Major factors driving the growth of voice assistant market are increased instances of voice searches and higher penetration of broadband and internet connections. Increase in adoption of smart homes is another factor driving the growth of voice assistant market. Speech recognition and voice recognition technologies are being used in devices implemented in smart homes.
Voice assistants are software programs that respond to voice commands in order to perform a range of tasks. They can find an opening in a consumer’s calendar to schedule an appointment, place an online order for tangible goods, and act as a hands-free facilitator for texting, among many, many other tasks.
Voice Assistant Market has been segmented on the basis of technology, application and end user. The application segment is further bifurcated into messenger bots, websites and contact centers. The websites segment is expected to dominate the application segment market and will generate highest revenue contributing to the global voice assistant market. The messenger bots segment is expected to grow at the highest segment during the forecast period.
The voice assistant market is growing rapidly over 34% of CAGR and is expected to reach at approx. USD 7 Billion by the end of forecast period.
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Major Key Players:
- Apple, Inc. (U.S.)
- Amazon, Inc. (U.S.)
- Google, Inc. (U.S.)
- Microsoft Corporation (U.S.)
- Samsung Group (South Korea)
- Orange S.A. (France)
- Sony Corporation (Japan)
- Alibaba Group Holding Limited (China)
- Motorola Solutions, Inc. (U.S.)
- And Next IT Corporation (U.K.)
Regionally, North-America accounted for the largest market share from countries such U.S. among others. The reason is attributed to the increase in investments for these technological solutions, adoption of these smart temperature management solutions by various domains and low operational cost.
However, Asia-Pacific region is expected to grow over the forecast period, 2017-2023. The reason is attributed to presence of large number of electronic manufacturers, increasing government initiatives and the increasing adoption of these solutions by various sectors.
Voice Assistant Market Segmentation:
The voice assistant market has been segmented on the basis of technology, application and end user. The end user segment is further bifurcated into individual users, SMEs and large enterprises. Individual users segment is more drawn towards the voice assistant applications like Apple’s Siri and Amazon’s Alexa. Artificial intelligence improvements and other infrastructure oriented advancements are basically driving the growth of voice assistant market.
Market Research Analysis:
The global voice assistant market, by geography, has been segmented into North America, Europe, Asia Pacific and Rest of the World. In the global voice assistant market, Asia Pacific is anticipated to witness relatively faster adoption and is expected to grow at the highest CAGR during the forecast period as compared to other regions. Within Asia Pacific, voice assistant market is projected to contribute faster to the growth of revenue backed by increasing demand for innovative products and growing demand for voice-first technology in countries such as Japan, China and India. The growing need for customer relationship management is triggering the voice assistant market in the region.
Across Europe, countries including Germany, France and the U.K. are anticipated to drive the growth of voice assistant market. In Europe, the high standards of living of people have led to an increase in investments in IoT by vendors and hence is the major driving factor for the growth of voice assistant market. The presence of advanced infrastructure and with the increasing adoption of technology and technological advancements in numerous countries are other factors driving the market growth of voice assistant market.
Voice assistant market in the South America region is anticipated to witness relatively slower market growth. However, Brazil and Argentina among other countries are projected to witness slow yet steady growth. Voice assistant market in Middle East and Africa occupies a relatively smaller pie of the global voice assistant market.
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- Device manufacturers
- Network Operators
- Research firms
- Software Developers
- Commercial Banks
- Semiconductor Manufacturers
- End-user sectors
- Technology Investors
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