Voice Assistant Market Highlights:
Voice assistant is a software designed to perform a range of predefined tasks. The tasks performed by the product include, but are not limited to, schedule an appointment, place orders, setting reminders, setting alarms, etc. The technology is likely to gain popularity over the next couple of years. It is revealed in the report offered by Market Research Future (MRFR) that the global voice assistant market is poised to strike 39.27% CAGR during the assessment period 2017 to 2023. In addition, the valuation is also estimated to reach USD 7.8 Bn by 2023.
Voice search feature is gaining traction in recent times. This, in turn, is anticipated to accelerate the expansion of the voice assistant market in the forthcoming years. Also, technological innovations related to the product is projected to enhance its efficiency over the next couple of years. It is poised to drive the growth of the global market across the review period. The growing popularity of speech recognition and voice recognition technologies is projected to lead the proliferation of the voice assistant market during the assessment period.
Increasing demand for smart technologies is another key driver of the Voice Assistant Market. The rising demand for smart homes is anticipated to revolutionize the growth pattern of the global market in the nearby future. In addition, the rising application of technology in online retail websites is further projected to catalyze market growth. Increasing penetration of smartphones is also poised to unleash developmental potential for the players in the global voice assistant market in the upcoming years. In addition, factors such as increasing penetration of internet services, coupled with declining prices of data services, are prognosticated to facilitate revenue generation over the next couple of years in the global market.
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Amazon, Inc. (U.S.), Apple, Inc. (U.S.), Google, Inc. (U.S.), Microsoft Corporation (U.S.), Orange S.A. (France), Samsung Group (South Korea), Next IT Corporation (U.K.), Nuance Communications (U.S.), Creative Virtual Ltd. (U.S.), and Nokia Networks (Finland) are few of the major vendors of the global voice assistant market. These vendors are anticipated to intensify competitiveness in the market by launching new products. The introduction of advanced technologies is projected to be leveraged by market players to gain an edge over other competitors. Other growth methods poised to be used by the market players are strategic alliances, pricing policies, partnerships, mergers & acquisitions, collaborations, etc.
Technology-based segmentation of the global voice assistant market includes text-to-speech recognition, speech recognition, and voice recognition.
Application-wise, the voice assistant market is segmented into websites, messenger bots, and contact centers.
Based on end-user, the segmental analysis of the global voice assistant market includes SMEs, individual users, and large enterprises.
The geographical analysis of the voice assistant market is narrowed down to four regional segments that are analyzed on a country-level basis. These segments, on the basis of region, are – North America, Asia Pacific (APAC), Europe, and the Rest of the World (ROW). North America is estimated to pioneer the growth pattern of the market in the upcoming years. The first-hand adoption of new technologies in the region is likely to impact the expansion of the voice assistant market in the region positively over the next couple of years. Also, the key players in the region, such as Amazon, Google, Apple, etc. are prognosticated to expedite the rate of market expansion in the years to come.
Asia Pacific is assessed to register a higher CAGR compared to other segments. The burgeoning IT sector in the region is poised to support the proliferation of the voice assistant market in the region.
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