New York, United States , April 16, 2024 (GLOBE NEWSWIRE) -- The Global Voice Assistant Market Size is to Grow from USD 3.83 Billion in 2023 to USD 54.83 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 30.49% during the projected period.
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A voice assistant is a computer program that listens to specific vocal commands and then uses speech recognition, language processing algorithms, and voice synthesis to return relevant information or perform specified actions as directed by the user. Voice assistants use artificial intelligence and voice recognition to provide the desired results. Asking a computer to set a timer may appear straightforward, but the science behind it is fascinating. Voice assistants can deliver relevant information based on specific instructions, also known as intentions, given by the user by listening to specific keywords and filtering out background noise. Furthermore, voice assistants provide users with a hands-free and personalized interaction experience, enabling them to complete tasks quickly and efficiently. Voice assistants' convenience and time-saving benefits have driven widespread adoption across industries and consumer segments. In addition, voice assistants are increasingly being integrated into connected vehicles, allowing drivers to navigate, make calls, and control in-car systems without taking their hands off the steering wheel. This integration increases driver safety and convenience. However, the increased reliance on voice assistants raises concerns about data privacy and security. Voice commands and interactions can be recorded and saved, which raises privacy concerns. Manufacturers and developers must address these concerns to keep users' trust.
Browse key industry insights spread across 200 pages with 115 Market data tables and figures & charts from the report on the "Global Voice Assistant Market Size, Share, and COVID-19 Impact Analysis, Global Voice Assistant Market Size, Share, and COVID-19 Impact Analysis, By Technology (Speech Recognition, Text to Speech Recognition, Voice Recognition, Natural Language Processing), By Application (Messenger Bots, Websites, Contact Centers, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The speech recognition segment is expected to hold the largest share of the global voice assistant market during the projected timeframe.
Based on the technology, the global voice assistant market is categorized into speech recognition, text to speech recognition, voice recognition, and natural language processing. Among these, the speech recognition segment is expected to hold the largest share of the global voice assistant market during the projected timeframe. Speech recognition technology is essential for voice assistants to understand and interpret spoken language, converting it into usable commands. This technology lays the groundwork for seamless interaction between users and voice assistants, allowing them to carry out a variety of tasks using spoken commands.
The contact centers segment is expected to grow at the fastest CAGR during the forecast period.
Based on the application, the global voice assistant market is categorized into messenger bots, websites, contact centers, and others. Among these, the contact centers segment is expected to grow at the fastest CAGR during the forecast period. The contact center application is a critical domain where voice assistants can help improve customer interaction and service delivery. Voice assistants are increasingly being used in contact centers to streamline customer support processes, automate routine inquiries, and deliver timely and accurate information.
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North America dominates the market with the largest market share over the forecast period.
North America dominates the market with the largest market share over the forecast period. The region's dominance is due to the widespread use of voice assistant technologies in a variety of industries, including smart homes, automotive, healthcare, and enterprise applications. North America has a mature and tech-savvy consumer base that readily embraces innovative technologies, leading to the widespread adoption of voice assistants in everyday life. The presence of major technology companies that invest heavily in voice assistant development and deployment helps to drive market growth.
Europe is expected to grow the fastest during the forecast period. The growing use of connected devices, merger and acquisition activity, significant IT spending, rising investments by major market players, and recent technological advancements. Big data growth has created a high demand for intelligent virtual assistants across Europe. Also, the increased emphasis of large and medium-sized businesses on improving customer relationships to increase customer retention is creating new growth opportunities for the European voice assistant industry.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global voice assistant market are Amazon.com, Inc., Apple Inc., Google LLC, Microsoft Corporation, Alibaba Group Holding Limited, Baidu, Inc., Nuance Communications, Inc., Samsung Electronics Co., Ltd., Sony Electronics, Xiaomi Corporation, IBM Corporation, and others.
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Recent Developments
- In June 2024, Sonos will release a free software update that includes its Voice Assistant, allowing customers to control their speakers using voice commands. The Sonos app now allows users to make voice requests for specific songs, albums, radio stations, and playlists. Furthermore, Sonos voice control allows users to group and ungroup speakers, as well as store and play songs, all with voice commands.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global voice assistant market based on the below-mentioned segments:
Global Voice Assistant Market, By Technology
- Speech Recognition
- Text to Speech Recognition
- Voice Recognition
- Natural Language Processing
Global Voice Assistant Market, By Application
- Messenger Bots
- Websites
- Contact Centers
- Others
Global Voice Assistant Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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