Smart Speaker Market to Be Worth $41.16 Billion by 2028

Brandessence Market Research valued the global smart speaker market at $3.85 billion in 2020 and expects it to reach $41.16 billion by 2028, registering a compound annual growth rate of 34.69 percent.

The research firm identifies smart speakers as the types of wireless devices powered by virtual assistants, controlled by voice commands, and capable of playing music, controling internal lighting systems, connecting calls, providing daily news or weather-related information, and more due to integrations with advanced technologies like artificial intelligence. These speakers can be further connected to other small devices, including mobile phones or laptops, using Bluetooth or Wi-Fi technologies.

The report cites the increasing popularity of smart homes, widespread internet proliferation, and rising incomes as key drivers of the market's growth, which is also being fueled by technological advancements in the field, growing digital literacy, and the multitasking ability of these speakers.

On the flipside, concerns regarding user data privacy, rising prevalence of cyberattacks, and connectivity issues are the major factors slowing down the progression of this business vertical.

The report identified Amazon, Apple, Google, Panasonic, Logitech, Sonos, LG Electronics, Sony, Harman International, and Smasung as noteworthy players in the global smart speaker market.