Smart Speaker Market Size, Share, Growth Analysis, By Intelligent Virtual Assistant (Amazon Alexa, Google Assistant, Siri, Cortana), By End-User (Personal, Commercial), By Distribution Channel (Online, Offline), By Type (virtual assistant, wireless speakers, and others), By Region - Industry Forecast 2024-2031

Smart Speaker Market Driver

• The soaring sales of smart speakers are being fuelled by the growing popularity of smart home gadgets

Owing to tech-driven innovation and emerging data-directed advancements the global smart speaker market is experiencing a shift from the era of information technology to artificial intelligence. This is leading to change in consumer habits and they are more inclined to replace traditional manually controlled devices with new-age smart devices.

• Display-Based Smart Speaker Devices are gaining traction

The rising demand for Display-Based Smart Speaker Devices are anticipated to fuel global smart speaker market growth over the forecast period. The increasing popularity of display devices is assisting in the market's expansion. Due to evolving use cases such as social networking, streaming online content, and video call features, market leaders are progressively shifting to display-based devices. In addition, significant manufacturers offer a diverse range of smart display device products. For instance, a few gadgets having display capabilities include the Amazon Echo Show 5, Google Nest Hub (2nd Gen), Facebook Portal, Redmi Touch Screen Speaker 8, Xiaodu Zai Jia 1C (Baidu), Lenovo Smart Display 7, Alibaba Tmall Genie CC8, and JBL link view. Additionally, these products are regularly updated and improved in accordance with end-user needs.

Smart Speaker Market Restraint

• The data-steered innovations have posed a threat to security and privacy.

Data is a crucial element for an individual pertaining to privacy and safety and so it is for commercial purposes for advertising and marketing. There is a concern related to misuse of data which is a restrain for the market. All the speakers are activated by voice commands such as “OK Google”, “Alexa”, and “Siri” there is a threat posed to preserve the voice patterns and misemploying the data for various purposes is becoming a fearing factor for consumers.