USD 3.10 billion
Voice Assistant Application Market Size, Share, Growth Analysis, By Component (Solutions, Services), By Deployment Mode (On-premises, Cloud), By Organization Size (Small and Medium-sized Enterprises, Large Enterprises), By Channel Integration, By Region -Industry Forecast 2024-2031.
Report ID:
SQMIG45E2270 |
Region:
Global |
Published Date: April, 2024
Pages:
194
|Tables:
89
|Figures:
76
Voice Assistant Application Market Insights
Global Voice Assistant Application Market size was valued at USD 3.10 billion in 2022 and is poised to grow from USD 4.11 billion in 2023 to USD 39.29 billion by 2031, growing at a CAGR of 32.60% during the forecast period (2024-2031).
The voice assistant software is a clever helper that can access a vast quantity of data on the gadget and assists users with basic tasks. By translating voice into text, these technologies help to improve the services provided by voice assistants by interpreting words. Programmes known as voice assistants are capable of carrying out a variety of functions, such as placing an internet order or setting up an appointment. A smart personal assistant can help with everyday duties like playing music, sending private messages, setting alarms, and more. The market for voice assistant apps is anticipated to grow significantly as automatic voice recognition and natural language processing technologies advance.
By this year, there will be more than three times as many gadgets connected to internet networks as there are people on the planet. According to the estimate, the number of networked devices per person would increase from 2.4 in 2018 to about 3.6 this year. Furthermore, it predicts that by this year, there will be 29.3 billion networked devices, up from 18.4 billion in 2018. Every year, a variety of new gadgets with enhanced intelligence and capabilities are created and introduced into the market in various form factors. The use of voice assistant application solutions will grow as the number of connected devices rises. Voice assistants may help with things like scheduling meetings, discussing the weather forecast, and providing sports scores in addition to helping to interpret spoken language.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Speech recognition
Fastest Growth
Natural language processing
Growth Rate
32.60% CAGR
Global Workplace Safety Market ($ Bn)
Country Share by North America (%)
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Voice Assistant Application Market Segmental Analysis
Global Voice Assistant Application Market is segmented into Component, Deployment Mode, Organization Size, Channel Integration, Application Area, and region. By Component, the market is classified into Solutions, and Services. Depending on the Deployment Mode, it is categorized into On-premises, and Cloud. According to Organization Size, the market is divided into Small and Medium-sized Enterprises, and Large Enterprises. Based on Channel Integration, the market is segmented into Websites, Mobile Applications, Social Media, Contact Centers, and Smart Speakers. Based on Application Area, the market is segmented into Smart Retail and Ecommerce, Smart Banking, Connected Healthcare, Smart Transportation, Smart Manufacturing, Smart Learning, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
Analysis by Technology
As per categorization by technology, the market is classified into speech recognition and natural language processing. Among these, speech recognition earned the largest share and continues to dominate the market. The advancements in speech recognition technology are driving considerable growth in the global voice assistant application market. Deep learning and natural language processing are two innovations that have increased the accuracy and responsiveness of voice assistants, making them more useful for daily tasks. The incorporation of voice assistants into numerous consumer electronics, such as smart speakers, home automation systems, and smartphones, is driving the market's rise. This trend increases the reliance on voice-activated commands in daily activities by enabling smooth, hands-free interactions, which improves user engagement.
Due to its critical role in improving user experience, natural language processing (NLP) is expected to develop at the quickest rate in the global voice assistant application market. Voice assistants can now comprehend, analyze, and react to human speech with more accuracy and context thanks to NLP technologies. This development improves the usability of voice assistants in a variety of contexts, from personal assistants to customer support bots, and lessens user annoyance caused by misunderstandings. Voice assistants will become more widely used and intricately integrated into consumer electronics as NLP develops through advances in machine learning.
