Smart Speaker Market to Grow by $50.8 Billion Through 2028

Research firm Technavio has projected the global smart speaker market to grow by $50.8 billion, at a compound annual rate of 34.28 percent through 2028.

This growth, it said, is being driven by increasing popularity of voice commerce due to the convenience and ease of use it offers. With voice commerce, consumers can place orders and make purchases online using only their voice, eliminating the need for keyboards, mice, or smartphones.

The smart speaker market's rapid growth is also happening as more consumers embrace the concept of a connected home, according to Technavio, which asserts that the convenience of voice control and the ability to connect with digital streaming platforms and devices make smart speakers a necessity in modern homes.

Smart speakers, also known as wireless voice-enabled devices, are becoming essential components of IoT-enabled smart homes, it said further.

The smart speaker market is booming with the rise of digital technology and wireless voice-enabled devices. Intelligent virtual assistants like Siri, Alexa, and Google Assistant are leading this trend, enabling users to control their homes and appliances using voice commands, according to Technavio.

IOT and smart devices are transforming our lives, and smart speakers are at the forefront of this revolution, it said.

At the same time, data-steered innovations are driving advancements in voice patterns and artificial technology, but concerns over data misuse and security risks persist. it's essential to prioritize data security and privacy in this rapidly evolving market, Technavio said.

Technavio identified Alphabet, Amazon, Apple, Bang and Olufsen Group, Belkin International, Bose, Edifier International, Imagine Marketing, Lenovo Group, LG Electronics, NXP Semiconductors, Onkyo, Portronics Digital, Qualcomm, Samsung Electronics, Sonos, Sony Group, Xiaomi Communications, Zebronics, and Zound Industries International as leading players in the market.