Global Smart Speaker Market Size To Exceed USD 87.06 Billion By 2033: Market Study Report

Global Smart Speaker Market Size To Exceed USD 87.06 Billion By 2033 

According to a research report published by Spherical Insights & Consulting, The Global Smart Speaker Market Size is Expected to Grow from USD 11.36 Billion in 2023 to USD 87.06 Billion by 2033, at a CAGR of 22.59% during the forecast period 2023-2033. 

Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the Global Smart Speaker Market Size, Share, and COVID-19 Impact Analysis, By Component (Hardware and Software), By Connectivity (Wi-Fi and Bluetooth), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033                

A smart speaker is an internet-enabled device that integrates a loudspeaker with a built-in virtual assistant, allowing users to communicate using voice commands. The devices can carry out different functions like playing music, giving information, controlling smart home appliances, and more, by processing verbal requests and providing audio feedback. Moreover, the smart speaker market is driven by the rising adoption of smart home devices, increasing consumer demand for voice-assisted technology, and advancements in AI and IoT. Growing internet penetration, affordable smart speakers, and expanding language support further boost demand. Integration with home automation systems also enhances user convenience and fuels market growth. However, the smart speaker market faces restraints such as privacy concerns, data security issues, limited language support, high competition, and dependency on internet connectivity, hindering widespread adoption and user trust.

The hardware segment accounted for the largest share of the global smart speaker market in 2023 and is anticipated to grow at a significant CAGR during the forecast period.

Based on component, the global smart speaker market is divided into hardware and software. Among these, the hardware segment accounted for the largest share of the global smart speaker market in 2023 and is anticipated to grow at a significant CAGR during the forecast period. This dominance is driven by the widespread demand for high-quality microphones, speakers, and connectivity chips that ensure optimal device performance, along with continuous innovations in design and sound technology offered by leading manufacturers.  

The Wi-Fi segment accounted for a substantial share of the global smart speaker market in 2023 and is anticipated to grow at a rapid pace during the projected period.

On the basis of connectivity, the global smart speaker market is divided into Wi-Fi and Bluetooth. Among these, the Wi-Fi segment accounted for a substantial share of the global smart speaker market in 2023 and is anticipated to grow rapidly during the projected period.  Wi-Fi enables seamless integration with smart home devices, supports voice assistants, and offers better data transfer speeds, making it the preferred choice for consumers seeking enhanced functionality and continuous internet-based services.

North America is projected to hold the largest share of the global smart speaker market over the projected period. 

North America is projected to hold the largest share of the global smart speaker market over the projected period.  This is driven by high consumer adoption of smart home technologies, the presence of major players such as Amazon and Google, and advanced internet infrastructure. Strong demand for voice-assisted devices and increasing smart home integration continue to boost regional market growth.

Asia Pacific is expected to grow at the fastest CAGR of the global smart speaker market during the projected period. This is due to rapid urbanization, increasing internet penetration, rising disposable incomes, and growing adoption of smart home devices, especially in countries like China, India, and Japan, which are boosting market expansion. Local brands and affordable options further drive regional growth.

Company Profiling

Major vendors in the global smart speaker market are Amazon.com, Inc., Google LLC, Apple, Inc., Sony Corporation, Xiaomi, HARMAN International, Sonos, Inc., Bose Corporation, Baidu, Inc., ULTIMATE EARS, Panasonic Holdings Corporation., and others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In May 2023, Google revealed the release of an update for the second-generation Nest Hub, which is the third device to use the company's homegrown Fuchsia OS. The initiative is to create an open-source operating system for smart home devices.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global smart speaker market based on the below-mentioned segments:

Global Smart Speaker Market, By Component

• Hardware
• Software

Global Smart Speaker Market, By Connectivity

• Wi-Fi
• Bluetooth

Global Smart Speaker Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa