Global Voice Assistant Application Market is Expected to Reach US$ 12166.82 Mn by 2027 Growing at A CAGR of 31.3% Over the Forecast Period, Says Absolute Markets Insights
This increases the passage capacity for processing customer orders and requests, which is among the key factors anticipated to drive the growth of voice assistant application market over the forecast period.
PUNE, India, Sept. 10, 2019 /PRNewswire/ -- The voice assistant application market is expected to gain significant lift with the evolution in natural language processing (NLP) and automated speech recognition (ASR) technologies. These technologies are empowering the services of voice assistants by interpreting the sound of words by transcribing speech into text as well as defining and extracting the meaning of words for efficient user experiences. With the introduction of omni-channel platform for automated customer engagement in retailing, marketing providers are integrating voice assistant technology to their lineup with an aim to expand their brand's ability for creating real-time consumer interactions by leveraging data from multiple sources. Emergence of omni-channel environment integrated with artificial intelligence is further driving customer retail services towards voice shopping. For instance, Lamps Plus, Inc., a home goods retailer linked chatbots to voice-assistant technology, which allows customers to ask questions about the product, track orders, and product returns. This increases the passage capacity for processing customer orders and requests, which is among the key factors anticipated to drive the growth of voice assistant application market over the forecast period.
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Voice-based searching is constantly increasing, particularly among millennials which is further pushing the tech organizations to offer advanced voice assistant applications for voice recognition based search engines. As per our research, adoption of voice assistant applications is being majorly driven by younger consumers and households with children. Millennial are accepting voice technology at a faster rate than their older counterparts which is one of the major factors driving voice assistant application market. The primary platform for adopting these applications includes smartphones, tablets, computers, speakers, wearable, connected cars, and TV remotes. Using voice assistants namely Apple's Siri, Amazon's Alexa, Google Assistant, Microsoft Cortana, and Samsung's Bixby is witnessing a huge demand in millennial as voice assistants actively optimize their user experiences. Furthermore, penetration of voice-technology across various verticals including, residential, automotive, BFSI, and healthcare is constantly increasing with an aim to match up the industry 4.0 revolution. For instance, in 2018, BMW AG launched digital personal assistant "BMW Intelligent Personal Assistant" for its cars. Similarly, Mercedes Benz (Daimler AG) announced to opt voice assistant application in its Mercedes-Benz A-Class vehicles that utilizes local and cloud data. Thus, these factors are responsible for the growth of voice assistant application market.
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The detailed research study provides qualitative and quantitative analysis of voice assistant application market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
In terms of revenue, global voice assistant application market is expected to reach US$ 12166.82 Mn by 2027 owing to progression in natural language processing (NLP) and automated speech recognition (ASR) technologies, introduction of Omni-channel platform, and high adoption of voice technology among millennials.
On the basis of enterprise size, small and medium enterprise segment is expected to witness highest CAGR over the forecast period owing to increasing adoption of cloud-based solutions across SME's as it offers scalability, flexibility, faster route to market, and lower cost.
On the basis of demography, millennial segment is projected to hold the largest market size, followed by adults during the forecast period.
Some of the players operating in the voice assistant application market Apple, Inc., Amazon Web Services, Inc., Baidu, Inc, Google, LLC, IBM Corp., Microsoft, Motorola Solutions, Inc., Nuance Communications, Inc., Oracle, Orange, Orbita, Inc., Salesforce.com, Inc., SAMSUNG ELECTRONICS CO., LTD, SAP SE, SAS Institute Inc., Verbio Technologies, S.L. amongst others.
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Voice Assistant Application Market:
- By Enterprise Size
- Small and Medium Enterprise
- Large Enterprise
- By Type of Device
- Smartphones
- Laptop/ Tablets/Desktop
- Speakers
- Connected Vehicles
- Wearable
- Others
- By Demography
- Millennial
- Adults
- Elderly
- By Component
- Solutions
- Cloud based
- On-Premises
- Services
- Voice Consulting
- Implementation
- Training and Support
- By Vertical
- Residential
- Commercial
- Media & Entertainment
- Financial Services
- Automotive
- Travel & Hospitality
- Government
- Healthcare
- Manufacturing
- Retail and E-Commerce
- Others
- By Geography
- North America
- U.S
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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