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Smart Speaker Market: USD 34.24 billion in 2028 | CAGR of 21.0%

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Pune, India, May 25, 2022 (GLOBE NEWSWIRE) — The global Smart Speaker Market size reached USD 7.82 billion in 2020. The market valuation is set to increase from USD 9.04 billion in 2021 to USD 34.24 billion in 2028 at a CAGR of 21.0% during the forecast period. The product adoption will soar in the forthcoming years led by the proliferation of smart home devices. Consumer demand for latest AI-powered tech to control smart home devices will be a key trend in the market. Fortune Business Insights presents this information in its report titled “Smart Speaker Market Forecast, 2021-2028.”

Key Industry Development:

September 2020 – Xiaomi introduced its first smart speaker with Google Assistant in the Indian market. The technology can converse in English and Hindi.

                      

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Report Scope & Segmentation

Report Coverage Details
Forecast Period 2021 to 2028
Forecast Period 2021 to 2028 CAGR 21.0%
2028 Value Projection USD 34.24 Billion
Base Year 2020
Smart Speaker Market Size in 2020 USD 7.82 Billion
Historical Data for 2017 to 2019
No. of Pages 160
Segments covered Type, Application and Geography
Smart Speaker Market Growth Drivers Increased Adoption of Smart Home Products to Aid Market Growth
Increased Demand for Display-Based Smart Speaker Device expected to Fuel Market Growth
Threat to Privacy and Data Security to Hinder Market Growth

Smart speakers are audio systems that are Wi-Fi enabled and function through voice commands. They are gaining massive popularity in smart home applications as they serve as a control hub for smart devices and home appliances. Due to these factors, the demand for these speakers is rising primarily in the residential sector. New technologies powered by artificial intelligence (AI) featuring built-in display capabilities are being launched in the market. As new technologies enter the market, the market players are slated to face immense competition in the forthcoming years.    

Pandemic-Induced Work-From-Home Trend Brings Lucrative Opportunities                 

The COVID-19 pandemic has presented tremendous opportunities for market players across the globe. With rise in remote working culture, the demand for high-quality smart wireless audio devices has increased considerably. Strategy Analytics reports that product sales during Q1 2020 reached 28.2 million units worldwide. This number reached 30 million units by the second quarter. Amid a highly uncertain COVID-19 landscape, the continuing work-from-home trend will further fuel the product adoption over the projected timeline.

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What does the Report Provide?

The Smart Speaker Market report offers in-depth analysis of various factors, which are influencing the market growth. Additionally, the report provides insights into the regional analysis of different regions. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaboration that contribute in boosting the market.

Segments:

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Type, Application, and Region are studied for the Market

Based on type, the market is segmented into wireless speakers, virtual assistants, and others.

On the basis of application, the market is bifurcated into residential and commercial.

In terms of region, the market is studied across North America, Asia Pacific, South America, Europe, and the Middle East & Africa.

Drivers & Restraints:

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Increased Adoption of Smart Home Products to Aid Market Growth

The smart speaker market growth during 2021-2028 will be heavily influenced by the growing adoption of smart home devices and appliances, including smart kitchen appliances, smart lights, smart locks, security cameras, and smart TVs. Market players are integrating advanced technologies such as Artificial Intelligence of Things (AIoT) into speakers to enable advanced functionality. For, instance, Xiaomi is reportedly developing an AIoT-based product that can act as a control hub to connect to other IoT products.

However, despite many benefits, several concerns, such as data security, privacy, and compatibility issues, with smartphones and other devices could affect the product adoption.

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Report Coverage:

The report offers:

  • Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
  • Comprehensive insights into regional developments.
  • List of major industry players.
  • Key strategies adopted by the market players.
  • Latest industry developments such as product launches, partnerships, mergers, and acquisitions.    

Regional Insights:        

North America holds a dominant percentage of the global smart speaker market share. The region will record monumental growth during the analysis timeline led by growing product popularity. As per the Smart Speaker Consumer Adoption report, the number of smart speaker users surged by 10% between 2018 and 2019. The report also suggests that the product penetration rate in the region (26%) was the highest across the globe. North America is home to established players such as Apple, AWS, and Bose.

The market in Europe will grow driven by the rising smart home trend. Meanwhile, the market in Asia Pacific will gain momentum, owing to the expanding consumer tech sector in Japan, China, India, and South Korea.   

