The smart speaker market is expected to grow at ~29% annually through 2029. In addition to pure audio output, the smart speaker includes advanced features such as a voice assistant and allows users to create to-do lists, set alarms and access real-world content and timings.

PMR reports that the Global Smart Speaker Market generated sales of ~$8,355 million in 2018. Rapid advances in disruptive technologies such as IoT and artificial intelligence have impacted the growth of the smart speaker market. The incessantly increasing demand for smart home devices has led to the increasing acceptance of multifunction devices, and the result is likely to lead to an increase in sales of smart speakers.

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Key insights from the Smart Speakers market study

• The rapid penetration of digital technology and smart devices in both residential and commercial spaces weighs in equal measure with the increasing demand for smart speakers.
• The increasing acceptance of online audio listening, especially in the millennial age group, is likely to impact the growth of the smart speaker market.
• As technologies have advanced, the search for assistants to listen to consumers’ calls, anticipate their needs and take action when needed has increased, potentially increasing demand for smart speakers.

• PMR reports that demand for Alexa will grow at a striking ~33% CAGR through 2029.
• While North America continues to offer greater opportunities for smart speaker manufacturers, the market growth prospects in APEJ will increase given macro factors such as urbanization and increased disposable income.

“As the pursuit of ‘convenience’ intensifies, today’s consumers continue to deploy smart devices that use multiple types of connectivity to perform a wide range of functions. The demand for…