NEWARK, Del: , Sept. 29, 2022 (GLOBE NEWSWIRE) -- As per Future Market Insights’ latest industry analysis, the voice assistant application market revenues were estimated at US$ 2.8 Bn in 2021 and is anticipated to grow at a CAGR of 18.5% from 2022-2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach a valuation of US$ 20.2 Bn.
The growth is supported by the rising adoption of smartphones, expanding digitalization, and the desire for enhanced customer experience. Owing to the surge in younger customers and homes with children, voice-based searching is on the rise across the globe. Customer retail services are moving toward voice shopping as a result of the development of an omnichannel environment combined with artificial intelligence. Customers may use voice-assistant technology to ask inquiries about products, manage orders, and return items. The Voice Assistant application aids in boosting the capacity for processing client orders and requests, which propels the industry forward.
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Customers may shop for items, inquire about pricing and attributes from the comfort of their home, and sometimes even receive tailored suggestions based on their previous purchases. This experience can be made even more seamless and participatory with the use of voice assistants. Voice assistant application solutions are able to comprehend the context and attitudes of communication, allowing them to effortlessly interface with back-end information and third-party sources to provide further personalization.
The ability of voice assistant programs to automate repetitive chores is one of its prominent features. While voice assistant software handles regular activities, individuals are free to focus on more essential duties. As a result, adding voice assistants not only improves the customer experience but also the efficiency of an organization or business.
“During the projected period, Rising smartphone device penetration, increased digitization, and a drive for better customer experiences will all aid the growth of Voice Assistant Application industry developments in the future years.” comments a Future Market Insights analyst.
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Competitive Landscape
The market is fiercely competitive, where key players are increasingly focused to obtain a competitive advantage. The key companies in the Voice Assistant Application Market are focused on R&D to offer innovative technological solutions.
- In May 2020, Cerence Inc. unveiled "Cerence ARK Assistant," a modern turnkey automotive digital assistant in American English. This newly announced solution is based on Cerence speech and AI technologies and is supported by the company's inaugural assistant for the Chinese market, which debuted last year.
- In April 2020, Google LLC has made the Connected Homes software development kit generally available. This development toolkit will assist producers of linked devices in improving the adaptability of their products.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Voice Assistant Application Market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Voice Assistant Application Market in terms of Component (Solution and Services), Deployment (On-Premises, Cloud), Organization Size (SMEs, Large Enterprises), and Channel Integration (Websites, Mobile applications, Contact Centers, Smart Speakers, Social Media), across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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Table of Content:
1. Executive Summary
1.1. Global Market Outlook
1.2. Summary of Statistics
1.3. Key Market Characteristics & Attributes
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Risks and Trends Assessment
3.1. Risk Assessment
3.1.1. COVID-19 Crisis and Impact on Voice Assistant Application
3.1.2. COVID-19 Impact Benchmark with Previous Crisis
3.1.3. Impact on Market Value (US$ Mn)
3.1.4. Assessment by Key Countries
3.1.5. Assessment by Key Market Segments
3.1.6. Action Points and Recommendation for Suppliers
3.2. Key Trends Impacting the Market
3.3. Formulation and Product Development Trends
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