New York, NY, May 10, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Voice Assistant Market by Technology (Speech Recognition, Text-To-Speech Recognition, and Voice Recognition), By Application (Messenger Bots, Websites, and Contact Centers), By Service (Customer Service and Marketing Assistant), and By End-User (Individual Users, SMEs, and Large Enterprises): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025’’. According to the report, the global voice assistant market was around USD 0.8 billion in 2018 and is expected to reach approximately USD 7.7 billion by 2025, at a CAGR of above 39% between 2019 and 2025.
A voice assistant is also known as voice control or VPA-enabled speaker. It is a smart device that enables a user to control certain things. With the use of AI in voice assistance devices, users can find information and control other connected devices in and around the house. Voice assistance devices also provide advantages like hands-free computing, placing online orders, turning on/off lights, playing music, answering questions, etc.
Browse through 79 Tables & 29 Figures spread over 168 Pages and in-depth TOC on “Global Voice Assistant Market Size & Share 2018 Report: Industry Growth, Applications, Technology, Key Segments, Market Player Profiles Analysis and Forecast, 2018–2025”.
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The increasing proclivity toward IOT and automation is fuelling the global voice assistant market growth. The growing demand for smartphone is also fuelling the voice assistance market globally. Furthermore, the global demand for voice assistant speakers will attract many vendors to enter the market over the projected time period, thus driving the global voice assistant market development. The increasing popularity of voice assistants and rising digitalization globally will contribute notably to this market in the upcoming years. However, the oligopoly in speech and voice recognition via a neural network is restricting its usage for cloud-based services, which can be restrictive for this market’s development.
The global voice assistant market is categorized on the basis of technology, application, service, and end user. The technology segment includes speech recognition, voice recognition, and text-to-speech recognition. By application, the global voice assistant market includes websites, messenger bots, and contact centers. Based on service, this global market comprises marketing assistant and customer service. The end-user segment includes individual user, SMEs, and large enterprises. The SMEs segment is likely to register a significant CAGR over the estimated timeframe, owing to the increasing demand for voice assistants in developing countries like India and China.
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By region, North America is a technologically advanced region and will experience notable growth in the voice assistant market in the years ahead, owing to the rising spending for R&D in automation. The voice assistance technology is gaining huge popularity across the region, which is leading to the fast-paced development and modernization of smart devices. This, in turn, will further drive the North American voice assistant market in the future.
The European voice assistant market will witness substantial growth in the future. This can be attributed to the high living standards of people, which has led to the rise in investments in IoT by the manufacturers and the presence of advanced infrastructure.
Browse the full “Voice Assistant Market by Technology (Speech Recognition, Text-To-Speech Recognition, and Voice Recognition), By Application (Messenger Bots, Websites, and Contact Centers), By Service (Customer Service and Marketing Assistant), and By End-User (Individual Users, SMEs, and Large Enterprises): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”Report at https://www.zionmarketresearch.com/report/voice-assistant-market
Asia Pacific will witness a substantial CAGR in the upcoming years, owing to the rising production of voice assistant devices in the growing economies like India and China. Voice assistant is swiftly evolving to deliver more significant capabilities to users, which will further drive the market. China is seeking to work in this untapped market by producing its own voice assistant, particularly for the Indian market, which is expected to propel the region’s voice assistant market in the forthcoming years.
The Latin American voice assistant market is projected to experience huge growth in the future, owing to the major vendors’ strategy to market development. Announcements made by Amazon to launch Alexa in Latin America, which would be able to speak and understand Mexican and Spanish will further propel the demand for voice assistant devices in Latin America. Brazil is likely to experience a high voice assistant demand in the years ahead.
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The Middle Eastern and African voice assistant market is expected to grow in the future, owing to the adoption of smart home technology. UAE is expected to drive this regional market and hold a substantial market share.
Some major players operating in the global voice assistant market are Google, Amazon, Microsoft Corporation, Apple, Samsung Group, Creative Virtual, Next IT Corporation, Orange, Nokia Networks, and Nuance Communications.
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This report segments the global voice assistant market into:
Global Voice Assistant Market: Technology Analysis
- Speech Recognition
- Text-To-Speech Recognition
- Voice Recognition
Global Voice Assistant Market: Application Analysis
- Messenger Bots
- Websites
- Contact Centers
Global Voice Assistant Market: Service Analysis
- Customer Service
- Marketing Assistant
Global Voice Assistant Market: End-User Analysis
- Individual Users
- SMEs
- Large Enterprises
Global Voice Assistant Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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