Smart Speaker Market to Reach $24.09 Billion in 2028

Emergen Research expects the global smart speaker market to reach $24.09 billion by 2028, growing at a compouind annual rate of 16.9 percent.

The firm attributes this growth to a growing home automation trend, the ntroduction of more cost-effective and user-friendly electronic home appliances with remote access and connectivity via advanced wireless technologies, rapid urbanization, and rising disposable incomes.

It defines a smart speaker as a voice-enabled device powered by an intelligent virtual assistant that helps with a multitude of everyday tasks, including answering questions, streaming music or podcasts, setting timers, alarms, or reminders, turning on lights, adjusting the thermostat, and controlling other smart devices at home. Most smart speakers available today are compatible with virtual assistants such as Amazon's Alexa or Google Assistant.

Emergen splits the global smart speaker market into hardware and software and expects the hardware segment to register the highest CAGR due to the integration of voice recognition features and advanced sensors and growing consumer demand for smart home devices that are compatible with voice assistants such as Alexa (Amazon) and Siri (Apple)

Among intelligent virtual assistants, Amazon's Alexa dominated the market, though other key players mentioned in the report include Apple, Google, Baidu, Sony, Lenovo, Altec Lansing, Onkyo, Xiaomi, and SK Telecom.