Smart Speaker Market Expected to Grow Over $16 Billion by 2027 Despite Privacy Concerns
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The smart speaker market is expected to grow by USD 16.65 billion from 2022 to 2027, driven by rapid increase in unit sales.
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Main companies offering smart speakers include Amazon, Google, and Apple. Sales are expected to increase.
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Privacy and security threats pose a challenge, as consumers are unaware of potential issues. This negatively impacts the market.
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The market is segmented by end-user (residential and commercial), distribution channel (offline and online), and geography. Residential segment growth is significant.
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North America is estimated to account for 34% of market growth. Demand from U.S. and Canada households drives regional growth.