Voice Assistant Market Top Players, Demands, Overview, Component, Industry Revenue and Forecast
Market Overview:
The global voice assistant market growth is expected
to reach USD 30.74 Billion during the forecast period by registering a CAGR of
31.2%. A voice assistant is a digital assistant that uses artificial
intelligence, machine learning, and voice recognition technology to assist. It
can interpret and respond to human voice instructions, assisting with common
chores such as booking an appointment, placing an online order for tangible
things, and messaging while hands-free. The market is expected to increase
because of the rising popularity of connected devices, increasing acceptance of
smart homes, increasing instances of voice search, and high demand for self-service
applications.
Speech technology was prepared to expand the market
before the COVID-19 pandemic, with a consistent growth rate of voice-enabled
gadgets sold per population. Consumers are staying at home more and seeking new
ways to keep themselves entertained, while front-line healthcare workers
continue to seek protection and new ways to work. For example, China developed
a speech robot that can collect and verify personal information such as
identity, health status, and location in five minutes vs two to three hours
manually.
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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).
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).
Regional Classification
With its current infrastructure and significant
competitors such as IBM Corporation, Google LLC, Amazon, and Samsung
Electronics, North America is projected to lead the voice assistant market. The
voice assistant market in North America is divided into three parts: the United
States, Canada, and Mexico. Furthermore, significant advancements in smart home
and smart speaker technology in the United States are driving the market’s
expansion.
Due to the growing demand for smart contact centers
and individualized customer experiences, Europe’s voice assistant market ranks
second globally and is predicted to grow rapidly. In addition, the region’s
industrial and IT industries want to deploy voice assistant-based solutions for
voice automation while also developing new solutions for complicated use cases.
The Asia-Pacific area ranks third in the market for
voice assistants, owing to voice assistants gaining exponential traction in the
region as the region’s IT sector booms, and growing economies in the region are
opting for smart contract-based solutions for reliability and efficiency.
Furthermore, powerful AI ensures that each request is routed to the assistant
in the most appropriate and pleasurable manner possible.
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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)
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