Market Analysis:
The voice assistant market is likely to touch USD 30.74 billion at a 31.2% CAGR between 2020-2030 states the recent Market Research Future (MRFR) analysis. A voice assistant, simply put, is a digital assistant that is developed using voice recognition technologies, machine learning, and artificial intelligence. This assistant understands and follows voice commands and assists in performing routine tasks like placing an order online for tangible goods, act as a hands-free facilitator to text, and schedule an appointment, to name a few.
Various factors are propelling the global voice assistant market share. As per the current MRFR report, such factors include increasing penetration of internet & broadband connections, rising instances of voice searches, growing adoption of smart homes, rising inclination towards IoT and automation, and rising voice recognition & speech recognition technologies in most devices that are installed in smart homes. Besides, during the current COVID-19 pandemic, SMEs and governments are increasingly investing in technologies like NLP, Chatbot, and voice assistance, among others. France research institute in April 2020 came up with a voice assistant that is AI-based to assist COVID-19 patients. Besides, its increasing use in the healthcare industry and the feature being added as a rapid upgrade in Google’s Home Assistant, Apple’s Siri, and Amazon’s Alexa for virtual assistance is also adding market growth.
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Regional Analysis
By region, the voice assistant market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, North America will dominate the market over the forecast period. The presence of several top industry players, the growing popularity of voice-first technology and well-established infrastructure that allows higher device penetration that offers high-speed connectivity are adding to the global voice assistant market growth in the region. Canada & the US have the utmost share in the market.
The global voice assistant market in the APAC region is predicted to have significant growth over the forecast period. Growing demand for customer relationship management in India, Japan, and China, coupled with the burgeoning need for innovative products are adding to the global voice assistant market growth in the region.
Market Segmentation
Based on the technology, the global voice assistant market is segmented into natural language processing, speech/voice recognition, and text to speech recognition.
Based on the hardware products, the market is segmented into smart speakers & personal assistants, laptops, smartphones & tablets, set-top boxes (covering remote control with mic and far-field mic), and others-PC, wearable devices, and healthcare.
Based on the application, the voice assistant market is segmented into messenger bots, websites, contact centers, and others.
Based on the end-user, the global voice assistant market is segmented into individual users, large enterprises, and SMEs.
Based on the region, the global voice assistant market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
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Industry News
The major key players in the market are IBM Corporation (US), Nuance Communications, Inc. (US), Amazon.com, Inc. (the US), Microsoft (US), Google LLC (US), Apple Inc. (US), Cisco Systems, Inc. (the US), Orange S.A. (France), Samsung Electronics (South Korea), Verint Systems Inc. (US), and Creative Virtual Ltd. (UK).
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