Analysis by Deployment
Cloud computing use by the worldwide voice assistant application industry is growing to improve scalability and performance. Large-scale datasets may be processed and stored using cloud infrastructure, which makes it possible for voice assistants to respond in real time and with context. With no hardware limitations, this cloud-based method enables AI algorithms to be updated and improved continuously, enabling more intelligent and customized user interactions. Additionally, cloud integration facilitates the expansion of voice assistant features across many platforms and gadgets, fostering a smooth user experience that encourages increased market uptake and expansion.
The worldwide market for voice assistant applications is expected to grow rapidly in the on-premises segment due to growing concerns about data security and privacy. On-premises voice assistants are being used by organizations, especially those that deal with sensitive data in the healthcare, finance, and government sectors, to maintain control over their data infrastructure and guarantee compliance with strict legal standards. This strategy keeps important data inside the boundaries of the company, minimizing data breaches and outside threats. The acceptance of on-premises installations is further accelerated by the fact that they provide specialized solutions that can be adapted to certain operating requirements.
Global Workplace Safety Market By Technology (%)
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Voice Assistant Application Market Regional Insights
During the projected period, growth in the voice assistant market is anticipated in North America. The voice assistant market is expanding due to a number of factors, including the presence of many well-established players in the US, a rising percentage of investments in the use of AI, a growing preference for automated operations in contact centers, significant investment in IT, and a growing uptake of cutting-edge technologies like deep learning, machine learning, and natural language processing in the area. Due to factors like the increasing use of connected devices, mergers and acquisitions, huge IT spending, increasing investments by major market participants, and recent technology breakthroughs, Europe has the second-largest voice assistant market in the world. Europe is experiencing a massive need for intelligent virtual assistants due to the proliferation of big data.
The projection period indicates that the Asia Pacific voice assistant market would grow at the fastest compound annual growth rate (CAGR) due to rising IT investments in developing nations like China, India, and Japan as well as a rise in the number of contact centers in the area. Advanced AI also guarantees that each request is routed to the assistant to provide the most efficient and pleasurable encounter. Latin America and the Middle East and Africa are two regions in the global voice assistant application market that are developing significantly, with Saudi Arabia and Brazil emerging as the two fastest-growing countries, respectively. Brazil's adoption rate is rising due to rising internet and mobile penetration rates as well as rising customer comfort levels with voice-activated devices. Voice assistant technologies are being adopted quickly in Saudi Arabia, which is in line with the region's objectives for digital transformation. This is due in part to the country's substantial investments in smart city initiatives and its tech-savvy populace.
Global Workplace Safety Market By Geography
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- Fastest
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Voice Assistant Application Market Dynamics
Drivers
Growing Customer Interest in Voice Enabled Devices
- The growing demand for smart devices among consumers is one of the main factors propelling the worldwide voice assistant application market. The increasing popularity of smartphones, smartwatches, and smart home appliances such as Google Home and Amazon Echo is driving up demand for sophisticated voice assistant solutions. Voice-controlled interfaces meet consumer demands for efficiency and ease in device use.
Developments in Machine Learning and AI
- The ongoing development of machine learning algorithms and artificial intelligence (AI) is the second important factor. Voice assistant applications rely heavily on these technologies to improve their comprehension and processing of human speech. Advancements in Natural Language Processing (NLP) enable voice assistants to provide more precise answers and manage a wider variety of inquiries. This improves the user experience and encourages increased adoption in social and professional contexts.
Restraints
Security and Privacy Challenges
- The market is significantly constrained by the growing concerns about data security and privacy. For voice assistants to work as best they can, they need access to personal data, which creates concerns about who can access and use this data. These worries are particularly acute in the wake of multiple high-profile data breaches and the improper use of personal data. This has impeded the growth of the market by making some consumers hesitant to use voice assistant technology.
Absence of Smooth Multilingual Assistance
- The absence of seamless language support is another issue. Voice assistants frequently have trouble with accents, dialects, and lesser-known languages, even though they have made great progress in recognising and processing major languages. This restriction limits the use of voice assistant technologies in markets that are multicultural or in non-English speaking areas. Although breaking through this barrier is necessary for usage and penetration that is global, it is still a technical obstacle that impedes market expansion in linguistically diverse areas.
