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Voice Assistant Market 2020 – 2023: Business Trends, COVID – 19 Impact Analysis, Industry Profit Growth, Global Segments, Competitor Landscape, Top Key Players and Emerging Technologies

Voice Assistant Market Highlights: 

The voice assistant market is likely to touch USD 7.30 billion at a 24.32% CAGR between 2019- 2025 states the recent Market Research Future (MRFR) analysis. A voice assistant, simply put, is a digital assistant that is developed using voice recognition technologies, machine learning, and artificial intelligence. This assistant understands and follows voice commands and assists in performing routine tasks like placing an order online for tangible goods, act as a hands-free facilitator to text, and schedule an appointment, to name a few.

Various factors are propelling the global voice assistant market share. As per the current MRFR report, such factors include increasing penetration of internet & broadband connections, rising instances of voice searches, growing adoption of smart homes, rising inclination towards IoT and automation, and rising Voice Assistant Market & speech recognition technologies in most devices that are installed in smart homes. Besides, during the current COVID-19 pandemic, SMEs and governments are increasingly investing in technologies like NLP, Chatbot, and voice assistance, among others. France research institute in April 2020 came up with a voice assistant that is AI-based to assist COVID-19 patients. Besides, its increasing use in the healthcare industry and the feature being added as a rapid upgrade in Google’s Home Assistant, Apple’s Siri, and Amazon’s Alexa for virtual assistance is also adding market growth.

On the contrary, limited competition in speech & voice recognition and high voice assistant price are factors that may limit the global voice assistant market growth over the forecast period.

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Major Key Players:

Eminent players profiled in the global voice assistant market report include Creative Virtual Ltd (UK), Verint Systems Inc (US), Orange S.A (France), Cisco Systems, Inc (US), Samsung Electronics (South Korea), Apple Inc (US), Google LLC (US), Microsoft Corporation (US), Amazon.com, Inc (US), Nuance Communications (US), and IBM Corporation (US), among others.

Market Segmentation:

The MRFR report provides an inclusive segmental analysis of the global voice assistant market based on end user, application, hardware, and technology.

  • By technology, the global voice assistant market is segmented into voice recognition, text to speech recognition, natural language processing, and speech recognition. Of these, the text to speech segment will lead the market over the forecast period.
  • By hardware, the global voice assistant market is segmented into smart speakers, smartphones and tablets, and set-up box. The smart speakers segment is again segmented into Netgear Orbi Voice, JBL, Duer, Nina, Bixby, Alexa and Amazon Echo, and Google Assistant.
  • By application, the global voice assistant market is segmented into contact centers, websites, and messenger bots. Of these, websites will dominate the market over the forecast period.
  • By end user, the global voice assistant market is segmented into large enterprises, SMEs, and individual user. Of these, the large enterprise segment will command the largest share in the market over the forecast period.

Regional Analysis:

By region, the voice assistant market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, North America will dominate the market over the forecast period. The presence of several top industry players, the growing popularity of voice-first technology and well-established infrastructure that allows higher device penetration that offers high-speed connectivity are adding to the global voice assistant market growth in the region. Canada & the US have the utmost share in the market.

The global voice assistant market in the APAC region is predicted to have significant growth over the forecast period. Growing demand for customer relationship management in India, Japan, and China, coupled with the burgeoning need for innovative products are adding to the global voice assistant market growth in the region.

The global voice assistant market in Europe is predicted to have notable growth over the forecast period. Increasing adoption of technology & technological advances, the presence of advanced infrastructure, high living standards, and increasing investments in the internet of things by vendors are adding to the global voice assistant market growth in the region.

The global voice assistant market in the RoW is predicted to have a small share in the market over the forecast period.

