Smart Sound and Gateway Market Growing at a CAGRr
Smart Sound and Gateway Market Growing at a CAGR of 29.2% forecast 2030
The Market Statsville Group (MSG) publishes the new report on the "Smart Sound and Gateway Market by Virtual Assistant (Alexa, Google Assistant, Siri, Ali Genie, Xiao AI, Multiple Virtual Assistant Support Speakers, and Other Virtual Assistants), by Solution (Smart Speaker and Hearables), by Region – Global Share and Forecast to 2030".
Theglobal smart sound and gateway market size was USD 438.4 million in 2021 and is estimated to reach USD 4,397.7 million by 2030. The market is projected to grow at a CAGR of 29.2% over the forecast period (2022-2030). Growing penetration of smartphones that come with a built-in voice assistant, the exposure toward using smart assistants for voice-based searches is rising, which is positively influencing the demand for smart speakers. According to a study by Microsoft, 72% of the respondents' voice searched through a personal digital assistant, and 35% of voices searched through a smart speaker.
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Even though the global market for smart speakers is still in its nascent stages, the global acceptance and adoption of the technology are growing faster. Since the unveiling of Amazon's Echo speaker in November 2014, Amazon reached the milestone of 100 million devices sold with Alexa on board in January 2019. Since then, the market has witnessed a surge in the number of new entrants, with major enterprises, such as Apple and Google, entering the space.
Global Smart Sound and Gateway Market Segmentation
The overall smart sound and gateway market has been segmented into the virtual assistant, solution, and region.
- By Virtual Assistant (Alexa, Google Assistant, Siri, Ali Genie, Xiao AI, Multiple Virtual Assistant Support Speakers, and Other Virtual Assistants)
- By Solution (Smart Speaker and Hearables)
- By Region (North America, Europe, Asia Pacific, South America, and the Middle East & Africa)
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Smart Speaker, by solution, is estimated to hold the largest market share during the forecast period
Based on the solution, the market is categorized into the smart speaker and hearables. The smart speaker segment generated the highest revenue of 55.9% in the global smart sound and gateway market in 2021. Globally, as consumer disposable income rises, spending on smartphones and smart gadgets has been the forefront of the smart home product portfolio expansion. Also, as of September 2019, the Smart Home League revealed that even though Europeans are positive about a connected home that can support them daily, only 11% own smart-home products. Additionally, one of the first smart products bought by Europeans highlighted smart speakers with 21% adoption.
Likewise, the sophistication of wireless communication technologies and the incorporation of virtual assistants have boosted the growth of smart speakers across European entertainment electronics. The formation of allied associations has led to standardization across emerging technologies. The CEN, the European Committee for Standardization, brings together the National Standardization Bodies of 34 European countries on the development of standards in the Internet of Things environment. Also, the ETSI, the European Telecommunications Standards Institute, produces globally applicable standards for Information and Communications Technologies (ICT), including fixed, mobile, radio, converged, broadcast and Internet technologies.
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North America accounts for the largest market share in smart sound and gateway market 2021
Based on the regions, the global smart sound and gateway market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, North America had the global smart sound and gateway market's largest market share of 46.2%. The US is one of the major markets for smart sound and gateways due to high technology investments and increased end-user adoption. Additionally, most market vendors are from the United States, which provides an extra advantage to the country to stay in the front line in the market studied.
The growing investment in the smart home segment, increasing preference for voice assistant-enabled portable speakers, and an increasing rate of product innovations in the wireless speaker segment are some major factors driving the country's adoption. In recent years, the smart speaker market adoption has been faster than smartphones in the United States due to features like voice assistance.
This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the smart sound and gateway market. It also consists of the profiles of leading companies such as Amazon.com Inc., Apple Inc., Alibaba Group Holding Limited, Google LLC (Alphabet Inc.), Samsung Electronics Co. Ltd, Sonos Inc., Bose Corporation, Baidu Inc., Xiaomi Inc., and Plantronics Inc. These market players have focused on acquisitions and expansion to gain a larger market share in the smart sound and gateway market.
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About Market Statsville Group
Market Statsville Group (MSG) is a business research and consulting platform of Statsville Consulting Private Limited, based in Oklahoma, USA. MSG is the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and intelligent business insights. MSG has experienced research analysts who are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact. Furthermore, Market Statsville Group already benefited more than 1,000 companies each year for their revenue planning. It helped them take their disruptions/innovations early to the market by providing them research ahead of the curve.
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