Global Voice Assistant Market to Grow at 30% CAGR till 2024
Growing internet user base and
increasing adoption of technologies in smartphones to drive global voice
assistant market through 2024
According to TechSci Research report, “Global Voice Assistant Market By Technology, By
Application, By End User, By Region, Competition, Forecast & Opportunities,
2024”, voice assistant market,
globally, is projected to grow at a CAGR of over 30% during 2019-2024, on
account of increasing demand for voice search and high penetration of internet
at low cost. Voice assistant performs a variety of actions after hearing a wake
word or command. They can perform a plethora of actions such as turn on light,
place online orders and answer questions. Increasing adoption of smart homes is
expected to positively influence growth of the voice assistant market through
2024, as speech recognition and voice recognition are used in devices
implemented in smart homes.
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In terms of technology, global voice assistant
market can be segmented into speech recognition, text to speech recognition,
voice recognition and natural language processing (NLP). Text to speech
recognition accounted for the largest market share in 2018 and the trend is
likely to continue during the forecast period, as it allows customers to easily
interact and perform tasks with smartphones. Voice assistant finds application
in various verticals such as banking, financial services and insurance (BFSI)
and healthcare sectors. On the basis of end user, the market can be categorized
into individual users, large enterprises and SMEs. Large enterprise segment is
registering rapid adoption of voice assistant, in order to reduce dependence on
humans for customer service and increase revenue.
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Google
Inc., Amazon Inc., Apple Inc., Microsoft Corp., Samsung Group, Orange S.A., Sony
Corp., Alibaba Group Holding Ltd., Nuance Communications, Motorola Solutions,
Inc. and Next IT Corp. are some of the leading players operating in global voice
assistant market. Companies operating in the market are using organic
strategies such as product launches, mergers and collaborations to boost their
share.
“North America dominated global
voice assistant market in 2018, accounting for one-third share of the market
due to early adoption of technology in the region. Moreover, increasing
inclination towards self-service options and messaging apps is expected to boost
the adoption of voice assistants in the region during the forecast period.”, said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“Global Voice Assistant Market By Technology, By Application, By End
User, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of
global voice assistant market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in global voice
assistant market.
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