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Voice Assistant Application Market Size, Share & Industry Analysis By Component (Solution, Services), By Deployment Model (Cloud, On-premise), By Enterprise Size (Small and Medium Enterprises, Large Enterprises), By End-use Industry (BFSI, IT & Telecommunication, Healthcare) And Regional Forecast, 2024-2032

Region :Global | Report ID: FBI106508 | Status : Ongoing

 

KEY MARKET INSIGHTS

A voice assistant uses voice recognition, voice synthesis, and language processing algorithms to pay attention to specific voice commands of user. A voice assistant is also called as an intelligent personal assistant or a connected speaker. Voice assistants can be completely software based and it is integrated into smart devices to perform the task. Adoption of voice assistants by customer in their daily life is increasing due to the rapid growth of voice assistant technologies. Voice assistant applications is useful to perform simple task such as placing an order online to scheduling an appointment and few other tasks. Additionally, many vendors provide voice assistant application that supports innovative technologies such as artificial intelligence (AI), speech conversion, and edge computing. Apple’s Siri, Microsoft’s Cortana, Amazon’s Alexa, and Google’s Assistant are some voice assistant applications which have gained recognition across the globe. Growing usage of internet and smart devices among end-users is significantly high which plays an important role to boost the growth of voice assistant application market.


Rise in digitization and growing use of smart devices plays an important role to increase the adoption of voice assistant application. The application control devices, music, and smart home easily. Cloud platforms are now enabling voice assistants in millions of homes. The popularity of voice assistant application is constantly rising since 2017. According to Canalys, connected speaker adoption rate will be 225 million by 2020 and 320 million by 2022 across the globe. Furthermore, with adoption of natural language processing and automated speech recognition technologies, demand for voice assistant application is expected to grow among customers across the globe.

IMPACT OF COVID-19 ON VOICE ASSISTANT APPLICATION MARKET


The COVID-19 had positive impact on the voice assistant application market. Government of various countries had imposed lockdown due to which many enterprises, healthcare, IT & telecom, and automotive sectors were closed. To prevent the spread of COVID-19 and to support healthcare needs hospitals are speedily adopting digital health tools to deliver care remotely. Multiple organizations have already established mobile and web-based applications for self-assessment of COVID-19. This intelligent voice-based assistant for COVID19 self-assessment (IVACS) plays an important role to detect the symptoms related to COVID-19 using the recommendations provided by the World Health Organization (WHO). Post COVID-19, many organizations implemented work from home policy and people have installed connected speakers at their home which are integrated with various channels such as websites, mobile applications to provide better services. Thus, it is analyzed that post COVID-19 demand for voice assistant application has significantly increased among all end-users and it is expected to drive the market during forecast period.

KEY INSIGHTS


The report will cover following key insights:


  • Micro Macro Economic Indicators

  • Drivers, Restraints, Trends and Opportunities

  • Business Strategies Adopted by the Players

  • Impact of COVID-19 on Voice Assistant Application Market

  • Consolidated SWOT Analysis of Key Players


REGIONAL ANALYSIS


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North America is expected hold the largest market share in the global market. Rising need for an enhanced voice assistant platform is anticipated to boost the demand for voice assistant application market in this region. The presence of major market players such as Avaya Inc., IBM Corporation, Microsoft Corporation, and Oracle Corporation, among others helps in generating revenue in the region. Also these players are engaged in partnership and acquisitions activities, which helps to fosters the market growth in this region. For instance, in August 2021- Avaya Inc. acquired CTIntegrations, a contact center software development company. Through this acquisition, Avaya aims to enhance its digital capabilities and strengthen the Avaya OneCloud platform by enabling AI technology.

Asia Pacific is anticipated to showcase significant growth during forecast period. Growing adoption of voice assistant application across China, India, Singapore, South Korea and others are expected to drive the market growth rapidly in this region. In addition, presence of adequate number of market vendors is propelling demand for voice assistant application in the region.

KEY PLAYERS COVERED


The report will include the profiles of key players such as Apple Inc., Amazon Web Services, Inc., Avaya Inc., IBM Corporation, Microsoft Corporation, Cisco Systems, Inc., Oracle Corporation, Samsung, SAP SE, Baidu Inc., Inbenta Technologies Inc., Zaion, and others.

Key players in the market like Avaya Inc., IBM Corporation, Microsoft Corporation, Samsung, etc. are entering into strategic partnerships and collaborations to expand the business. Market players are focused on new product launch and product enhancement in existing product to accelerate market growth.

SEGMENTATION






























  ATTRIBUTE

  DETAILS

By Component



  • Solution

  • Services



By Deployment Model



  • Cloud

  • On-premise



By Enterprise Size



  • Small and Medium Enterprises

  • Large Enterprises



By End-use Industry



  • BFSI

  • IT & Telecommunication

  • Healthcare

  • Automotive

  • Retail and E-commerce

  • Others



By Geography



  • North America (U.S., Canada, and Mexico)

  • Europe (U.K., Germany, France, Italy, Spain, Russia, Benelux, Nordics and Rest of Europe)

  • Asia Pacific (China, India, Japan, South Korea, ASEAN, Oceania and Rest of Asia Pacific)

  • Middle East & Africa (Turkey, Israel, GCC, North Africa, South Africa and Rest of MEA)

  • South America (Brazil, Argentina and Rest of South America)



KEY INDUSTRY DEVELOPMENTS



  • August 2021- Avaya Inc. announced a strategic collaboration with Microsoft Corporation headquartered at Washington, United States. Through this collaboration Avaya aims to integrate Microsoft Azure communication services with Avaya OneCloud CPaaS. In addition, the platform will be enabled with voice, video, chat and SMS capabilities to provide enhanced services to customers.

  • May 2021- Samsung launched the Bixby 3.0 voice assistant in India. The product is launched with multiple India-specific features and enabled with Indian English language capability.





  • Ongoing
  • 2023
  • 2019-2022

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