Leading Companies Profiled in the Market Report:         

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  • Apple Inc. (California, U.S.)
  • Avnera Corporation (Oregon, U.S.)
  • Baidu, Inc. (Beijing, China)
  • Deutsche Telekom (Bonn, Germany)
  • Fabriq (England, U.K.)
  • Facebook (California, U.S.)
  • Jam Audio (Michigan, U.S.)
  • KaKao (Jeju-si, South Korea)
  • Lenovo (Quarry Bay, Hong Kong)
  • LG Electronics (Seoul, South Korea) 

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Major Table of Contents:

  • Global Market Share Analysis and Matrix, 2020
  • Key Market Insights and Strategic Recommendations
  • Profiles of Key Players
    • Overview
      • Key Management
      • Headquarters etc.
    • Offerings/Business Segments
    • Key Details
      • Employee Size
      • Key Financials
        • Past and Current Revenue
        • Geographical Share
        • Business Segment Share
    • Recent Developments
  • Annexure / Appendix
    • Global Smart Speaker Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
      • By Type (USD)
        • Virtual Assistants
        • Wireless Speakers
        • Others
      • By Application (USD)
        • Residential
        • Commercial
      • By Region (USD)
        • North America
        • South America
        • Europe
        • Middle East & Africa
        • Asia Pacific
    • North America Smart Speaker Market Share Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
      • By Type (USD)
        • Virtual Assistants
        • Wireless Speakers
        • Others
      • By Application (USD)
        • Residential
        • Commercial
      • By Country (USD)
          • United States
          • Canada
          • Mexico
    • South America Smart Speaker Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
      • By Type (USD)
        • Virtual Assistants
        • Wireless Speakers
        • Others
      • By Application (USD)
        • Residential
        • Commercial
      • By Country (USD)
        • Brazil
        • Argentina
        • Rest of South America
    • Europe Smart Speaker Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
      • By Type (USD)
        • Virtual Assistants
        • Wireless Speakers
        • Others
      • By Application (USD)
        • Residential
        • Commercial
      • By Country (USD)
        • United Kingdom
        • Germany
        • France
        • Italy
        • Spain
        • Russia
        • Benelux
        • Nordics
        • Rest of Europe
    • Middle East & Africa Smart Speaker Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
      • By Type (USD)
        • Virtual Assistants
        • Wireless Speakers
        • Others
      • By Application (USD)
        • Residential
        • Commercial
      • By Country (USD)
        • Turkey
        • Israel
        • GCC
        • North Africa
        • South Africa
        • Rest of MEA
    • Asia Pacific Smart Speaker Industry Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
      • By Type (USD)
        • Virtual Assistants
        • Wireless Speakers
        • Others
      • By Application (USD)
        • Residential
        • Commercial
      • By Country (USD)
        • China
        • India
        • Japan
        • South Korea
        • ASEAN
        • Oceania
        • Rest of Asia Pacific

TOC Continued..

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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

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Artificial Intelligence

Legal Operations Leaders and General Counsels to Discuss Business-Critical Challenges at Legal Operations Exchange 2024

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LONDON, Sept. 30, 2024 /PRNewswire/ — The Legal Operations Exchange is set to return to the Hilton Syon Park in London for its third edition this 4-5 December. Bringing together 60 Legal Operations Leaders and General Counsels for two days of learning, discussion and networking, attendees will discover new solutions to their unique challenges and gain insight on effectively leveraging data and technology for efficiency gains and positioning the legal team at the heart of the organisation.

