Press release

Global Smart Speaker Market 2019-2023 | 24% Projection over the Next Five Years | Technavio

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The global smart speaker market is expected to post a CAGR of close to 24% during the period 2019-2023, according to the latest market research report by Technavio.

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Technavio has announced its latest market research report titled global smart speaker market 2019-2023. (Graphic: Business Wire)

Technavio has announced its latest market research report titled global smart speaker market 2019-2023. (Graphic: Business Wire)

A key factor driving the growth of the global smart speaker market size is the growing necessity of smart speakers in households. The demand for smart speakers in households is increasing at a significant rate owing to the increasing number of home renovation projects, the growing popularity of digital streaming platforms, and easy integration with other smart home devices. Moreover, smart speakers are designed to serve as a hub to connect with various digital streaming platforms and with TV and other devices. Thus, with consumers increasingly spending on renovation projects to make their homes digitally connected, the installation of smart home devices such as smart speakers is expected to increase at a significant rate during the forecast period.

As per Technavio, the increasing popularity of voice commerce will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global smart speaker market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

Global Smart Speaker Market: Increasing Popularity of Voice Commerce

The concept of voice commerce is gaining immense popularity worldwide as it provides an alternative to using a keyboard and mouse or smartphones for ordering and purchasing products online. Voice commerce allows consumers to give a voice command to smart speakers that are equipped with virtual assistants such as Amazon Alexa, and Google Assistant, while buying products online. Therefore, the growing popularity of voice commerce is expected to be one of the key smart speaker market trends that will fuel the market growth during the forecast period.

“Apart from the increasing popularity of voice commerce, other factors such as the strong distribution network between manufacturers and retailers, and the growth in prominence of smart displays will have a significant impact on the smart speaker market growth during the forecast period,” says a senior analyst at Technavio.

Global Smart Speaker Market: Segmentation Analysis

This market research report segments the global smart speaker market worth by end-user (residential users, and commercial users), and geographic regions (Europe, North America, APAC, South America, and MEA).

The North American region led the smart speaker market in 2018, followed by Europe, APAC, South America, and MEA respectively. The smart speaker market analysis report identifies factors such as the growing necessity of smart speakers in households, and the increasing number of home renovation projects in the US to fuel market growth in North America during the forecast period.

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Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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