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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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