Smart speaker market to grow at 18.01% CAGR through 2026

According to the new research report published by Transparency Market Research (www.transparencymarketresearch.com), the global smart speakers market will grow at a compound annual growth rate [CAGR] of 18.01% through 2026. With this growth rate, the market is estimated to achieve a valuation worth US$18.4 billion by the end of 2026.

“The vendor landscape of the global smart speakers market is expected to become increasingly competitive in the next few years of the forecast period,” says the research group. “The competition will become intense as several players will launch their own smart speakers. The leading companies in the market are expected to rely on their brand loyalty and innovative marketing strategies. The trend now is to create an ecosystem favorable smart speakers by integrating technologies such as intuitive voice assistance and voice commands. In addition to this, integration of advanced artificial intelligence technologies in these speakers are also expected to provide a solid competitive edge to the companies in the global market”, observes TMR analyst.

Key findings in the report:

° The global smart speakers market can be broadly classified in terms of component, mode of sale, application, voice assistant type, and region.

° Based on component, the market is primarily segmented into software and hardware. By the end of the forecast period in 2026, the segment of hardware is projected to attain a valuation worth $10.34 billion. Within the mentioned segment, the smart speaker processor is projected to grow at a considerable CAGR of more than 18% between 2018 and 2026. These smart speakers are becoming increasingly intelligent and are rapidly becoming a common household product. Processors thus become an important hardware component that allows the speaker to function and multitask smoothly.

° Online and offline are the two main modes of sale of global smart speakers market. In coming years, the segment of online sales is projected to witness a rapid growth because of the growing demand for these products across the globe and the ease of convenience of the online mode. Growing trend of online shopping and digital marketing campaigns are expected to help the growth of the segment.

° In terms of application, the segment of consumer is projected to witness a considerable growth in the near future.