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Voice Assistant Application Market Competitive Landscape
The global voice assistant application market is highly competitive, with several multinational behemoths constantly introducing new products and services and broadening their product lines. Leading companies in the market with cutting-edge technologies and vast ecosystems are Microsoft (Cortana), Apple (Siri), Amazon (Alexa), and Google (Assistant). By continuously advancing AI, increasing language support, and integrating voice assistants into a range of consumer and business goods, these businesses are leading the way in promoting the use of voice assistants. The fierce rivalry advances technology and accelerates commercial expansion.
Top Player’s Company Profiles
- Apple
- AWS
- Microsoft
- IBM
- Cisco
- Samsung
- Oracle
- SAP
- Avaya
- Baidu
- Verint Systems
- [24]7.ai
- Haptik
- Aivo
- Soundhound
- Creative Virtual
- Zaion
- Verbio
- Slang Labs
Recent Developments
- In January 2023, "Hey Disney," a voice assistant first of its kind, will be released by Amazon and Disney. The "first-of-its-kind" voice assistant will provide users with "a wide spectrum of Disney enjoyment" through Echo devices at home and as a complimentary service at certain Disney Resort hotels, according to a blog post on Amazon.com. Disney used the Alexa Unique Assistant, a framework for artificial speech recognition (AI), to quickly develop its own voice assistant that works in tandem with Alexa to deliver this experience.
- In November 2022, Sony has announced a new voice assistant for customer assistance in India in partnership with enterprise conversational AI firm Yellow.ai. The novel "Isha" AI is a multilingual virtual agent that can answer clients' questions in Bengali, Hindi, and English and, if required, put them in contact with human agents.
- In June 2022, Thanks to a free software update from Sonos that includes their voice assistant, users may now control their speakers using voice commands. Through the Sonos app, users may now make voice requests for specific songs, albums, radio stations, or playlists. In addition to grouping and ungrouping speakers, Sonos Voice Control users can store and enjoy music with voice commands.
Voice Assistant Application Key Market Trends
- Changing User Interaction for Connected Homes: IoT data creation and the number of connected devices has significantly increased because of the IoT adoption boom. Voice assistants, which provide individualized services via voice commands, are quickly taking the lead as the main user interface for connected home services. With a seamless user experience that optimizes the value of connected devices and improves customer service, this change is revolutionizing the way consumers engage with devices.
- IoT-Connected Devices' Integration of AI and Voice Assistants: A significant development that presents new opportunities for industry participants is the integration of artificial intelligence (AI) with Internet of Things (IoT)-connected devices. One example of a technical advancement is the voice assistant's evolution in linked devices. Voice assistants were once limited to smartphones, but they are now available on a variety of devices. In the future, voice assistants are expected to be used to operate appliances including security systems, automobiles, refrigerators, televisions, and thermostats.
Voice Assistant Application Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the demand for advanced voice assistant apps is being driven by the increased interest of consumers in smart devices, as well as by the breakthroughs in AI and machine learning. The voice assistant market is growing slowly as users are reluctant to share personal information due to worries about data security and privacy that have been stoked by high-profile hacks. Furthermore, the absence of smooth multilingual assistance limits adoption in markets with a diverse population and those who do not understand English, creating a technological obstacle to the growth of the worldwide market.
Major players like Microsoft, Apple, Amazon, and Google lead the fiercely competitive global voice assistant application market. These companies consistently innovate and develop their voice assistant technologies and product integrations to propel market growth. Voice assistants are becoming the main user interface for linked home services due to the rapid growth of IoT usage. This has transformed consumer contact with technology by enabling smooth, customized voice commands. Furthermore, a significant advancement in AI technology is its incorporation into Internet of Things devices. This allows voice assistants to do more than just manage smartphones; it opens new avenues for technical innovation and industry expansion.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 3.10 billion |
| Market size value in 2031 | USD 39.29 billion |
| Growth Rate | 32.60% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Voice Assistant Application Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Voice Assistant Application Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Voice Assistant Application Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Voice Assistant Application Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Voice Assistant Application Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Voice Assistant Application Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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