Global AI Speaker Market Size to Reach USD 122.61 Bn by 2032
Updated · Mar 02, 2023
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AI Speaker Market Overview
Published Via 11Press: Global AI speaker market size is expected to reach USD 122.61 Bn by 2032 from USD 7.52 Bn in 2022, growing at a compound annual growth rate (CAGR) of 32.2% between 2022 and 2032.
The global AI speaker market is a rapidly growing segment of the broader consumer electronics industry. AI speakers are devices that use artificial intelligence and natural language processing to respond to voice commands and control various aspects of a user’s home, office, or other environment.
The market is being fuelled by the increasing adoption of smart homes and IoT devices, which enable consumers to control a range of appliances, lighting, security systems, and other electronic items with voice commands. AI speakers have become an integral part of these systems, providing users with an easy-to-use and intuitive way to interact with their gadgets.
Despite its rapid growth and potential for further expansion, there are challenges faced by the industry. Data privacy and security remain top of mind as AI speakers may be collecting and transmitting sensitive personal information. Furthermore, making sure AI speakers can accurately understand and respond to various accents and languages is paramount if these devices are going to be widely adopted across diverse markets.
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As more smart homes and IoT devices become ubiquitous, the demand for these goods is anticipated to rise, supporting the global AI speaker market. This market offers considerable prospects for both seasoned firms and fresh entrants because to its potential for ongoing growth and innovation over the ensuing decades.
Top Companies in AI Speaker Market
- Amazon sells a wide range of products and services through their website, as well as electronic devices like Kindle ereaders, Fire tablets and TVs.
- The Echo series products fall under retail sales with company continuing to innovate its smart speaker range with products such as Echo Dot, Show and Dot being just some examples. All smart speakers feature Alexa voice assistance platform for added convenience.
- Harman International Industries, Inc. is an American audio electronics company founded in 1980 by Sidney Harman and Bernard Kardon.
- Harman International is a leading provider of audio solutions in the automotive industry, with partnerships with some of the world’s largest automakers such as BMW, Mercedes-Benz, and Toyota. The company’s automotive division offers a wide range of audio and infotainment systems, including advanced navigation, connectivity, and safety features.
- In the consumer electronics industry, Harman International is well-known for its high-end audio systems and speakers under brands such as JBL, Harman Kardon, Infinity, and AKG. Its products are popular among audiophiles and music enthusiasts due to their high-quality sound and sleek designs.
- Apple Inc. designs and manufactures mobile communications and media devices, personal computers, as well as portable digital music players.
- In July 2017, Apple unveiled HomePod, a wireless speaker that can be used as voice control and features 6 microphones. Plus, HomePod includes Siri and wireless access to all of Apple’s Music Library content.
- Sonos creates wireless music systems, including speakers, home theatres and component parts.
- Its products are sold online in more than 50 countries around the world.
- The company provides Internet-connected speakers, hubs and other items that can be utilized with more than 60 services such as Apple Beats Music or Spotify.
- Alphabet, Google’s parent company, primarily focuses on advertising, search, platforms, operating systems & platform, enterprise applications and hardware products.
- Google Home is a line of smart speakers manufactured under the Google Nest brand.
- These devices enable users to communicate directly with Google Assistant, the company’s virtual assistant.
- Google Home offers music listening and control of video or photo playback. Plus, users can receive updates via voice. Recently, Nest devices have also included support for home automation – enabling users to command smart home appliances using voice commands.
- Bose engineers create, design, develop, market and sell sound systems.
- It offers a selection of speakers such as multiroom speakers, portable ones, stereo and home theatre models as well as accessories for speakers and portable personal amplifiers (PA) systems.
- Plus its smart speakers are compatible with Siri and Google Assistant for added convenience.
Smart Speaker Market and Top Applications
- Smart House – Smart speakers have many applications, but their primary benefit lies in their usability and features. Users can control their smart devices using voice commands, making everyday tasks much simpler. Furthermore, these speakers understand natural speech better than other smart devices and thus require less training to operate – perfect for busy seniors with limited time or energy resources!
- Consumer – Smart speakers have become increasingly popular due to their convenience. These advanced products allow you to control all your smart devices via an Internet connection and smartphone, with smartphone users playing a major role in the growth of voice-enabled apps – thus driving demand for voice-activated products such as smart speakers.
- Smart Office – Smart speakers are driving the adoption of “smart offices.” The convenience they offer consumers in smart homes can now be applied to work settings as well. Engineered for office use, these devices are increasingly sought-after due to their capacity for streamlining processes and increasing productivity. Smart speakers have seen an exponential rise in popularity due to their convenience, which is a major driver behind adoption. Customer service applications, particularly retail and call centers, benefit from real-time insights into business operations that allow business owners to make informed decisions quickly.
- The AI speaker market grew to USD 7.52 Billion in 2022.
- Forecasted compound annual growth rates between 2022 and 2032 is 32.2%.
- By 2032, the AI speaker market is projected to reach USD 122.61 Billion.
- The market is being propelled forward by the growing use of Internet of Things (IoT) and smart home technologies that enable voice control of various devices.
- Due to their well-known brands and cutting-edge technological prowess, Alibaba, Google, Amazon, and Apple have emerged as the market’s four leading forces.
- Risks to data privacy and security, as well as the need for AI speakers to effectively understand and respond to different accents and languages, are obstacles the industry must overcome.
