Chicago, June 14, 2023 (GLOBE NEWSWIRE) -- The Voice Assistant Application Market size is projected to grow from USD 2.8 billion in 2021 to USD 11.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 32.4% during the forecast period, according to a new report by MarketsandMarkets™. Major factors driving the growth of the Voice Assistant Application Market include advancements in voice-based AI technologies, rising adoption of voice-enabled devices, increasing focus on customer engagement, and emergence of low-code platforms for voice assistant applications.
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276 - Tables
50 - Figures
264 - Pages
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Scope of the Report
| Report Metrics | Details |
| Market Size Value in 2021 | USD 2.8 billion |
| Market Size Value for 2026 | USD 11.2 billion |
| CAGR Growth Rate | 32.4% |
| Largest Market | North America |
| Market size available for years | 2017-2026 |
| Base year considered | 2020 |
| Forecast period | 2021-2026 |
| Forecast units | Value (USD Billion) |
| Segments covered | By component, channel integration, deployment mode, organization size, application area, and region |
| Voice Assistant Application Market Drivers |
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| Voice Assistant Application Market Opportunities |
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| Regions covered | North America, Europe, APAC, MEA, and Latin America |
| Companies covered | [24]7.ai (US), Aivo (Argentina), AWS (US), Apple(US), Avaamo(US), Avaya (US), Baidu (China), Cisco (US), Clinc (US), Creative Virtual (UK), Google (US), Inbenta (US), IBM (US), Haptik (India), Kata.ai (Indonesia) and many more. |
The time spent by people on various social media platforms, such as Facebook, Twitter, and Instagram, has considerably increased in the last few years. These platforms offer a powerful way for organizations to reach out to a wide customer base and offer an engaging experience by introducing an easy-to-communicate interface. Voice assistants provide advantages over traditional marketing and support-related services, such as quick responses to customer queries and low operational costs. The emergence of voice assistants has greatly expanded conversational commerce and created new opportunities for brands to build greater intimacy with consumers. Moreover, increase in the penetration of mobile applications and websites is projected to fuel the growth of voice-assistants across online channels and platforms.
By solutions, the integrated EFSS solution segment is projected to grow at a higher CAGR during the forecast period. The voice assistant application providers offer solutions that are flexible and can be integrated with existing devices based on speech and NLP capabilities and existing back-end systems, as well as APIs. For instance, AWS’s Alexa voice assistant solution integrates with key software providers, conferencing solution providers, and room booking solution providers, as well as with consulting providers. The integration across devices and its ecosystem offers an advanced intelligent experience.
By deployment mode, the cloud deployment segment is projected to grow at a higher CAGR during the forecast period. There are several benefits offered by the cloud deployment mode, such as reduced operational and maintenance cost, simple deployments, and higher scalability. Due to increasing awareness of the benefits of cloud-based solutions, cloud deployment for voice assistant applications is expected to grow tremendously. The solution providers are focusing on the development of robust cloud-based solutions for their clients, as many organizations have migrated to either a private or a public cloud. Moreover, cloud-as-a-service is enabling organizations to manage not only costs but also achieve better agility.
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Automatic Speech Recognition (ASR) is gaining traction in the customer service departments of large enterprises. ASR systems allow users to enter direct queries or responses, such as a request for driving directions or a telephone number of a hotel in a particular town. This shortens the menu navigation process by reducing the number of decision points. The technology also reduces the number of instructions that users must receive and comprehend. For enterprises that rely heavily on customer services, such as airlines and insurance companies, ASR makes it possible to reduce the number of human call centers.
The major players of the Voice Assistant Application Market include AWS (US), Apple (US), Avaya (US), Cisco (US), Google (US), IBM (US), Microsoft (US), Oracle (US), Samsung (South Korea), and SAP (Germany).
Top Trends in Global Voice Assistant Application Market
- Smart speakers and smartphones are no longer the only devices with voice assistants. They are being incorporated into a wide variety of products, including wearables, autos, home appliances, and even public areas like malls and airports. Businesses now have more opportunities to offer voice-controlled experiences to customers as a result of the voice assistant ecosystem's expansion.
- A network of connected objects having communication capabilities is known as the Internet of Things (IoT). IoT devices are being connected with voice assistants to offer speech automation and control. Voice commands can be used to operate a variety of smart home appliances, including lighting, thermostats, security systems, and more.
- As they support additional languages and dialects, voice assistants are becoming more linguistically diverse. This makes voice assistants more approachable and appealing to a worldwide audience by allowing users from various locations to communicate with them in their native languages.
- Voice assistants are being used in a variety of commercial applications to boost effectiveness and productivity. Businesses are looking into methods to employ voice assistants to expedite processes and improve user experiences, from voice-enabled virtual assistants for customer service to voice-controlled enterprise applications for hands-free operation.
- Privacy and security issues have risen along with the use of voice assistants. Users are becoming more aware of the information voice assistants collect and how it is used. For the voice assistant application industry to continue to expand, these issues must be addressed and strong security measures put in place.
Key Industry Development
- Voice assistant platforms that were in the competition were aiming to enhance their features and increase market share. The top participants in the industry were Amazon's Alexa, Google Assistant, Apple's Siri, and Microsoft's Cortana. Each of them introduced new features, expanded language support, and collaborated with other businesses to improve their capabilities.
- Beyond voice-only engagements, voice assistants were developing to offer multimodal interactions. Developing more immersive and interactive experiences, this entails merging voice with graphics and other sensory inputs. In order to allow consumers to communicate with voice assistants using both voice and visuals, devices like smart displays and augmented reality (AR) glasses are being connected with them.
- As more people started using voice assistants for shopping-related tasks, voice commerce, or v-commerce, began to gain popularity. Businesses were creating voice-enabled shopping experiences that let customers use their voice to search for products, place orders, and make payments. With their voice shopping features, e-commerce behemoths like Amazon were at the forefront of this movement.
- IoT devices are integrating voice assistants, allowing customers to control their smart home appliances like lights, thermostats, security systems, and more with voice commands. With this integration, voice assistants gained more functionality and became indispensable components of the smart home ecosystem.
- Many different business sectors have adopted voice assistants. Among other use cases, businesses were looking into voice-enabled virtual assistants for customer service, voice-controlled enterprise apps for hands-free operation, and voice-driven data analytics. Voice assistants have becoming more common in commercial settings due to the promise for enhanced productivity and better user experiences.
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