Increased adoption of technologically advanced devices for ease of living and increased comfort are some of the reasons due to which the Voice Assistant Application market is growing at a rapid pace.
Covid-19 Impact & Market Status
The Voice Assistant Application market size to a hit due to the advent of Covid-19. This is because of the downtrend in the demand for software in general as the supply chains were destroyed which resulted into a panic situation in the market. However, the integration of voice assistant applications with websites, mobile applications etc. are going to increase demand and put the market back on track.
It’s being expected that by 2032, the Voice Assistant Application market cap will hit US$ 20.2 Bn at a CAGR growth of about 18.5%.
The global voice assistant application market report takes a thorough look into the present, historic, and future growth trends that allow players to align with regulatory directives and explore new opportunities and growth prospects.
The Solution Segment to Emerge as the Most Lucrative Segment
Voice Assistant Application Market is segmented by component into solutions and services. The solutions segment is expected to grow the fastest with highest CAGR. This segment remains at top also because of the ability of solutions to understand context and sentiments in the conversations. Additionally, increasing need of customer engagement through various channels would drive the adoption of voice assisted application solutions in market.
Cloud Based Deployment to lead the segment
Based on deployment, the Voice Assistant Application market is divided into on-premise and cloud based. The Cloud Based deployment is to remain at top because of the benefits it provides like lower cost and scalability.
Small & Medium Enterprises to Remain Atop
The small & medium enterprises in application segment are foreseen to occupy a sizeable share of the market within the projected timeframe because of the growing demand for software from users. and growing investment in R&D activities. The application is highest in this segment because of the number small & medium enterprises that are there. It is also increasing due to the need for new innovations and breakthroughs in the field of Voice Assistant Application.
Healthcare segment to have great demand
Based on end user, the Voice Assistant Application market is divided into BFSI, Healthcare, Retail & E-Commerce, Media & Entertainment, IT & Telecom, Manufacturing and Others. Out of these, the Healthcare segment is expected to have the greatest demand due to the different uses in this sector. It can help in the chronic disease management of patients, in addition to enabling the patients to manage their medication and monitor health recovery progress efficiently.
Asia Pacific Region to Render Ample Investment Avenues
IN the coming years, APAC is likely to own the largest CAGR value due to advances in the IT domain and rampant use of AI & ML technology. Additionally, this region has a huge demand potential due to the massive population of this region.
North America occupies the largest market share and revenue pie due to soaring penetration of software-based solutions, automation, IIoT.
The increasing need to make everything more convenient and ensure that all tasks are done at the ease of sitting on the bed are the reasons driving the growth of the Voice Assistant Application Market.
Voice Assistant Application are voice enabled applications that make the life of user much easier by providing extreme comfort and saving time of people. These benefits are helping in the growth of Voice Assistant Application Market.
A Voice Assistant Application is a type of application that works on voice of the user. An example can be Google assistant on browser that helps the user to search for various things without even typing that in the browser. All they have to do is simply “tell” the assistant what to do, and it does that for it. This voice enabled applications help in making the life easier and things and all other applications become more advanced technologically.
Voice Assistant Application includes the features such as uninterrupted and quality connectivity with smart devices. Additionally, it allows to take complete benefit of omnichannel ecosystem development by allowing the customers to use their voice to give tasks and orders to the application.
These software help in reducing time and provide an enhanced customer experience and to increase efficiency, tasks such as opening the required search, playing the desired song, turning something on/off. Hence, Voice Assistant Application speeds up daily tasks is a key factor driving the growth of the global market. Furthermore, advancements in AI and ML are going to create massive opportunities in the field of voice assistant market.
However, limited understanding of various accents and dialects are some of the factors that are hampering market growth of this market.. Nevertheless, Voice Assistant Application Market has the growth prospects, because of the increasing need of highly efficient systems to reduce complexities.
The major players of this market are International Business Machines Corporation, Alphabet Inc., Amazon Web Services Inc., Microsoft Corporation, Apple Inc., Baidu Inc., Salesforce.com Inc., Verbio Technologies S.L., Samsung Electronics Co. Ltd., Oracle Corporation. Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Voice Assistant Application market. By applying technology, the R&D teams of the companies must try to bring in new technologies so that the overall quality of voice systems improve.
Voice Assistant Application Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||US$ 20.2 Bn|
|Growth Rate||CAGR of 18.5 % during 2022-2031|
|Segment Covered||Deployment, Organization Size, Channel Integration, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||IBM Corporation (US), Nuance Communications Inc. (US), Amazon.Com, Inc. (US), Microsoft Corporation (US), Google LLC (US), Apple Inc. (US), Samsung Electronics (South Korea), Cisco Systems Inc. (US), Orange S.A. (France), Verint Systems Inc. (US), and Creative Virtual Ltd. (UK).|
Key Segments of the Voice Assistant Application Market
Voice Assistant Application Market on the basis of component, 2018-2028 (USD Million)
Deployment Overview, 2018-2028 (USD Million)
Enterprise Size Overview, 2018-2028 (USD Million)
- Large Enterprises
- Small and Medium Enterprises
Industry Vertical Overview, 2018-2028 (USD Million)
- Retail & E-Commerce
- Media & Entertainment
- IT & Telecom
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa