As consumers have become increasingly open to the idea of integrating smart technology into their households, smart speaker sales revenue has skyrocketed, growing from around 900 million in 2016 to nearly 12 billion in 2019. Growth in the smart speaker market is increasing at a faster rate than that of other smart home devices, which shows that people trust the technology and find it easy to adopt. As of 2019 an estimated 35 percent of U.S. households are equipped with at least one smart speaker and by 2025 forecast suggest that this penetration rate will increase to around 75 percent.
Price seems to be the single largest factor in the decision about whether or not to purchase smart assistant devices, followed by compatibility and accuracy of the device’s voice recognition technology. Seventy-nine percent of smart speaker owners state that they are satisfied with their product and would buy it again, and 59 percent rate their experiences with smart speaker devices as “excellent”. It’s clear from these results that people are finding this technology useful in many aspects of their everyday lives and not viewing it as a superfluous piece of technology that they could do without. As the technology improves, smart speakers are getting more efficient and accurate in delivering information to their users. Products like Google Home correctly answer questions regarding navigation around 94 percent of the time, while the Apple HomePod correctly responds to commands about 85 percent of the time.