Smart Speaker Market 2022 - 2028 : Rising demand for home automation technology and rising preference towards multifunctional devices
Market size: USD 7.11 Billion in 2020, Market Growth: CAGR of 17.3%, Market Trends: High preference for multifunctional devices The global smart speaker market size is expected to reach USD 25.2 Billion in 2028 and register a CAGR of 17.3%, according to the latest report by Reports and Data. High penetration of Artificial Intelligence (AI) and Internet of Things (IoT), technological advancements, and increasing demand and usage of smartphones, tablets, laptops, and internet are key factors driving global market revenue growth. A smart speaker is a wireless speaker equipped with voice recognition and virtual assistance that provides hands-free services and interactive actions. Smart speakers can be connected via Bluetooth or Wi-Fi and perform various activities such as play music, provide weather forecasts, list day to day activities, give an update on news, and control other home automation devices. Increasing investments to develop more enhanced products, rising per capita in