This research report categorizes the voice assistant application market to forecast revenues and analyze trends By component, channel integration, deployment mode, organization size, application area, and region
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
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264 – Pages
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By component, the solutions segment to lead the market during the forecast period
Voice assistant application solutions comprise standalone as well as integrated solutions. They offer foundational capabilities for enhancing conversational experiences, such as communication based on multiple languages, dispatching, questions & answers (Q&A), and conversational insights. These solutions are developed with more upgrading cognitive computing technologies, which can perform multiple requests and complex tasks, such as scheduling a meeting or booking an air ticket.
By channel integration, the mobile applications segment to grow at the highest CAGR during the forecast period
Voice assistants running on mobile apps are integrated with speech recognition and NLP technology to recognize speech and human conversations. These voice assistants help businesses in the real-time monitoring of customer behaviors, trends, and interactions. Voice assistant applications are widely adopted by companies for better customer engagement, marketing, branding, reduced costs, and multiple interaction channels.
North America to hold the highest market share during the forecast period
North America has emerged as the largest contributor among all the regions in terms of development and adoption of voice assistant application solutions and services. The countries contributing to the voice assistant application market growth in the region include the US and Canada. These countries have a well-established economy, which enable voice assistant application vendors to invest in new technologies. Enterprises across North America are prevalently adopting voice-based digital assistants to improve customer experience and streamline business processes.
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Key Market Players
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).
Regional Analysis for Voice Assistant Application Market
- North America: Early adopters of voice assistant software include the US and Canada, where firms like Amazon (Alexa) and Google (Google Assistant) have played a key role. Voice assistant usage has been accelerated by widespread smartphone use and a populace that values technology, including smart homes, cars, and businesses. North America is a centre of innovation for voice assistant technology and home to several important voice assistant technology suppliers.
- Europe: Voice assistants in smart homes and consumer devices have been widely adopted in European nations like the UK, Germany, and France. Voice assistants for commercial and enterprise applications are increasingly gaining popularity. Voice assistant application development and adoption in Europe have been influenced by privacy and data protection laws like GDPR.
- Asia-Pacific: China and South Korea, for example, have created their own voice assistant technologies that are well-liked in the region (such as Baidu's DuerOS and Samsung's Bixby). The Asia-Pacific region is distinguished by a sizable and diversified population, with varying rates of voice assistant adoption in various nations. Voice assistant applications are expanding in this area due to the widespread use of smartphones and smart home appliances.
- Latin America: Voice assistants are gradually becoming more popular in Latin America, with Amazon Alexa and Google Assistant making gains in nations like Brazil and Mexico. The market's expansion is frequently attributed to rising middle-class populations and rising smartphone adoption.
- Middle East and Africa: With a focus on functions like virtual assistants and smart home control, the use of voice assistants is expanding in metropolitan areas of the Middle East. Growth is being driven in some areas of the region by economic development and expanding technological infrastructure.
Factors that Drive Voice Assistant Application Market
- Proliferation of Smart Devices: Voice assistants now have a natural ecology thanks to the growing use of smartphones, smart speakers, smart TVs, and other IoT (Internet of Things) gadgets. Voice commands are a practical approach for users to communicate with these gadgets.
- Advancements in Natural Language Processing (NLP): Voice assistants are now better capable of interpreting and responding to natural language inquiries because to advancements in NLP technology. The user experience has been considerably improved by this.
- Integration into Smart Homes: In the automation of smart homes, voice assistants are essential. Homes can be made more convenient and energy-efficient for residents by allowing voice commands to operate lighting, thermostats, security systems, and other smart devices.
- Rise of Virtual Assistants: Virtual assistants are being incorporated into a variety of applications, including customer service, healthcare, and business process automation. Examples of consumer-focused virtual assistants include Amazon Alexa and Google Assistant, while enterprise-focused virtual assistants include IBM Watson Assistant and Microsoft Cortana.
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