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.
A smart speaker is a wireless device that uses several types of connectivity for added features and smart audio playback. The study focuses on smart speakers that are available with and without displays. The study's focus is on gadgets that work with virtual assistants, and the category "Several Virtual Assistant Support Speakers" is reserved for gadgets that support multiple virtual assistants.
The smart speakers are projected to be the primary control devices of various smart home devices in the near future. The various prominent vendors in the market are looking to spread their presence in the segment and with this over the forecast period, the speakers with a display are projected to gain traction, as they can offer a centralized platform to control various other devices.
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 homes 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.
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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
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.
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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?
Key takeaways from the report:
- The Global Smart Sound and Gateway Market is projected to expand at a CAGR of 29.2% over the forecast period.
- The rising consumer propensity toward connected devices is aiding market progression.
- The Alexa segment is poised to expand significantly over the forecast period.
- Asia Pacific has dominated the regional market sphere over the forecast period.
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