Pune, India, May 09, 2019 (GLOBE NEWSWIRE) -- Market Scope
As per the latest report found on Wise Guy Reports (WGR), the voice assistant market is on track to reach the valuation of approximately USD 7.8 Billion by 2023. The report further adds that it is anticipated to grow at a highly lucrative growth rate of 39.27% during the forecast period (2017-2023).
A Host of Appealing Features to Augment Product Demand
The voice assistant software is ideal in situations when a range of different tasks need to be performed. This type of software works by directly responding to any voice command. The software has the ability of locating an opening in a customer's date-book which helps in planning an arrangement. Apart from this, it helps in submitting an online request for large and important merchandise, in addition to be used as a hands-free facilitator to message and various other errands. On the basis of these appealing features, the demand for voice assistant software is set to rise at an exhilarating pace in the near future, elevating the market position in the process.
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Intense Rivalry between Renowned Companies to Benefit Voice Assistant Market
As of today, there are various technology giants that have launched highly innovative voice assistants such as Amazon's Echo and Apple's Siri, making the mobile user experience user-friendly and more convenient. Vendors such as Orange, Samsung, Motorola, and Alibaba are entering the market as well with the intention of creating a position for themselves.
As per analysis, Amazon's voice assistant, Alexa, is touted to be the largest shareholder in the global voice assistant market, as its application seems to be on an ever-increasing trajectory around the world. Meanwhile, Apple's Siri has the ability to support a variety of languages, which makes it quite flexible to be used. On that note, because of the increasing applications on smartphones, there is a quick rise in the instances of voice search.
Steep Prices could Restrict Market Growth
With the cost of voice assistant software being on the higher side, the growth of the market could take a hit during the review period. However, the overall growth of the market will remain smooth owing to factors like surging instances of voice research, emergence of smart homes market, and strong demand for self-service applications.
Contact Centers to Gain Immense Popularity Backed by Cloud-Based Services
The application segment is sub-segmented into websites, messenger bots, and contact centers. Increasing consumer base, as well as the high adoption rate of cloud-based services, mobile analytics and social media, has helped elevate the position of contact centers in the voice assistant market.
Voice Recognition Techniques to Zoom Ahead of Competition
Technology-wise, the worldwide market has been considered for Speech Recognition, Speaker Dependent Systems, Natural Language Processing (NLP), Text-to-Speech Recognition, Speaker Independent Systems, and Voice Recognition. Out of these, the integration of voice recognition techniques is on a rise in cars as many countries have initiated hands-free regulation, where the drivers can use their mobile phones even while driving.
Individual Users to be the Largest End-Users in the Global Market
The various end-uses in the global voice assistant market are Individual Users, Large Enterprises, and SMEs. Among these, the individual user segment, compared to other segments, is found to be more attracted towards voice assistant applications like Amazon’s Alexa and Apple’s Siri.
Depending on the geographical distribution, the global voice assistant market is split into the key regions of Europe, Asia Pacific, Middle East and Africa, North America, and Latin America.
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North America Strikes Gold with Well-Established Infrastructure
Leaving behind its competition far behind, North America managed to grab the largest market share in the global voice assistant market. It is predicted to maintain its supreme position well throughout the forecast period, with the United States (U.S.) and Canada driving the said growth of the market. The phenomenal performance of the regional market has been the result of the presence of a large number of tech giants coupled with the rising popularity of voice-first technology facilitated by the high standard of living of the general population in the region. On top of this, the region also boasts of sophisticated infrastructure, allowing sharper penetration of devices with high-speed connectivity. This factor will bring lucrative results for the voice assistant market in the years ahead.
High Standard of Living Sets Europe Ahead of Other Regions
Countries like France, the United Kingdom (U.K.) and Germany are expected to be the main support to the growth of the voice assistant market in Europe. The lofty standards of living have resulted in the growth of investments in Internet of things (IoT) by companies, enhancing the position of the voice assistant market further. Another noteworthy factor backing up the strong growth of the market is the presence of highly-developed infrastructure combined with the elevated adoption rate of sophisticated technology as well as the rise in technological advancements.
Asia Pacific Launches Ahead with Rising Demand for Innovative Technology
The revenue being collected by the Asia Pacific in the global voice assistant market has been commendable, on account of the surging demand for technologically innovative products. Also, the increasing demand for the voice-first technology in economies like India, Japan and China has worked in favor of the voice assistant market in the region. Plus, the augmented need for customer relationship management has been another important factor supporting the growth of the voice assistant market in the region.
Top Companies
The companies currently leading the global voice assistant market are Creative Virtual Ltd. (U.S.), Google, Inc. (U.S.), Orange S.A. (France), Microsoft Corporation (U.S.), Next IT Corporation (U.K.), Amazon Inc. (U.S.), Nuance Communications (U.S.), Samsung Group (South Korea), Nokia Networks (Finland), Apple, Inc. (U.S.), among others.
Recent News
May 2019 - TCN Inc. along with Envision has entered into an integration partnership, which will entail combining its agent dashboard, Agent Gateway with the new generation quality monitoring solution, Click2Coach provided by Envision. This move will help the contact centers to elevate agent engagement, in addition to raising the workforce performance in a bid to increase an enterprise’s top-line as well as bottom-line business objectives.
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