- During the upcoming years, the adoption of smart homes and IoT devices is expected to propel consistent growth in the market for AI speakers.
The global AI speaker market is expected to experience strong growth across all major regions, such as North America, Europe, Asia-Pacific and beyond. Here is a breakdown of the market in each major region:
- North America: The North American market for AI speakers is the largest and most developed, boasting high levels of adoption as well as numerous established players such as Amazon, Google, and Apple. Forecasts indicate this sector will keep growing due to rising popularity of smart homes and IoT devices.
- Europe: Strong growth is anticipated for the European AI speaker market over the coming years, driven by increased smart home technology adoption and a focus on sustainability and energy efficiency. It’s anticipated that prominent players in this market would include companies like Sonos and Bose.
- Asia-Pacific: Asia Pacific is the leading market for smart speakers, and is expected to experience significant expansion over the coming years due to rising Internet penetration rates and an array of Internet services. Countries like Japan and China have seen unprecedented growth in this space.Smart speakers have become increasingly popular in Asia Pacific, particularly India and South Korea due to their portability and ease of use. The market growth for smart speakers is being spurred on by an increase in consumer electronics production as well as an expanding need for wireless connectivity. Localized smart speakers with local language support could potentially expand significantly within these technologically advanced countries due to increasing populations, rising purchasing power parities (PPP), and rapid adoption of new technologies.
- Rest of the World: This region comprises nations in the Middle East and Latin America. Although there is a modest market for AI speakers in these areas, over the next few years, it is anticipated to expand significantly. Growing customer desire for smart home technologies and an increase in the number of reasonably priced AI speakers will boost this industry.
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- The use of Internet of Things devices and smart home technology is expanding.
- The need for voice-activated technology and hands-free operation is rising.
- Personalized and immersive audio experiences are becoming more and more popular.
- A previously unheard-of level of efficiency has been achieved because to developments in machine learning and natural language processing.
- A growing number of people are interested in home automation and energy conservation.
- Affordable AI speaker products are becoming more widely available.
- Worries about the security and privacy of data.
- Language processing and voice recognition software might not be as accurate as they should be.
- A lack of compatibility between different smart home platforms and devices.
- Absence of industry-wide standardization
- High costs incurred in both production and research and development.
- Entering new markets and geographical areas
- Creation of new AI speaker applications and use cases, such as in healthcare and education.
- To differentiate a product from rival offerings, its features and design must be novel.
- Collaborations and partnerships improve product capabilities and offerings.
- The ability to recognize and react appropriately to a variety of accents and languages.
- Preserving client trust and handling privacy concerns.
- Addressing statutory duties for data security and privacy.
- Ensuring compatibility across a variety of platforms and devices.
- Addressing customer worries about how using electronics may affect the environment
Here are some recent developments in the Global AI Speaker Market:
- Amazon just announced their new Echo speaker line, including the Echo Show 10 with a motorized base. This allows the screen to follow you around as you move in the room.
- Google has recently launched Nest Audio with improved sound quality and a chic design.
- Apple has unveiled the HomePod Mini recently, a compact, budget-friendly version their popular speaker.
- Alibaba just unveiled the Tmall Genie X5, a new voice-controlled smart home device that allows you to control more devices and has enhanced voice recognition.
- Sonos has recently introduced the Sonos Roam, a portable, wireless speaker that can be used indoors and outdoors.
- Bose just unveiled the Smart Soundbar 300 from Bose. It features built-in Alexa, Google Assistant support, and improved audio quality.
- Xiaomi has unveiled its Mi Smart Speaker recently with superior sound quality, compatibility with Xiaomi AI assistant and better connectivity.
Key Market Segments
- Single Room
Key Market Players
- Apple (U.S.)
- Google (U.S.)
- Bose Corporation (U.S.)
- Harman (U.S.)
- LG Electronics (South Korea)
- Altec Lansing (U.S.)
- Avnera Corporation (U.S.)
- Panasonic (Japan)
- D&M Holdings#Inc (Japan)
- Sharp Corporation (Japan)
- Logitech International SA
- Sonos Inc.
- Sony Corporation
- SK Telecom
|The market size value in 2022||USD 7.52 Bn|
|Revenue forecast by 2032||USD 122.61 Bn|
|Growth Rate||CAGR Of 32.2%|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World|
|Short-Term Projection Year||2028|
|Long-Term Projected Year||2032|
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North America is expected to be the largest market for AI speakers, while the Asia-Pacific region is expected to see the fastest growth. Other regions, such as Europe and the Middle East and Africa, are also expected to see significant growth.
Some of the major players in the AI Speaker Market include Amazon.com#Inc., Apple (U.S.), Google (U.S.), Bose Corporation (U.S.), Harman (U.S.), LG Electronics (South Korea), Altec Lansing (U.S.), Avnera Corporation (U.S.), Panasonic (Japan), D&M Holdings#Inc (Japan), Sharp Corporation (Japan), Logitech International SA, Sonos Inc., Sony Corporation, SK Telecom.
According to a report by Market.us, the Global AI Speaker Market is expected to reach USD 122.61 Bn by 2032, growing at a CAGR of 32.2% from 2022 to 2032.
Market players in the AI Speaker Market use a range of strategies to gain market share and compete with one another. These strategies may include investing in research and development to improve product features and performance, forming strategic partnerships with other companies to expand product offerings and reach new markets, and engaging in aggressive pricing and marketing campaigns to attract consumers.
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