Given the progress in data analytics and generative AI solutions, the call to modernise and innovate in-house legal departments has never been more pressing. As the stewards of this shift to a more efficient and future-facing legal department, legal operations teams must both understand the legal technology landscape while also mastering the softer skills needed to implement and manage change successfully.
The Legal Operations Exchange has been designed to address the complexities of improving in-house legal operations from all angles. Confirmed attendees at this year’s event include Legal Operations Directors, General Counsels and Heads of Legal from top-tier organisations such as The Access Group, L’Oreal and Arla. All participants have been selected to attend this invitation-only gathering based on their active requirements to innovate their legal department’s operations.  
A hallmark of the Legal Operations Exchange is its one-to-one business meetings which allow decision-makers who have pre-identified their specific challenges and investment areas to meet with relevant solution providers. With analysis by the Legal Operations Exchange revealing risk management, contract review and analytics, and document automation and generation as the top investment priorities of attendees so far, these bespoke, pre-scheduled meetings provide a dedicated platform for solution providers to demonstrate their capabilities to those actively seeking new solutions.
With nearly 10 hours of time dedicated to organic networking and pre-scheduled business meetings over the course of the two days, the event provides the opportunity for end users and solution providers alike to form new and lasting relationships. One previous attendee from Red Bull commented that: “The Legal Operations Exchange event was an excellent opportunity for networking. Its size was perfect – not too large, so you didn’t feel lost in the crowd, and not too small, so there was a diverse group of professionals to connect with. I found it incredibly easy to engage in meaningful conversations and build connections.”
The Legal Operations Exchange’s world-class, cross-industry speaker faculty is comprised of leading figures in the legal operations world, including Silke Engel, Director of Legal, Legal Operations and Technology at Coca Cola Europacific Partners, and Niklas Rahlmeyer, Head of New Business, Legal Operations and Services at E.ON.
For Legal Operations professionals, General Counsels and solution providers, the Legal Operations Exchange provides an unparalleled opportunity to form meaningful connections and share best practices for enhancing legal operations in today’s complex landscape. To secure your place or for more information on sponsorship opportunities, contact the Legal Operations Exchange team at [email protected] or visit our website here.
Contact: Kazia [email protected] 

View original content:https://www.prnewswire.co.uk/news-releases/legal-operations-leaders-and-general-counsels-to-discuss-business-critical-challenges-at-legal-operations-exchange-2024-302262399.html

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Artificial Intelligence

Tyne and Wear Fire and Rescue Service U.K. to Deploy Motorola Solutions’ Cloud-Hosted Control Room Solution

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New response system helps streamlining workflows, strengthening resilience and improving safety for more than 1 million people in Northeast England
LONDON, Sept. 30, 2024 /PRNewswire/ — Tyne and Wear Fire and Rescue Service has announced that it is strengthening its emergency response capabilities through a cloud-hosted Control Room Solution (CRS) from Motorola Solutions (NYSE: MSI). This move will foster digitalisation, streamline workflows and offer the agency the ability to better scale operations in critical situations such as flooding and wildfires, which have increased in frequency in the U.K. in recent years.

“Our objective is to create one of the safest communities in the country,” said Phil Clark, Area Manager for mobilising and digital transformation at Tyne and Wear Fire and Rescue Service. “We are amongst the fastest responding fire and rescue services in the U.K. for dwelling fires with an average response time of 5 minutes 58 seconds.”
“We will continue to invest in new technologies and plan to offer other fire and rescue services the opportunity to join our newly created control room solution,” said Area Manager Clark. “In doing so, we’ll be able to seamlessly exchange information during joint operations, increase scalability to accommodate varying demand levels, and foster greater cooperation and faster responses in critical situations. Our relationship with Motorola Solutions will enable us to realise and deliver our operational vision, which will ultimately help to save lives and put Tyne and Wear Fire and Rescue Service at the forefront of Control Room technology in the U.K.”          
Every day, more than 1 million people rely on Tyne and Wear Fire and Rescue Service, who operate 17 community fire stations in Northeast England. Their responsibilities across the community include responding to primary and secondary fires, road traffic collisions, civil emergencies, water and structural rescues and delivering fire safety advice to residents and businesses.
The browser-based CRS enables staff to access the control room by securely logging on from any location to set up mobile command posts or provide remote support for incidents. The new platform will integrate Motorola Solutions’ CommandCentral Evidence software for storing and securely handling control room voice recordings, unifying critical communications and data in one platform, while also linking to the appropriate cases.
“Demand on the fire and rescue service has evolved over the years, and emergency services continue to respond to a wide range of complex incidents,” said Fergus Mayne, U.K. and Ireland country manager at Motorola Solutions. “Our cloud-hosted CRS solution benefits Tyne and Wear Fire and Rescue Service with an intuitive and unified response system that integrates all communications into one efficient and resilient work environment.”
About Motorola Solutions
Motorola Solutions is solving for safer. We build and connect technologies to help protect people, property and places. Our solutions enable the collaboration between public safety agencies and enterprises that’s critical for a proactive approach to safety and security. Learn more about how we’re solving for safer communities, safer schools, safer hospitals, safer businesses – safer everywhere – at www.motorolasolutions.com.
Tyne and Wear Fire and Rescue Service
Tyne and Wear Fire and Rescue Service leads the operational delivery of fire and rescue, including public protection, emergency prevention and resilience for the five local authority areas of Gateshead, Newcastle, North Tyneside, South Tyneside and Sunderland. 
The fire service operates from 17 community fire stations across Tyne and Wear, with our stations, employees and appliances strategically placed across the region to ensure efficient and effective response to fire and rescue emergencies. www.twfire.gov.uk 
Photo – https://mma.prnewswire.com/media/2517802/TWFRS_Control_Room.jpg
 

