Transparency Market Research’s report sees the global smart speaker market rising at an 18% CAGR between 2018 and 2026. The research firm says the market could hit $18.47 billion by 2026. It had valued the market at $2.38 billion in 2016. Healthy competition is prevalent in the global smart speaker market, evidenced by a focus on promoting novel products that have multiple functionalities.
- Apple Inc., Amazom.com, Sonos Inc., Alphabet Inc., Xiaomi Inc., and Harman International are to name a few of the players that have come to hold a prominent position using such strategies.
- Hardware and software are the two main components in smart speakers. Between the two, the segment of hardware is seeing greater demand and would likely surpass a value $10.34 billion by 2026.
- Regional Players Nipping at the Heels of Established Ones with Low Cost Products
- Increasing Incomes and Online Ecommerce Platforms Promotes Market Growth
Transparency Market Research