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

Global Smart Speaker Market size was valued at USD 8.6 billion in 2022 and is poised to grow from USD 10.08 billion in 2023 to USD 35.88 billion by 2031, growing at a CAGR of 17.20% during the forecast period (2024-2031).

The growing demand for smart speaker display, the increasing number of smart homes, rising disposable income, and the rapid proliferation of multifunctional devices are all factors driving the growth of the smart speaker market.

Furthermore, the emergence of new technologies such as automated speech recognition technology, and natural language processing (NLP) has shifted the market of manually controlled speakers to AI-controlled speakers. These technologies allow the speakers to process the commands given by the user. Alexa, Amazon Echo virtual assistant, Google Home powered Google Assistant work on Artificial Intelligence and NLP along with the integration of machine learning and several other technologies. These are enabled by wireless transmission mediums such as Bluetooth, and Wi-Fi, handled by a virtual assistant and are steered by artificial intelligence.

Increasing internet usage and digitalisation have paved the way for technological innovation and gaining popularity among Millennials. These AI-driven devices are capable of performing tasks based on voice commands. From listening to music to ordering food searching, location, news, and movies are just a voice command away. The advancement of digitalisation and consumer acceptance of newer technologies have elevated consumers' living standards to smart living standards, and the all these factors are anticipated to proliferate the global smart speaker market.

US Smart Speaker Market is poised to grow at a sustainable CAGR for the next forecast year.