Smart Speaker Market to Hit $61.87 Billion by 2028

Verified Market Research valued the global smart speaker market a $6.42 billion in 2020 and projects it to reach $61.87 billion by 2028, growing at a compound annual rate of 32.75 percent.

The firm cites a growing number of smart homes, increasing disposable income, rapidly proliferating multifunctional devices, and the rising trend of personalization as key drivers of growth for the global smart speaker market.

Smart speakers work via Bluetooth, Wi-Fi, or other wireless protocols and are powered by artificial intelligence-controlled, voice-enabled virtual assistants. Activated by voice commands, these devices enable consumers to listen to music, order food, shop online, get weather information, listen to breaking news, hear a list of planned daily activities, and control connected smart appliances. Advanced microphones, automatic speech recognition technology, and natural language processing help smart speakers identify and process voice commands.

The report identified Amazon, Apple, Alibaba, Alphabet (Google), Sonos, Bose, Xiaomi, Samsung, Baidu, and Plantronics as the leading players in the market.