Kenneth Research, in its repository of market research reports, has recently added a report on Smart Speaker Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Smart Speaker Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Smart Speaker Market products.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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According to Verified Market Research, the global Smart speaker Market was valued at USD 2.07 Billion in 2017 and is projected to reach USD 20.68 Billion by 2025, growing at a CAGR of 33.4% from 2018 to 2025.
What is Smart speaker?
A smart speaker is defined as a wireless and smart audio playback device that uses numerous types of connectivity for additional functions. These speakers have distinct features that enhances the ease of use, connect to multiple types of audio sources along with providing additional functionality. Some of the smart speakers also feature voice-activated digital assistants that can operate as home automation hubs. Rising demand for smart home devices has stimulated the growth of smart speaker market.
Global Smart speaker Market Outlook
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities and challenges faced by the industry. Drivers and Restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.
Growing number of smart homes, increasing disposable income, rapidly proliferating multifunctional devices and rising trend of personalization have been driving the global smart speaker market. On the other hand, issues associated with connectivity range, compatibility, and power might hamper the overall market at a global level.
Verified Market Research narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements which interests the client. The “Global Smart speaker Market” is mainly bifurcated into sub-segments which can provide a classified data regarding latest trends in the market. This can be of a great use in gaining knowledge about the cutting-edge technologies in the market.
Global Smart speaker Market Competitive Landscape
The “Global Hardware Security Module Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as Amazon.com, Inc., Apple, Inc., Alibaba Group, Alphabet Inc. (Google Inc.), Sonos, Inc., Bose Corporation, Xiaomi, Samsung Electronics Co. Ltd., Baidu Inc., and Plantronics, Inc. (Altec Lansing/AL Infinity, LLC). Among the companies, Amazon.com, Inc. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above mentioned players globally.
Global Smart speaker Market Segmentation, by Component
• Hardware
o Processor
o Memory
o Power IC
o Audio IC
o Connectivity IC
o Microphone
o Speaker Driver
o Others
• Software
Global Smart speaker Market Segmentation, by Application
• Smart Home
• Consumer
• Smart Office
• Others
Global Smart speaker Market Segmentation, by Intelligent Virtual Assistant
• Alexa
• Siri
• Google Assistant
• Cortana
• Others
Global Smart speaker Market Geographic Scope
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o UK
o France
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Rest of Asia Pacific
• Latin America
o Brazil
• Rest of the World
RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our sales team at Verified Market Research.
Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post sales analyst support
The Final Report will cover the impact analysis of COVID-19 on this industry:
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