Lucintel anticipates that North America will be the fastest growing region in the smart speaker market

   October 22, 2019
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.

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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 “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

    • UK

    • Germany

    • Italy

  • Asia Pacific

    • China

    • Japan

    • India

  • Rest of the World

This 150-page 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 click on this link or

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

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