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Smart Speaker Market Growth Prospects, Key Opportunities, Trends, Forecasts, Key Company Profiles and Industry Size, Share Analysis | COVID-19 Impact

07.29.2020 · Posted in Writing and Speaking

Market Highlights

The latest report on the global smart speakers market by Market Research Future (MRFR) states that the market is slated to acquire a substantial market valuation from USD 1.94 billion in 2017 up to USD 11.57 billion by 2023, at a healthy 34.7% CAGR over the review period.

Smart speakers are primarily wireless speakers getting functional with Wi-Fi, Bluetooth, etc. It is mainly powered by an intelligent virtual assistant, which is driven by artificial intelligence. Being the most advanced and noteworthy discoveries, it is certainly the most promising segment in the consumer electronics sector. Be it about ordering food or enjoying songs on demand; people love these devices for all purposes. With the growing trend of personalized online shopping, remaining updated with the latest n, this market shows great prospects of growth.

The global smart speaker market is thoroughly enriched due to the distinguishing features of smart speakers. In comparison to the traditional speakers, these are technologically much developed. With advancing technologies like speech recognition technology, advancing microphone technology, the market is getting more reasons to be enriched at the global level. Starting from small to largely populated domains, the market of the smart speaker is expected to remain equally buzzed all over. The steady growth rate and increasing consumer base attract investors the most. 

Segmentation:

For the scope of the report, the smart speaker market is segmented on the basis of the intelligent virtual assistant, and application.

Based on the intelligent virtual assistant, the market is segmented into Alexa, Cortana, Google Assistant, Siri, and others. Alexa, Siri, and Google Assistant are expected to witness substantial growth over the review period, driven by the demand from consumers for advanced smart speakers

Based on the Applications, the market is bifurcated into personal use and commercial use. The personal use segment is poised to observe significant growth over the assessment period.

Regional analysis

From a geographical point of view, the global smart speaker market is segmented into North America, Europe, Asia-Pacific, and the rest of the world. Among these, North America is undoubtedly the most leading nation with a growing level of users.

Asia-Pacific is speculated to grow at a much significantly faster rate during the forecast period. India, China, and Japan are the frontrunners in the smart speaker market in Asia-Pacific. Smart speaker market is growing swiftly as the rate of adoption of smart homes, and smart offices have been much encouraging here. The commencement of smart city projects in India and China is expected to expedite the process at a much faster rate.

Industry news

3rd Watch News publishes a report about the growth prospects of the global smart speaker market. It analyses all the growth factors associated with it, predicting the rate all throughout. The report identifies the segments to remain most encouraging among all. Also, it identifies the key markets or regions where the market is supposed to be the most encouraging.     

Browse Complete Report @ https://www.marketresearchfuture.com/reports/smart-speaker-market-2286

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