According to the business intelligence 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 evaluated at USD 7.1 billion in 2020 and is speculated to amass USD 21.44 billion by 2027, growing at 17.1 % CAGR between 2021-2027.
 

Growing number of smart homes, in consort with convenience to use, and ability to make day to day activities easier due to voice recognition technology are key factors driving global smart speaker market proliferation.
 

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For the unaware, smart speakers are devices that use technologies such as Bluetooth and Wi-Fi and are integrated with a virtual assistant which provides users with hands-free activation facility. They function as voice command devices as well. They are primarily used to listen to audios, but can be used to control home automation devices owing to voice detection technology.
 

The report also cites that utilization of mesh networking technology which enables connection to numerous devices and efforts by leading companies to enhance smart speakers to meet needs of consumers will aid industry expansion.
 

On the other hand, the threat of hacking, wherein hackers use voice mimicking & recordings to unethically control voice-enabled devices is poised to hinder global smart speaker market growth.
 

Based on IVA, the industry is divided into Alexa, Siri, Google Assistant, Ali Genie, and Duer OS. Speaking of component, the market sphere is bifurcated into software, and hardware (connectivity IC, audio IC, power IC, speaker driver, processor, memory, microphone). Moving on to application scope, the business space is fragmented into smart home, smart office, and consumer among others.
 

Regionally speaking, North America held majority of the worldwide smart speaker industry share in the past year owing to quick adoption of smart technologies in countries like Canada and the U.S. Meanwhile, Asia Pacific market is speculated to showcase lucrative growth trends between 2021-2027 due to presence of smart speaker manufacturing hubs in China and Japan. Moreover, the Chinese and Indian governments have launched initiatives such as All in One project and Smart City mission which will aid industry growth.
 

Key players profiled in the report are Amazon.com Inc., Onkyo Corporation, Bose Corporation, Apple Inc., Samsung Electronics Co. Ltd., Harman International Industries Inc., Baidu Inc., Sonos, Sony Group Corporation, and Alphabet Inc.