report forecasting the global smart speaker market to reach $48.8 billion by 2031, with a compound annual growth rate (CAGR) of 18.6% from 2024 to 2031. The market volume is also projected to grow, reaching 143.1 million units by 2031 at a CAGR of 3.6%. This robust growth is largely fueled by the increasing adoption of smart homes, the proliferation of multifunctional devices, and the rising demand for voice-activated technology. Despite these positive trends, the market faces challenges, particularly with connectivity range issues that hinder its full potential.

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The market also presents substantial opportunities, particularly in the growing consumer preference for technologically advanced products and the rising demand for smart speakers with display capabilities. However, challenges such as the technological immaturity of voice user interfaces (VUIs) and concerns about privacy and security continue to impede growth. As technology advances, particularly in natural language processing (NLP), and as multi-room audio and smart displays become more prevalent, these trends are expected to shape the future of the smart speaker market.

The global smart speaker market is divided into several segments based on type, audio output mode, portability, wattage, distribution channel, and application. These segments are further analyzed at regional and country levels, offering a comprehensive overview of the market landscape.

In terms of audio output mode, the market is categorized into stereo and surround sound. The surround sound segment is expected to dominate in 2024, accounting for 77% of the global market share. The popularity of surround sound speakers can be attributed to their ability to provide hands-free interaction and high-fidelity audio, which appeals particularly to audiophiles. Continuous technological innovations are driving the development of advanced and affordable surround sound speakers, further boosting this segment's growth.

When categorized by type, the smart speaker market is segmented into display and non-display units. The non-display segment is expected to hold the larger market share in 2024, largely due to its cost-effectiveness and simplicity in manufacturing. These speakers are particularly appealing to budget-conscious consumers who prioritize voice interaction for hands-free convenience. Despite this, the display segment is expected to witness the highest CAGR during the forecast period, driven by the enhanced functionality, visual entertainment, and improved user experience offered by smart displays.

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Portability is another key segment in the smart speaker market, with the market divided into wired and wireless speakers. The wireless segment is anticipated to lead in 2024, capturing 84% of the market share. This dominance is driven by advancements in voice recognition technology, the growing demand for smart home devices, and the convenience offered by wireless interfaces. The increasing popularity of music streaming, podcasts, and audiobooks has also fueled demand for wireless smart speakers, which integrate seamlessly with popular streaming platforms.

In terms of wattage, smart speakers are categorized into various power ranges. The up-to-99W segment is expected to dominate in 2024, due to its superior sound quality and deeper bass, which appeal to audiophiles. However, the 100W to 199W segment is projected to experience the highest growth, driven by its versatility and application in both consumer and professional settings, such as offices, retail stores, and restaurants.

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The market is also segmented by distribution channel, with online retail expected to dominate in 2024. The convenience of online shopping, combined with the wide range of smart speakers available across different brands and price points, makes online retail a preferred channel for consumers. Additionally, the competitive pricing offered by online retailers further strengthens this segment's market share.

In terms of application, the personal usage segment is expected to hold the largest share of the global smart speaker market in 2024, accounting for 89% of the market. The hands-free operation and voice control capabilities of smart speakers make them indispensable for daily tasks, from playing music to setting reminders and providing news updates.

Geographically, North America is expected to lead the global smart speaker market, with a 39% market share in 2024. The region's early adoption of technologically advanced products and strong consumer preference for convenience-oriented solutions drive this growth. However, the Asia-Pacific region is projected to register the highest CAGR of 20% during the forecast period, fueled by the growing adoption of advanced technologies, the increasing production of consumer electronics, and the rising purchasing power in the region.

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Key players in the global smart speaker market include Apple Inc., Amazon.com, Inc., Bose Corporation, Google LLC, Harman International Industries, Inc., Baidu, Inc., Sony Group Corporation, Sonos, Inc., Panasonic Holdings Corporation, Samsung Electronics Co., Ltd., Lenovo Group Limited, SK Telecom Co., Ltd., LG Electronics Inc., Onkyo Corporation, and Xiaomi Corporation.

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