Global Voice Assistant Market, By Technology (Speech recognition, Natural Language Processing, Text to Speech Recognition, Voice Recognition), Hardware (Set-top Box, Smartphone & Tablets, Smart Speakers), Application (Messenger Bots, Websites, Contact Centers), End-User (Individual User, SMEs, Large Enterprises), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Market Analysis and Insights: Global Voice Assistant Market
The voice assistant market is expected to witness market growth at a rate of 25.66% in the forecast period of 2021 to 2028. Data Bridge Market Research report on voice assistant market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The rapid digitization globally is escalating the growth of voice assistant market.
Voice assistant application refers to a virtual assistant or intelligent personal assistant platform that is capable of performing tasks or services based on voice commands. The technology provides a wide range of customer service roles such as product information, ease to navigate and assist customers in paying bills among others.
The rapid automation in manufacturing sectors acts as one of the major factors driving the growth of voice assistant market. The increase in demand for remote device management and user behavior analysis to enhance customer service, and rise in demand for AI voice assistant and improvements in artificial intelligence and other infrastructure oriented technologies accelerate the market growth. The increase in adoption of voice assistant as they deliver better conversational responses enabling enhanced customer experience, and high dependency of people on the platform for working remotely to perform their tasks further influence the market. Additionally, businesses leveraging social media platforms as a prime marketing channel, omni-channel deployment and advancement in Nlp and Asr ecosystem positively affect the voice assistant market. Furthermore, popularity of connected devices and preferences for smart home extend profitable opportunities to the market players in the forecast period of 2021 to 2028.
- On the other hand, high cost of voice assistant devices and shortages of various small components required for the production are expected to obstruct the market growth. Concerns regarding product life cycle are projected to challenge the voice assistant market in the forecast period of 2021-2028.
This voice assistant market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized 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, geographic expansions, technological innovations in the market. To gain more info on voice assistant 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 Market Scope and Market Size
The voice assistant market is segmented on the basis of technology, hardware, application and end-users. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of technology, the voice assistant market is segmented into speech recognition, natural language processing, text to speech recognition, and voice recognition.
- On the basis of hardware, the voice assistant market is segmented into set-top box, smartphone & tablets and smart speakers.
- On the basis of application, the voice assistant market is segmented into messenger bots, websites, and contact centers.
- On the basis of end-user, the voice assistant market is segmented into individual user, SMEs, large enterprises.
Global Voice Assistant Market Country Level Analysis
The voice assistant market is analyzed and market size, volume information is provided by country, components, technology, hardware, application and end-users as referenced above.
The countries covered in the voice assistant market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America dominate the voice assistant market due to the changing BYOD trends and emergence of working remotely within the region. Asia-Pacific is expected to witness highest growth during the forecast period of 2021 to 2028 because of the development of AI-powered IVAs for professional conversation and emergence of artificial intelligence and Machine Learning (ML) in the region.
The country section of the 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 like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the 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 Market Share Analysis
The voice assistant 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, regional presence, 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 market.
The major players covered in the voice assistant market report are Advanced Voice Recognition Systems Inc., Agnitio S.L, Amazon, Inc., Apple, Inc., iFlytek Co., Ltd, Baidu, Inc., BioTrust ID B.V, Castle Software, LLC., Facebook, Inc., Google, Inc., IBM, LumenVox, M2SYS Technology, Microsoft Corporation, MModal Inc., Nortex Holdings 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.