Global Voice Assistant Market Research Report Forecast 2024
Global Voice Assistant Market is projected to exhibit a CAGR of over 30% during the forecast period, growing from $ 1.2 billion in 2018 to $ 5.4 billion by 2024, on account of increasing proliferation of smartphones and advanced features such as ability to recognize different languages, respond via text or voice. Voice assistants are programs that can perform a variety of tasks ranging from placing an order online to scheduling an appointment. Voice assistant has application in various end user verticals, such as Large Enterprise, SME and Individual Users.
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Global voice assistant market can be segmented based on technology, application and end user. On the basis of technology, the market can be segmented into speech recognition, text to speech recognition, voice recognition and natural language processing. Text to speech recognition is the leading segment in global voice assistant market, as it makes easier for customers to interact with smartphones and its customers. On the basis of application, the market can be classified into message bots, websites, contact centers and others. Websites segment is expected to register the fastest growth during forecast period, owing to high consumer inclination towards self service options.
Regionally, the market for voice assistant is gaining traction and expanding to various regions including Asia-Pacific, North America, Europe, South America and the Middle East & Africa. Owing to the vast base of smartphone users and presence of leading players in the region, North America is anticipated to dominate global voice assistant market in coming years. Asia-Pacific voice assistant market is likely to witness significant adoption of voice assistants during the forecast period, on the back of increasing demand from emerging economies such as India and China.
Major players operating in global voice assistant market include Apple Inc., Google LLC, Microsoft Corporation, Amazon Webservices, Inc., Nuance Communications Inc., Samsung Electronics Co., Ltd, Orange SA, Oracle Corporation, SAP SE, Next IT Corporation (Verint System Inc.), etc. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments. Assistants such as Google Assistance, Apple Siri and Microsoft Cortana have been introduced by players operating in the market.
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Last Update : Apr 09, 2020
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