According to the report titled ‘Global Smart Speaker Market Size by IVA (Alexa, Google Assistant, Siri, DuerOS, Ali Genie), by Component (Hardware (Speaker Driver, Connectivity IC, Processor, Audio IC, Memory, Power IC, Microphone) and Software), by Application (Smart Home, Consumer, Smart Office, Others) and Regional Forecasts 2021-2027’, available with Market Study Report, global smart speaker market was worth USD 7.1 billion in 2020 and is expected to witness an annual growth rate of 17.1% during 2021-2027, thereby accumulating USD 21.44 billion by the end of analysis timeline.
 

Rising trend of smart homes, alongside product innovation with integration of new features like mesh networking technology to connect to multiple devices are boosting the expansion of global smart speaker market.
 

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For the unversed, smart speaker can be defined as a speaker & vocal command device that comes together with virtual assistant, offering interactive actions, along with hands free activation. These devices use technologies like Wi-Fi and Bluetooth to play audio and control home automation systems. In addition, convenience and ease of use offered by these smart speakers is further augmenting the industry outlook.
 

On the contrary, increasing cases of hacking where hackers tend to use voice recordings or mimicking to hack smart audio devices is impeding the development of the industry.
 

Regionally speaking, Europe, North America, Latin America, and Asia Pacific are considered to understand the dynamics of global smart speaker market. Among these, North America market is reckoned to flourish over the analysis timeframe, driven by quick adoption of smart technologies in countries like the U.S. and Canada.
 

Meanwhile, Asia Pacific market is anticipated to witness notable gains during 2021-2027, owing to presence of countries like India and Japan who are known as the major manufactures of smart audio devices. Furthermore, government initiatives to promote the use of smart technologies in nations like China and India are also adding momentum to the progression of APAC market.
 

Key companies like Samsung Electronics Co., Ltd., Onkyo Corporation, Sony Group Corporation, Bose Corporation, Baidu, Inc., Alphabet, Inc., Sonos, Inc., Apple, Inc., Harman International Industries Incorporated, and Amazon.com, Inc. are profiled in worldwide smart speaker market report.