Market Analysis
The voice assistant market is likely to touch USD 30.74 billion at a 31.2% CAGR between 2020–2030 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 recognition speech recognition technologies in most devices that are installed in smart homes.
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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 grow
Competitive Analysis
The major market players operating in the global market as identified by MRFR are Nuance Communications (U.S.), IBM Corporation (U.S.), Amazon.com, Inc (U.S.), Google LLC (U.S.), Microsoft Corporation (U.S.), Apple Inc (U.S.), Samsung Electronics (South Korea), Cisco Systems, Inc (U.S.), Verint Systems Inc (U.S.), Orange S.A (France), and Creative Virtual Ltd (U.K.).
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.
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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.
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