Global smart speaker vendors' market revenue 2017, 2018 and 2022

Global smart speaker market revenues reached an estimated 11.8 billion U.S. dollars in 2018, more than doubling the tally from the previous year. By 2022, forecasts suggest that this annual figure could grow to nearly 28 billion, representing continued rapid growth within the market.

Smart speakers

Smart speakers are a relatively recent innovation in the consumer electronics industry which not only serve as speakers for music and entertainment, but also allow users to issue commands and control other smart devices. Around 35 million smart speaker devices will be shipped in the United States in 2019, as a growing number of consumers around the country begin to incorporate the technology into their homes. Common uses of the technology include listening to music, asking questions, and checking the weather.

Virtual assistants

Smart speakers utilize virtual assistant technology to respond to user requests and carry out various tasks. Amazon’s Alexa, Google’s Assistant, and Apple’s Siri are three of the most popular virtual assistants and can be accessed through various smartphones, smart speakers and other smart devices. There are over 111 million voice assistant users in the U.S. alone with millions more around the world.