Smart Sound and Gateway Market Opportunities, and Forecast By 2030

Description

According to the Market Statsville Group (MSG), the global smart sound and gateway market size is expected to grow from USD 438.4 million in 2021 to USD 4,397.7 million by 2030, at a CAGR of 29.2% from 2022 to 2030. A smart speaker is a wireless device offering smart audio playback using several types of connectivity for additional functions. The study focuses on smart speakers with both display and non-display offerings. The devices that operate with a virtual assistant are considered under the scope of the study, and the devices that offer multiple virtual voice assistant support are considered under 'Multiple Virtual Assistant Support Speakers’.

Due to high-speed internet and increased access to smartphones the global demand for smart speakers is increasing at an exponential rate. In English-speaking nations, such as the UK and the US, demand for smart speakers with virtual voice assistants was significantly higher in 2019. Since then, demand has shifted to non-English speaking countries, such as China, Germany, and India.

Among the overall demand for digital voice assistants, overall market demand was led by Google Assistant and Apple's Siri, owing to their penetration in the smartphone market. However, in terms of smart speakers, the market was led by Amazon's Alexa. Alexa commands a major share of the smart speaker market, owing to the growing product queries made via voice searches.

Global Smart Sound and Gateway Market Dynamics

Drivers: Growing Consumer Propensity toward Connected Devices

The growing consumer propensity towards the adoption and usage of the connected devices is augmenting the demand. For instance, according to a study by Jaze Networks, the global internet-connected devices per person in 2020 were at 6.58; and according to another study, the global number for connected devices per person is likely to reach 15 by 2030.

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In addition to this, consumer demand for smartphones is increasing at a significant rate. For instance, according to the data by Ericsson, in Q2 2020, the total number of mobile subscriptions was about 7.9 billion, amongst which about 74% of the subscriptions were associated with smartphones. Such growing penetration of smartphones is expected to pave the way for more connected to devices.

Challenges: Security Concerns Pertaining to Connected Devices

Even small news of security breach headline from a major vendor influences consumer decisions significantly. For example, misunderstood commands, unintended purchases, and Alexa listening to consumers have made users take a back foot stance in adopting smart speakers. Also, the security breaches in terms of data and passive listening were amongst the major concerns hindering the growth.

According to a study by Microsoft, about 52% of the respondents mentioned that data security was their major concern in the adoption of smart speakers, 41% mentioned its passive listening, and 14% of respondents took time to hand write that they did not trust the company behind the voice assistant.

Segments of the Global Smart Sound and Gateway Market

The study categorizes the smart sound and gateway market based on virtual assistant, solution, and region.

By  Virtual Assistant Outlook (Sales, USD Million, 2017-2030)

• Alexa
• Google Assistant
• Siri
• Ali Genie
• Xiao AI
• Multiple Virtual Assistant Support Speakers
• Other Virtual Assistants

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By Solution Outlook (Sales, USD Million, 2017-2030)

• Smart Speaker
• Hearables

By Region Outlook (Sales, USD Million, 2017-2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

The Alexa segment is projected to account for the largest market share, by virtual assistants

Based on virtual assistants, the global smart sound and gateway market is divided into Alexa, Google Assistant, Siri, Ali Genie, Xiao AI, Multiple Virtual Assistant Support Speakers, and Other Virtual Assistants. In 2021, Alexa had the largest market share of 31.9% in the global smart sound and gateway market. Amazon’s Alexa is one of the most commonly accepted, hands-free voice assistants that can be used for various purposes. Its user interface system was developed back in 2014. Alexa’s distinguished features, machine learning, and speech science technology is further designed to support multiple, simultaneous wake words.

Since the emergence of voice assistants, globally, the expanded conversational commerce has created new opportunities for brands to build greater intimacy with consumers. For instance, Amazon has been rolling out voice shopping options by adding the Alexa voice assistant to its mobile shopping app. Likewise, it aims to foray into Europe to try out voice shopping. However, issues pertaining to compliance with Europe’s GDPR privacy rules and assurance to people that their data would not be taken.

Asia Pacific accounts for the highest CAGR during the forecast period

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. Globally, Asia Pacific is estimated to hold the highest CAGR of 40.1% in the global smart sound and gateway market during the forecast period. The region includes the countries such as China, Japan, India, Australia, Southeast Asia, South Korea, and Rest of Asia-Pacific. Due to the low manufacturing costs achieved by local vendors, high rate of product innovation in the market, and increased domestic consumption, China had the largest market share in Asia Pacific. For instance, In 2020, Xiaomi-backed Redmi also launched its first touchscreen smart speaker, dubbed as Redmi XiaoAI Touchscreen Speaker 8. In September 2020, the company again launched an upgraded variant in China — Redmi XiaoAI Touchscreen Speaker Pro. It features an 8-inch touchscreen display that can be used to watch videos, listen to songs, and be linked with smart cameras and doorbells to view the video feed on the device to keep a check anytime.

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Moreover, High investment in IoT devices and technology and increasing investment in voice assistant devices are some of the key factors driving the market growth in Japan. Many small companies claim that there were approximately 3.5 to 4 million households in Japan with smart speakers installed in their homes in 2018. This number is expected to increase to almost 22 million households by 2024. Many local newspapers also claimed that in 2019, the country witnessed a 131% growth in the smart speaker market.

Key Market Players in the Global Smart Sound and Gateway Market

Most companies in the market are focused on expanding operations across regions, augmenting their capabilities, and building strong partner relations. Major players in the global smart sound and gateway market are:

• 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.

Article source: https://article-realm.com/article/Finance/23652-Smart-Sound-and-Gateway-Market-Opportunities-and-Forecast-By-2030.html