Global Smart Sound and Gateway Market Analysis by Virtual Assistant, Solution, Region and segments forecast till 2033

Market Overview

The global Smart Sound and Gateway market is presently worth USD 438.4 million and is expected to expand with a CAGR of 29.2% over 2023-2033, thereby amassing a valuation of USD 4,397.7 million by end of the forecast period.

Report Scope

Global Smart Sound and Gateway Market- Description

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 paper examines the top market players and the current market environment for smart speakers, wearables, and gateways/hubs.

Due to their widespread use in the smartphone market, Apple's Siri and Google Assistant dominated the overall market demand for digital voice assistants. However, Amazon's Alexa dominated the market for smart speakers. Since the introduction of voice assistants, conversational commerce has spread globally, giving firms new chances to develop closer relationships with customers. For instance, Amazon has begun introducing Alexa voice shopping possibilities through its mobile shopping app. The company also plans to test out voice shopping in Europe. There are, however, concerns about adhering to Europe's GDPR privacy regulations and providing confidence to people that their data will not be seized.

Due to the increasing number of product inquiries made via voice searches, Alexa has a significant portion of the market for smart speakers. Due to growing awareness and an increase in smart home gadgets that are compatible with a virtual assistant, the US market currently controls a significant portion of the demand.

Global Smart Sound and Gateway Market- Key trends

·         Rising Consumer Propensity Toward Connected Devices

Demand is being increased by consumers' increasing tendency to adopt and use connected gadgets. For instance, a study by Jaze Networks found that there were 6.58 internet-connected gadgets per person worldwide in 2020, and a different study estimated that this figure is anticipated to reach by 2033.

·         High investment in IoT devices will aid the market expansion

Additionally, one of the main reasons boosting the market expansion in Japan is the high investment in IoT devices and technology as well as the rising investment in voice assistant devices. Numerous small businesses assert that between 3.5 million and 4 million Japanese houses had smart speakers installed in them as of 2018. By 2024, this figure is projected to rise to over 22 million households. Numerous regional publications also reported that the country's market for smart speakers grew by 131% in 2019.

Global Smart Sound and Gateway Market- Segmental assessment

By virtual assistant

·         Alexa

·         Google assistant

·         Siri

·         Ali genie

·         Xiao AL

·         Multiple virtual assistant support speakers

·         Others virtual assistants

Alexa segment dominates the market with the highest market share, and is projected to grow more in the coming years owing to the widespread internet penetration across the globe.

By solution

·         Smart speaker

·         Hearables

·         Others

Smart speaker presently leads the market with the largest market share and is projected to grow further in the estimated period ascribing to the rising disposable income of the masses across major economies.

Global Smart Sound and Gateway Market- Geographical landscape

The major regions constituting the geographical ambit of this business sphere are North America, Middle East & Africa, Europe, Asia Pacific, and South America. Among these, Asia Pacific is projected to capture a substantial revenue share over 2023-2033.

Global Smart Sound and Gateway Market: Recent Developments

·         In November 2020, Amazon announced a new version of its Echo smart speaker that features improved sound quality and a new spherical design. The new Echo also includes a built-in Zigbee hub, allowing it to act as a smart home gateway for other devices.

·         In September 2020, Google announced the Nest Audio, a new smart speaker that features improved sound quality and a new design. The Nest Audio also includes a built-in Google Assistant, allowing it to act as a hub for other smart home devices.

·         In August 2020, Sonos announced a new smart speaker called the Sonos Arc, which features improved sound quality and support for Dolby Atmos. The Sonos Arc also includes a built-in Amazon Alexa and Google Assistant, allowing it to act as a hub for other smart home devices.

·         In July 2020, Samsung announced the Galaxy Home Mini, a new smart speaker that features improved sound quality and a built-in Samsung SmartThings hub. The Galaxy Home Mini also includes support for Bixby, Samsung's virtual assistant.

·         In June 2020, Apple announced a new version of its HomePod smart speaker that features improved sound quality and a new design. The new HomePod also includes a built-in Apple TV 4K, allowing it to act as a hub for other smart home devices.

Global Smart Sound and Gateway Market: Key Companies

·         Amazon.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.

·         Others

Global Smart Sound and Gateway Market: Regional Scope         

North America

·         U.S.

·         Canada

·         Mexico

Europe

·         U.K.

·         Germany

·         France

·         Italy

·         Spain

·         Rest of Europe

Asia Pacific

·         China

·         India

·         Japan

·         South Korea

·         Australia

·         Rest of Asia Pacific

South America

·         Brazil

·         Argentina

·         Rest of South America

Middle East and Africa

·         Saudi Arabia

·         UAE

·         Egypt

·         South Africa

·         Rest of Middle East and Africa

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