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Heimdal and emt Distribution Aim to Dominate the Middle East Cybersecurity Market

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COPENHAGEN, Denmark and DUBAI, UAE, Sept. 30, 2024 /PRNewswire/ — Heimdal and emt Distribution announce a strategic partnership that combines Heimdal’s advanced cybersecurity solutions with emt Distribution’s deep market expertise.

The collaboration will deliver sophisticated yet user friendly products to the Middle East. With Heimdal offering the widest cybersecurity stack in the world, and emt Distribution being the region’s leading distributor, the partnership is well-positioned for success.
Together, they are committed to educating the market on how strategic consolidation, training, and strong vendor relationships will maximize value.
Bringing a new dynamic to the market
Under this partnership, the two parties have promised to:
Roll out Heimdal’s Patch Management solution right away, as it’s a clear improvement over existing tools in the market.Provide local hosting in the United Arab Emirates by 2025, offering compliant, high-performance cloud services tailored to regional needs.Drive new technology adoption with pioneering tools, like the Threat Hunting and Action Center, along with emt Distribution’s market know-how.Offer easy-to-use technology, hands-on training, and show how a SOC can close security gaps while boosting profits.M Mobasseri, Co-Founder and CEO of emt Distribution META: “As we work closely with many cybersecurity experts and CISOs, we consistently encounter a range of challenges, particularly the complexity of managing numerous platforms. These platforms not only require specialized expertise but are also resource-intensive and costly.”
“Having known Heimdal for many years, I’ve witnessed their substantial investments in addressing these challenges and their development of a comprehensive cybersecurity platform that meets the critical needs of customers in the region.”
“Together with Heimdal, we are striving to integrate best-of-breed technologies into a unified platform, with plans for local hosting in 2025 to ensure compliance for businesses of all sizes. In addition, we are excited to announce special terms for our channel partners, aimed at maximizing their growth and profitability.”
Jesper Frederiksen, CEO of Heimdal, commented on the announcement: “Heimdal is pleased to announce a strategic partnership with emt Distribution, the leading security distributor in the Middle East. This collaboration comes in response to the rapidly growing demand for advanced cybersecurity solutions across the region.”
“By joining forces with emt Distribution, Heimdal aims to leverage their extensive network of resellers to provide cybersecurity solutions to organizations throughout the Middle East. Our joint initiative will focus on empowering organizations to significantly reduce their cyber risk exposure through Heimdal’s easy-to-use and cost-effective security solutions and emt Distribution’s unparalleled market reach.”, he added.
About emt Distribution META
emt Distribution META is a channel company with over 30 years of experience in security distribution, offering cyber threat mitigation solutions for Enterprises, SMBs, and MSPs. Committed to selling through channel partners, emt supports a large reseller base and provides technical support and professional services.
For more information, visit emt Distribution.
About Heimdal
Established in Copenhagen in 2014, Heimdal® empowers CISOs, security teams, and IT administrators to improve their security operations, reduce alert fatigue, and implement proactive measures through a unified command and control platform.
Heimdal’s award-winning cybersecurity solutions span the entire IT estate, addressing challenges from endpoint to network levels, including vulnerability management, privileged access, Zero Trust implementation, and ransomware prevention.
For more information, visit Heimdal.
For further press information:
Madalina PopoviciMedia Relations [email protected] 
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/heimdal-security/r/heimdal-and-emt-distribution-aim-to-dominate-the-middle-east-cybersecurity-market,c4044480
The following files are available for download:
https://mb.cision.com/Main/22623/4044480/3028629.pdf
Heimdal and emt Distribution Partnership – Press Release
https://news.cision.com/heimdal-security/i/heimdal-and-emt-distribution-partnership,c3338145
Heimdal and emt Distribution Partnership
 

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