NEW YORK, May 27, 2020 (GLOBE NEWSWIRE) -- The global voice assistant market is expected to grow at a CAGR of 30.5% during the forecast period with its market size predicted to reach USD 5.9 billion by 2026.
Industry Insights by Component (Solutions, Services [Professional, Managed]), by Deployment (On-Premises, Cloud), by Vertical (BFSI, Retail and E-Commerce, Healthcare, Automotive, Others), by Technology (Natural Language Processing, Speech Recognition, Voice Recognition, Text-to-Speech Recognition), by Application (Messenger Bots, Websites, Contact Centers, Others), by End User (SMEs, Large Enterprises, Individuals), and by Region
Globally, voice assistant industry players are leveraging market growth through product partnerships, mergers & acquisitions, and geographic expansion. For example, in November 2018, Microsoft Corporation acquired XOXCO Inc., in order to enhance its approach of democratizing AI development, dialog and conversation, and integration of conversational experiences.
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Based on vertical, the voice assistant market is segmented into BFSI, retail and e-commerce, healthcare, automotive, and others. Among these segments, BFSI category held the largest share in the market in 2018. This is attributed to the high demand for financial institutes with AI-powered voice assistants to increase customer experience and inclined towards digitalization.
However, healthcare industry is anticipated to witness fastest growth in the market during the forecast period owing to the rising adoption of internet of things (IoT), growing focus on patients’ engagement, and growing number of chronic disorders.
Based on end user, the voice assistant market is segmented into SMEs, large enterprises, and individuals. Among these segments, large enterprises category held the largest share in the market in 2018. This is attributed to the early shift of enterprises toward automation and need to manage huge amount of data in less time.
However, amid current COVID-19 pandemic situation governments as well as SMEs are furiously investing on technologies such as voice assistance, Chatbot, NLP, etc. Recently, in April 2020 France research institute launched AI based voice assistant to help COVID-19 Patients. With the rising cases of COVID-19, the voice assistant has found its way in the healthcare sector. A similar feature has been added in the form of a host of rapid upgrades to Amazon’s Alexa, Apple’s Siri and Google’s Home Assistant for virtual assistance.
Geography Insight
Geographically, North America has accounted for the largest share in voice assistant market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the existence of a large number of established players in the U.S., increasing number of investments related to adoption of AI, increasing preference for automated work operations in contact centers, huge investment on IT, and increasing adoption of emerging technologies, such as machine learning, natural language processing, and deep learning in the region.
Competitive Insight
Some of the key players operating in the global voice assistant market are IBM Corporation, Salesforce.com Inc., Amazon.com Inc., Apple Inc., Microsoft Corporation, Verint Systems Inc., Nokia Corporation, Alphabet Inc., Orange SA, and Samsung Electronics Co. Ltd. These players are adopting several growth strategies, such as new service launches, and partnerships to expand their presence further during COVID-19 impact.
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The Report Offers:
- Historical market estimate for the years 2016–2019 and forecast for the years 2020–2026
- Insight on current market trends, market dynamics, key opportunities and major challenges in the industry
- Market insights by in-depth segmentation with industry dynamics.
- Competitive analysis and benchmarking of the industry leaders and their product offerings
- Profiles of leading players and innovators, their financial overview and product portfolio
- Analysis of key industry trends and recent developments
- Value chain analysis and distribution channel analysis with opportunity assessment
- Market share analysis of major players
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The report provides the market value for the base year 2019 and a yearly forecast till 2026 in terms of revenue (USD Billion). The report segments the global voice assistant market on the basis of component, vertical, technology, application, end-user and region.
Global Voice Assistant Market Coverage
COVID-19 Impact on Voice Assistant Market
Pre COVID-19 Market size and Forecast to 2026
Post COVID-19 Market size and Forecast to 2026
Component Insight and Forecast 2016-2026
- Solutions
- Services
-
- Professional
- Managed
Deployment Insight and Forecast 2016-2026
- On-Premises
- Cloud-Based
Vertical Insight and Forecast 2016-2026
• Banking, Financial Services, and Insurance (BFSI)
- Retail and E-commerce
- Healthcare
- Automotive
- Others
Technology Insight and Forecast 2016-2026
- Natural Language Processing (NLP)
- Speech Recognition
- Voice Recognition
- Text-to-Speech Recognition
Application Insight and Forecast 2016-2026
- Messenger Bots
- Websites
- Contact Centers
- Others
End-User Insight and Forecast 2016-2026
- Small and Medium-Sized Enterprises (SMEs)
- Large Enterprises
- Individuals
Geographical Segmentation
Voice Assistant Market by Region
North America
- By Component
- By Deployment
- By Vertical
- By Technology
- By Application
- By End-User
- By Country – U.S., Canada, and Mexico
Europe
- By Component
- By Deployment
- By Vertical
- By Technology
- By Application
- By End-User
- By Country – Germany, U.K., France, Ireland, and Rest of Europe
Asia-Pacific (APAC)
- By Component
- By Deployment
- By Vertical
- By Technology
- By Application
- By End-User
- By Country – China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific
Rest of the World (RoW)
- By Component
- By Deployment
- By Vertical
- By Technology
- By Application
- By End-User
- By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries
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