Global Voice Assistant Market to Grow at 30% CAGR till 2024

Growing internet user base and increasing adoption of technologies in smartphones to drive global voice assistant market through 2024

According to TechSci Research report, “Global Voice Assistant Market By Technology, By Application, By End User, By Region, Competition, Forecast & Opportunities, 2024”, voice assistant market, globally, is projected to grow at a CAGR of over 30% during 2019-2024, on account of increasing demand for voice search and high penetration of internet at low cost. Voice assistant performs a variety of actions after hearing a wake word or command. They can perform a plethora of actions such as turn on light, place online orders and answer questions. Increasing adoption of smart homes is expected to positively influence growth of the voice assistant market through 2024, as speech recognition and voice recognition are used in devices implemented in smart homes.

Browse 20 market data Tables and 106 Figures spread through 110 Pages and an in-depth TOC on “Global Voice Assistant Market”

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In terms of technology, global voice assistant market can be segmented into speech recognition, text to speech recognition, voice recognition and natural language processing (NLP). Text to speech recognition accounted for the largest market share in 2018 and the trend is likely to continue during the forecast period, as it allows customers to easily interact and perform tasks with smartphones. Voice assistant finds application in various verticals such as banking, financial services and insurance (BFSI) and healthcare sectors. On the basis of end user, the market can be categorized into individual users, large enterprises and SMEs. Large enterprise segment is registering rapid adoption of voice assistant, in order to reduce dependence on humans for customer service and increase revenue.

Google Inc., Amazon Inc., Apple Inc., Microsoft Corp., Samsung Group, Orange S.A., Sony Corp., Alibaba Group Holding Ltd., Nuance Communications, Motorola Solutions, Inc. and Next IT Corp. are some of the leading players operating in global voice assistant market. Companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.

“North America dominated global voice assistant market in 2018, accounting for one-third share of the market due to early adoption of technology in the region. Moreover, increasing inclination towards self-service options and messaging apps is expected to boost the adoption of voice assistants in the region during the forecast period.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Voice Assistant Market By Technology, By Application, By End User, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global voice assistant market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global voice assistant market.

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