Table of Contents

1        Market Introduction

1.1       Introduction

1.2       Scope of Study

1.2.1    Research objective

1.2.2    Assumptions

1.2.3    Limitations

1.3       Market Structure

2        Research Methodology

2.1       Research Type

2.2       Primary Research

2.3       Secondary Research

2.4       Forecast Model

2.4.1    Market Data Collection, Analysis & Forecast

2.4.2    Market Size Estimation

Continued…

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List of Tables

Table 1 Voice Assistant Market, By Technology

Table 2 Voice Assistant Market, By Application

Table 3 Voice Assistant Market, By End User

Continued…

List of Figures

Figure 1 Research Type

Figure 2 Voice Assistant Market, By Technology (%)

Figure 3 Voice Assistant Market, By Application (%)

Continued…

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Voice Assistant Application Market 2020: Potential growth, attractive valuation make it is a long-term investment | Know the COVID19 Impact | Top Players: Google, Apple, Amazon, Samsung, Microsoft, etc. | InForGrowth

The Voice Assistant Application Market Research Report helps out market players to improve their business plans and ensure long-term success. The extensive research study provides in-depth information on Global Innovations, New Business Techniques, SWOT Analysis with Key Players, Capital Investment, Technology Innovation, and Future Trends Outlook.

The market research study covers historical data of previous years along with a forecast of upcoming years based on revenue (USD million). The Voice Assistant Application Market reports also cover market dynamics, market overview, segmentation, market drivers, and restraints together with the impact they have on the Voice Assistant Application demand over the forecast period. Moreover, the report also delivers the study of opportunities available in the Voice Assistant Application market globally. The Voice Assistant Application market report study and forecasts is based on a worldwide and regional level.

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The report assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the Voice Assistant Application industry. Growth of the overall Voice Assistant Application market has also been forecasted for the period 2019-2025, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.

Market Segments and Sub-segments Covered in the Report are as per below:

Based on Product Type Voice Assistant Application market is segmented into: 

  • Desktop-Windows
  • Desktop-MAC OS
  • Mobile-Android
  • Mobile-iOS
  • Other
  • Based on Application Voice Assistant Application market is segmented into: 

  • Personal Use
  • Commercial Use
  • Industrial Use
  • Other
  • .

    The major players profiled in this report include: 

  • Google
  • Apple
  • Amazon
  • Samsung
  • Microsoft
  • Xiaomi
  • Huawei
  • SoundHound Inc.
  • LYRA
  • RoboBot Studio
  • Robin Labs,Inc
  • Nuance Communications,Inc
  • Butleroy GmbH
  • LG
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    Regional Coverage of the Voice Assistant Application Market:

    • Europe
    • Asia and Middle East
    • North America
    • Latin America

    Industrial Analysis of Voice Assistant Application Market:

    Voice

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    Key Questions Answered in this Report:

    What is the market size of the Voice Assistant Application industry?
    This report covers the historical market size of the industry (2013-2019), and forecasts for 2020 and the next 5 years. Market size includes the total revenues of companies.

    What is the outlook for the Voice Assistant Application industry?
    This report has over a dozen market forecasts (2020 and the next 5 years) on the industry, including total sales, a number of companies, attractive investment opportunities, operating expenses, and others.

    What industry analysis/data exists for the Voice Assistant Application industry?
    This report covers key segments and sub-segments, key drivers, restraints, opportunities, and challenges in the market and how they are expected to impact the Voice Assistant Application industry. Take a look at the table of contents below to see the scope of analysis and data on the industry.

    How many companies are in the Voice Assistant Application industry?
    This report analyzes the historical and forecasted number of companies, locations in the industry, and breaks them down by company size over time. The report also provides company rank against its competitors with respect to revenue, profit comparison, operational efficiency, cost competitiveness, and market capitalization.

    What are the financial metrics for the industry?
    This report covers many financial metrics for the industry including profitability, Market value- chain, and key trends impacting every node with reference to the company’s growth, revenue, return on sales, etc.

    What are the most important benchmarks for the Voice Assistant Application industry?
    Some of the most important benchmarks for the industry include sales growth, productivity (revenue), operating expense breakdown, span of control, organizational make-up. All of which you’ll find in this market report.

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