According to a new market report by Lucintel, the future of the smart speaker market looks promising with opportunities in the residential and commercial industries. The smart speaker market is expected to grow with a CAGR of 34% from 2019 to 2024. The major drivers for this market are increasing number of smart homes, rising disposable income, rapid proliferation of multifunctional devices, and increasing need for personalize experiance.
In this market, Alexa, Google Assistant, Siri, AliGenie, Xiaomi AI assistant and Cortana intelligent virtual assistant based smart speakers are used for residential and commercial end use market. Apple’s Siri based smart speaker is expected to witness the highest growth due to its surround sound and strong brand image.
Within this market, residential will remain the largest end use industry due to the increasing consumer demand for advanced and multifunctional devices.
North America will remain the largest market due to the presence of early adopters in this region. Amazon, Harman International, Apple, Sonos, Alphabet, Bose, Sony, Onkyo, Panasonic, SK Telecom are among the major manufacturers of smart speakers.

Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the smart speaker market by intelligent virtual assistant, end use industry, component, and region. Lucintel has prepared a comprehensive research report titled “Growth Opportunities in the Smart speaker Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” This Lucintel report serves as a catalyst for growth strategy as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the smart speaker market by application, by intelligent virtual assistant, end use industry, component, and region as follows:
By Intelligent Virtual Assistant [$M shipment analysis for 2013 – 2024]:
• Alexa
• Google Assistant
• Siri
• AliGenie
• Others (Xiaowei, DuerOS, Bixby, and Cortana)

By End Use Industry [$M shipment analysis for 2013 – 2024]:

• Residential
• Commercial
By Component [$M shipment analysis for 2013 – 2024]:
• Hardware (Speaker Driver, Connectivity IC, Processor, Audio IC, Memory, Power IC, Microphone, and Others)
• Software
By Region [$M shipment analysis for 2013 – 2024]:
• North America
– United States
– Canada
– Mexico
• Europe
– Germany
– UK
– Italy
• Asia Pacific
– China
– Japan
– India
• Rest of the World
A more than 150 pages research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or visit us at [email protected].
About Lucintel
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision makers in a variety of industries. For further information, visit www.lucintel.com.

This report answers following 11 key questions:
Q.1 What are some of the most promising potential, high-growth opportunities for the smart speaker market by intelligent virtual assistant (alexa, google assistant, siri, aligenie, others( xiaowei, dueros, bixby, and cortana), end use industry (residential and commercial), component (hardware (speaker driver, connectivity IC, processor, audio IC, memory, power IC, microphone, and others) and software ), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2.Which segments will grow at a faster pace and why?
Q.3.Which region will grow at a faster pace and why?
Q.4.What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5.What are the business risks and competitive threats in this market?
Q.6.What are the emerging trends in this market and the reasons behind them?
Q.7.What are some of the changing demands of customers in the market?
Q.8.What are the new developments in the market? Which companies are leading these developments?
Q.9.Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10.What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11.What M&A activity has occurred in the last 5 years and what has its impact been on the industry?