Smart Sound and Gateway market is presently worth USD 438.4 million and is poised to amplify at a CAGR of 29.2% over 2022-2030, thereby amassing a valuation of USD 4,397.7 million by end of the assessment timeline.
Global demand for smart speakers is growing exponentially as a result of high-speed internet and easier access to smartphones. The demand for smart speakers with virtual voice assistants was substantially stronger in 2019 in English-speaking countries like the UK and the US. Since then, demand has shifted to non-English speaking countries, such as China, Germany, and India.
Due to their widespread use in the smartphone market, Google Assistant and Apple's Siri dominated the overall market demand for digital voice assistants. However, Amazon's Alexa dominated the market for smart speakers. Due to the rising number of product inquiries made via voice searches, Alexa has a significant portion of the market for smart speakers.
Even a headline about a serious provider reporting a security issue has a significant impact on the decisions made by customers. For instance, customers have taken a back foot attitude in embracing smart audio systems as a result of misunderstanding instructions, unexpected purchases, and Alexa listening to customers. Passive eavesdropping and information security violations were also two of the main problems that prevented the expansion.
Segmental analysis of the Market:
Based on Virtual Assistant
- Alexa
- Google Assistant
- Siri
- Ali Genie
- Xiao AI
- Multiple Virtual Assistant Support Speakers
- Other Virtual Assistants
Based on Solution
- Smart Speaker
- Hearables
COVID-19 Impact Analysis:
People are staying indoors more because of the COVID-19 outbreak. In the early stages of the epidemic, numerous governments established stringent quarantine regulations. As a result, consumers were cooped up in their houses for almost a year. As a result, global media consumption as well as internet usage both increased dramatically. As a result, the market for voice assistants and smart speakers was opportunistic, which ultimately fueled the expansion of the market for gateways and smart speakers.
Competitive Landscape:
Some of the prominent companies operating in the market are
- com Inc.
- Google LLC (Alphabet Inc.)
- Apple Inc.
- Alibaba Group Holding Limited
- Baidu Inc.
- Xiaomi Inc.
- Samsung Electronics Co. Ltd
- Sonos Inc.
- Bose Corporation
- Plantronics Inc.
Major questions answered in this report:
- What is the growth rate of the Global Smart Sound and Gateway Market?
- What are the primary growth determinants of the market?
- Which are the major regions constituting the geographical landscape of the market?
- Which are the prominent companies operating in the market?
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