Smart Speaker Market Seen Generating $23 Billion by 2025; Tempered by Concerns

The global smart speaker market, a $4.3 billion industry last year, is expected to generate $23.3 billion in 2025, said a Friday Allied Market Research report. Market drivers include demand for smart home and multifunctional devices, an uptick in consumer readiness to invest in trending technologies and rising disposable income, but limiting factors are privacy and security concerns and language barriers, it said. Emerging 5G infrastructure and advancement of natural language processing are likely to pave the way for future opportunities in the category, it said. Alexa-based speakers generated the highest revenue in smart speakers in 2017, with two-thirds of the category, but Siri will have the highest growth rate going forward, said Allied.