Smart Sound and Gateway Market

Global Smart Sound and Gateway Market:

The global smart sound and gateway market size reached US$ 43.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 232.7 Billion by 2032, exhibiting a growth rate (CAGR) of 20.02% during 2024-2032. The rising demand for energy-efficient solutions and the expansion of 5G network infrastructure represent some of the key factors propelling the market.

Smart Sound and Gateway Market Analysis:

• Major Market Drivers: The increasing integration with IoT devices and the growing adoption of smart home technology are accelerating the market growth.
• Key Market Trends: The rising investments in AI-powered solutions and an enhanced focus on seamless user experience are positively impacting the market growth.
• Competitive Landscape: Some of the prominent market companies include Amazon.com Inc., Apple Inc., Baidu Inc., Bose Corporation, Google LLC (Alphabet Inc.), Plantronics Inc. (HP Development Company L.P), Sonos Inc., and Xiaomi Corporation, among many others.
• Geographical Trends: According to the smart sound and gateway market outlook, the market in North America is bolstered by the growing construction of smart cities.
• Challenges and Opportunities: Data privacy and security concerns are hindering market growth. However, implementing stronger encryption, enhancing user control over personal information, and transparent data policies will continue to drive the market growth in upcoming years.
   

Smart Sound and Gateway Market Trends:

Technological Advancements in AI and Voice Recognition

Smart sound gateways are increasingly incorporating cultured AI algorithms that enable accurate voice recognition and natural language processing. This allows devices to understand and respond to a wider range of voice commands, thereby improving user interaction and making smart sound systems more intuitive as well as responsive. For instance, in January 2024, Andes Technology, a founding premier member of the RISC-V International and a supplier of 32/64-bit, and Spacetouch Technology, a high-tech enterprise in smart home technologies, collaborated to launch a high-tech edge-side AI audio processor featuring the powerful RISC-V AndesCore D25F. This, in turn, is bolstering the smart sound and gateway market forecast report.

Growth in Multi-Functionality of Smart Sound Devices

These devices are now evolving into comprehensive control hubs that manage a wide range of home automation systems, which were originally designed for specific tasks, such as playing music or controlling basic smart home functions. This is driving the smart sound and gateway market demand. For instance, in January 2024, Sonos expanded its product line by introducing the 8″ in-ceiling speaker by Sonos and Sonance. This multifunctional smart sound system offers installers and customers a new size option for powerful, balanced audio, seamlessly integrating with existing setups and providing flexibility in design and installation for optimized smart home experiences.

Rising Focus on Enhanced Security Features

Consumers are becoming more concerned about the security of their smart home devices with the rise in cybersecurity threats and data breaches. As the smart sound and gateway market share continues to grow, manufacturers are focusing on incorporating advanced encryption methods, regular software updates, and secure authentication processes. For example, in June 2024, Secure Connection, a Hong Kong-based global electronic products manufacturer, expanded its presence in India with a new personal audio product range, including three wireless Bluetooth speakers, under Honeywell branding. The newly launched speakers include the Suono P300 and P400 under the Platinum series and the Trueno U300 in the Ultimate Series.

Global Smart Sound and Gateway Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with smart sound and gateway market forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on virtual assistant and solution. 

Breakup by Virtual Assistant:

• Alexa
• Google Assistant
• Siri
• AliGenie
• Xiao AI
• Multiple Virtual Assistant Support Speakers
• Others
   

The report has provided a detailed breakup and analysis of the market based on the virtual assistant. This includes alexa, google assistant, siri, aligenie, xiao ai, multiple virtual assistant support speakers, and others.

According to the smart sound and gateway market outlook report, gateway devices now support multiple virtual assistants, offering users greater flexibility, enhanced interoperability, and personalized experiences across diverse smart home ecosystems and global markets. For instance, smart speakers like Amazon Echo and Google Nest leverage virtual assistants to offer voice-controlled access to a wide range of services, from controlling smart home devices to playing music.

Breakup by Solution:

• Smart Speaker (Only Hardware)
• Hearables (Only Hardware)
   

The report has provided a detailed breakup and analysis of the market based on the solution. This includes smart speaker (only hardware) and hearables (only hardware).

According to the smart sound and gateway market research report, smart speakers are evolving with advanced hardware, featuring high-quality audio components and multiple microphones for precise voice recognition. At the same time, hearables focus on miniaturized hardware, delivering immersive sound and seamless connectivity in compact, wearable devices.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America currently dominates the global market

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America accounted for the largest market share.

According to the smart sound and gateway market analysis report, North America represented the largest region, driven by the increasing adoption of connected devices. Furthermore, companies like Bose and Sonos are innovating with smart soundbars and home audio systems that not only deliver high-quality sound but also incorporate voice assistants for enhanced user interaction.

Competitive Landscape:

The smart sound and gateway market research report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Amazon.com Inc.
• Apple Inc.
• Baidu Inc.
• Bose Corporation
• Google LLC (Alphabet Inc.)
• Plantronics Inc. (HP Development Company L.P)
• Sonos Inc.
• Xiaomi Corporation
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Smart Sound and Gateway Market Recent Developments:

• June 2024: Andes Technology and Spacetouch Technology collaborated to launch a high-tech edge-side AI audio processor featuring the powerful RISC-V AndesCore D25F.
• January 2024: Secure Connection, a Hong Kong-based global electronic products manufacturer, expanded its presence in India with a new personal audio product range, including three wireless Bluetooth speakers, under Honeywell branding.
• January 2024: Sonos introduced the 8 in-ceiling speakers by Sonos and Sonance. This multifunctional smart sound system offers installers and customers a new size option for powerful, balanced audio.

Smart Sound and Gateway Market Report Scope:

Key Benefits for Stakeholders:

• IMARC's report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the smart sound and gateway market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global smart sound and gateway market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the smart sound and gateway industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.