The Smart Speaker Market is expected to reach $48.8 billion by 2031,

 

Meticulous Research® has recently published its findings on the global smart speaker market, projecting that the market will reach $48.8 billion by 2031, with a compound annual growth rate (CAGR) of 18.6% from 2024 to 2031. In terms of volume, the market is anticipated to reach 143.1 million units by 2031, growing at a CAGR of 3.6% during the same period. The market's growth is primarily driven by the increasing number of smart homes, the widespread adoption of multifunctional devices, and the rising demand for voice-activated gadgets. However, challenges such as connectivity range issues are expected to hinder market expansion.

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The market is also seeing opportunities due to the growing consumer preference for advanced technological products and the increasing demand for smart speakers with display capabilities. Yet, hurdles such as the technological immaturity of voice user interfaces (VUIs) and concerns surrounding privacy and security pose significant challenges to market growth.

Trends such as advancements in natural language processing (NLP) and an increasing focus on multi-room audio systems and smart displays are shaping the future of the smart speaker market.

The global market is segmented by various factors, including type (display and non-display), audio output mode (stereo and surround), portability (wired and wireless), wattage (up to 99W, 100W to 199W, 200W to 499W, 500W to 799W, and more than 800W), distribution channel (online retail and offline retail), and application (personal and commercial usage). The report also evaluates key industry players and provides a regional and country-level market analysis.

When considering audio output mode, the market is divided into stereo and surround categories. The surround segment is expected to dominate in 2024, accounting for 77% of the market. This dominance is due to the benefits offered by surround smart speakers, such as hands-free interaction and high-quality audio experiences, which appeal to audiophiles. Additionally, continuous technological innovations are driving the development of advanced and cost-effective surround speakers.

The type segment includes display and non-display smart speakers. In 2024, non-display speakers are projected to hold a larger market share, mainly due to their lower manufacturing costs and affordability, which make them accessible to a broader range of consumers. These speakers also excel at voice interaction, offering a seamless hands-free experience, ideal for multitasking.

Key players are also launching new products to capture this market. For instance, Amazon introduced the Echo Pop in June 2023, an affordable smart speaker featuring a semi-sphere design and Alexa support. Similarly, Apple launched the second-generation HomePod in January 2023, offering advanced acoustics and Siri intelligence.

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However, the display segment is expected to grow at the highest CAGR during the forecast period, driven by the enhanced functionality, visual entertainment, and user experience that smart displays offer.

Regarding portability, wireless smart speakers are anticipated to dominate in 2024, accounting for 84% of the market. The growth in this segment is attributed to advancements in voice recognition, increased demand for smart home devices, and the expansion of the Internet of Things (IoT) ecosystem. The rising popularity of music streaming, podcasts, and audiobooks also fuels the demand for wireless smart speakers.

In terms of wattage, the up to 99W segment is expected to capture the largest market share in 2024, driven by superior sound quality and deeper bass. However, the 100W to 199W segment is expected to grow at the highest CAGR, with increasing demand for smart speakers in professional settings.

The distribution channel segment is dominated by online retail, which is expected to hold the largest market share in 2024. This is due to the convenience of online shopping, wide product range, and competitive pricing offered by online platforms.

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By application, personal usage is expected to account for 89% of the market in 2024, driven by the hands-free operation and voice control capabilities of smart speakers. These devices have evolved to perform a wide range of functions, making them essential in daily life.

Geographically, North America is expected to hold the largest share of 39% in 2024, driven by the region's early adoption of technology and consumer preference for convenience. However, the Asia-Pacific region is projected to grow at the highest CAGR of 20% during the forecast period, supported by the growing population, rising purchasing power, and rapid technological advancements.

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