Voice Assistant Market, By Technology (Speech Recognition, Text-to-Speech Recognition, Voice Recognition), Application (Messenger Bots, Websites, Contact Centers) and End User (Individual Users, SMEs, Large Enterprises) - Forecast 2023
Market Analysis
For performing a range of various tasks, the voice assistant software is used. This is a kind of software program which directly responds to the voice commands. They can locate an opening in a customer's date-book to plan an arrangement, submit an online request for substantial merchandise, and go about as a hands-free facilitator for messaging, among many, different errands. The global voice assistant market is anticipated to the valuation of approx. USD 7.8 Billion by the year 2023, at 39.27% CAGR growth rate during the estimated period 2017-2023.
Main factors driving the development of voice assistant market are expanding cases of voice searches and the higher entrance of broadband and web connections. Also, the growing adoption of the smart homes is another factor augmenting the development of voice assistant market. Voice recognition and speech recognition are being utilized in gadgets that are implemented in smart homes.
Market Segmentation
Voice assistant market has been divided on the basis of application, technology, end user and regional demand. The application segment is divided into websites, messenger bots, and contact centers. Based on its technology, the global market is divided as Speech Recognition, Speaker Dependent Systems, Natural Language Processing (NLP), Speech Recognition System, Text-to-Speech Recognition, Speaker Independent Systems, Voice Recognition. On the basis of the end-user industry, the global voice assistant market is classified as Individual Users, Large Enterprises, SMEs.
Regional Analysis
Geographically, the global voice assistant market is divided into global regions like Europe, North America, Asia- Pacific, Middle East, LATAM, and Africa.
Major Players
The prominent players in the global voice assistant market include brand names like Amazon, Inc. (U.S.), Apple, Inc. (U.S.), Google, Inc. (U.S.), Microsoft Corporation (U.S.), Orange S.A. (France), Samsung Group (South Korea), Next IT Corporation (U.K.) , Nuance Communications (U.S.), Creative Virtual Ltd. (U.S.), Nokia Networks (Finland) among others.