Global Voice Assistant Application Market, By Component (Standalone and Services), Deployment Mode (On- premises and Cloud Based), Organization Size (Small and Medium-sized Enterprises (SMEs) and Large Enterprises), Channel Integration (Websites, Mobile Applications, Contact Centres, Smart Speakers and Social Media), Application (Smart Retail and e-commerce, Smart Banking, Connected Healthcare, Smart Transportation, Smart Manufacturing, Smart Learning and Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028.
Market Analysis and Insights: Global Voice Assistant Application Market
Rising demand for cloud based voice over internet protocol solutions, surge in the evolution of cellular network technology and rising adoption of advanced technologies such as artificial intelligence are the major factors attributable to the growth of the voice assistant application market. Data Bridge Market Research analyses that the voice assistant application market will exhibit a CAGR of 25.20% for the forecast period of 2021-2028. Therefore, the voice assistant application market value, which was USD 1,532.15 million, would stand tall by USD 9,249.87 million by 2028.
From the name itself, it is clear that voice assistant application is an intelligent personal assistant that is designed to perform simple tasks for human when it receives a voice command. The voice assistant application has access to a large amount of data and therefore is able to perform basic tasks easily.
Rising deployment of technologies and solutions that reduce the operational and production costs and rising evolution in natural language processing and automated speech recognition technologies will emerge as the major market growth driving factor. Surge in the awareness of the benefits of cloud-based solutions, growing number of small and medium scale enterprises especially in the developing economies and surge in the sale of smartphones will further aggravate the growth of the market. Growing focus on customer engagement, and emergence of low-code platforms for voice-assistant applications are some other factors bolstering the growth of the market.
However, lack of skilled workforce and technological expertise in underdeveloped and developing economies and lack of a sound IT infrastructure will act as a growth restraint for the market. Also, data security and privacy concerns and inability to recognize customer intent and respond effectively will yet again hamper the market growth rate. Lack of awareness about the effect of implementing voice assistant technologies in various application areas in the underdeveloped economies will also hamper the market growth rate.
This voice assistant application market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on voice assistant application market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Voice Assistant Application Market Scope and Market Size
The voice assistant application market is segmented on the basis of component, deployment mode, organization size, channel integration and application. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
- On the basis of component, the voice assistant application market is segmented into solutions and services. Solutions segment is sub-segmented into standalone and integrated. Services segment is sub-segmented into consulting, implementation and support and maintenance.
- On the basis of deployment mode, the voice assistant application market is segmented into on- premises and cloud based.
- On the basis of organization size, the voice assistant application segment is sub-segmented into small and medium-sized enterprises (SMEs) and large enterprises.
- On the basis of channel integration, the voice assistant application market is segmented into websites, mobile applications, contact centres, smart speakers and social media.
- On the basis of application, the voice assistant application market is segmented into smart retail and e-commerce, smart banking, connected healthcare, smart transportation, smart manufacturing, smart learning and others. Others segment is sub-segmented into smart government, telecom, smart hospitality, media and entertainment, smart energy and utilities, and supply chain management.
Voice Assistant Application Market Country Level Analysis
The voice assistant application market is analysed and market size, volume information is provided by country, component, deployment mode, organization size, channel integration and application as referenced above.
The countries covered in the voice assistant application market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the voice assistant application market and will continue to flourish its trend of dominance during the forecast period owing to the existence of an advanced IT infrastructure, significant presence of technology providers and increasing usage of voice assistant applications by end-use industries. Asia-Pacific will however, register the highest CAGR for this period. This is because of the growing expenditure for the development of IT infrastructure and surging sales of smartphones.
The country section of the voice assistant application market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Voice Assistant Application Market Share Analysis
The voice assistant application market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to voice assistant application market.
The major players covered in the voice assistant application report are Google LLC, Cisco Systems, Inc., Microsoft, SAMSUNG, Oracle., Broadcom., Verizon, Avaya Inc., Citrix Systems, Inc., Deutsche Telekom AG, Huawei Technologies Co., Ltd., IBM, Microsoft, Apple Inc., Amazon Web Services, Inc., Nuance Communications, Inc., SemVox GmbH, Raytheon Technologies Corporation, Sensory Inc., Voice Technologies Corporation, and VoiceVault Inc., among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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