Smart Speaker Market to surpass USD $40.7 B by 2030 from USD $8.68 in 2021 at a CAGR of 18.80% in the coming years, i.e., 2021-30.
Smart speaker may be a wireless speaker enabled by Bluetooth, Wi-Fi, or other wireless protocols and powered by virtual assistant, which is driven by AI. it's the newest technological innovation dominating the buyer technology market and is activated by a voice command to perform different tasks like taking note of music, ordering food, and online shopping. It also performs other activities, like obtaining weather information, latest news, listing day-to-day activities, and integrating with the smart home appliances. These multiple features provide a foothold to smart speaker market over other substitute technological products and services.
Smart Speaker Market to surpass USD $40.7 B by 2030 from USD $8.68 in 2021 at a CAGR of 18.80% in the coming years, i.e., 2021-30.. Alexa is predicted to carry a serious share of the Smart Speaker market during the forecast period
Smart Speaker market is segmented by Intelligent Virtual Assistant into Amazon Alexa, Google Assistant, Siri, Cortana, and Others. The Amazon Alexa segment had the largest market share in 2020. Amazon launched the Alexa IVA smart speaker Echo in 2014. Since then, the platform is employed in Amazon’s Echo device series and smart speakers offered by most companies.
Smart Speaker market is segmented by End-User into Personal and Commercial. The Personal segment is augmenting the growth of the Smart Speaker market.
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Smart Speaker Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. North American countries like the US, Canada, and Mexico are receptive to products enabled with advanced technologies. The penetration of smart speakers in North American countries, especially within the US, is high due to the presence of early adopters and key smart speaker providers.
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