Voice recognition technology is growing at a faster pace owing to its increasing number of benefits such as accessibility, flexibility and better productivity is driving the voice recognition market. It has wide application area predominantly into home automation system. Voice assistant provides unrivaled convenience and that is the major factor driving the growth of voice assistant market. Voice assistants have moved far ahead from being applications to becoming access points for personalized services. With increasing adoption of smart homes, there has been a considerate increase in implementation of voice assistants too. Voice assistants are integrated in the smart home devices and these devices can be monitored by user’s voice. Voice control is showing its impact and is considered to be the future of home automation. Amazon’s Alexa works with many smart homes devices and helps to control the devices just with a voice command. Gadgets like cooker and oven are also integrated with voice assistants and are powered with artificial intelligence.
Artificial intelligence improvements and other infrastructure oriented advancements are basically driving the growth of voice assistant market. Alexa even allows to order a pizza or book a cab ride with its voice control features. Google has announced integration of third party transactional services into Google Home like WhatsApp and Uber. With such integration the demand for self service applications is showing rapid growth and driving the growth of voice assistant market.
Technological advancements are making the voice assistants more capable. These advancements are due to the increasing adoption of artificial intelligence and growing popularity of internet of things. Voice searches provide users with various benefits like hands free computing and also offers translation features. Technology giants have come up with their voice assistants like Apple’s Siri and Amazon’s Echo which make the mobile user experience more convenient and user friendly too. Companies like Samsung, Orange, Alibaba, and Motorola have also entered into this market. Alexa, Amazon’s voice assistant holds the largest market share of voice assistant market with the growing popularity of its application.
The global voice assistant market is expected to grow approximately at USD 7840.82 Million by 2023, approx. 39.27% of CAGR between 2017 and 2023.
The key players of voice assistant market includes Amazon, Inc. (U.S.), Google, Inc. (U.S.), Apple, Inc. (U.S.), Microsoft Corporation (U.S.), Samsung Electronics (South Korea), Orange S.A. (France), Next IT Corporation (U.K.), Creative Virtual Ltd. (U.K.), Nuance Communications (U.S.) and Nokia Networks (Netherlands) among others.
Global Voice Assistant Market Analysis & Forecast, from 2017 to 2023
• To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the voice assistant market.
• To provide insights about factors affecting the market growth.
• To analyze the voice assistant market based on porter’s five force analysis etc.
• To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World.
• To provide country level analysis of the market with respect to the current market size and future prospective.
• To provide country level analysis of the market for segment on the basis of technology, application and end user.
• To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
• To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the voice assistant market.
• Technology investors
• Integrated device manufacturers (IDMs)
• Original equipment manufacturers (OEMs)
• Research/Consultancy firms
• The global voice assistant market is expected to reach USD 7840.82 Million by 2023.
• By Technology, speech recognition sub segment in voice assistant market accounts for the largest market share and is growing with approximately 39.51% CAGR during forecast period.
• By Application, messenger bots sub segment holds the largest market growing with approximately 39.67% CAGR by the end of forecast period.
• By End User, individual users sub segment holds the largest market share and is growing with approximately 40.07% CAGR by the end of forecast period.
• Geographically, North America region has been projected to hold the largest market share in global voice assistant market followed by Europe region, while Asia Pacific ranks third in the voice assistant market.
Regional and Country Analysis of Voice Assistant Market Estimation and Forecast
Voice assistant market is growing with the positive growth in all the regions. Increasing application areas year on year and advancement in technology and integration is driving the market on global scale. On the basis of region, the market has been segmented into North America, Europe, Asia-Pacific and Rest of the World. North America is dominating the global voice assistant market share followed by Europe which stands as the second biggest market due to increasing applications whereas, Asia Pacific stands as third largest market.
The reports also cover country level analysis:
• North America
o Rest of the Europe
• Asia – Pacific
o Rest of Asia-Pacific
• Rest of the World
Frequently Asked Questions
- By product type
- By End User/Applications
- By Technology
- By Region