Global Voice Assistant Market Research Trends valuation stood at USD 1.68 Billion in 2010 and is projected to reach USD 7.30 Billion by 2023, registering a 24.32% CAGR during the forecast period (2019 to 2025).
Voice assistants are garnering significant popularity these days, becoming a key component of smart/connected homes. The adoption of smart speakers has been growing, with voice assistants. For example, today, most Americans own at least one. The numbers of voice assistants in U.S. homes have quadrupled exponentially, and it is increased to 25 million by 2020 and projected to arrive at USD 275 Million by 2023.
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Nuance Communications (US), IBM Corporation (US), Amazon.com, Inc (US), Google LLC (US), Microsoft Corporation (US), Apple Inc (US), Cisco Systems, Inc (US), Samsung Electronics (South Korea), Orange S.A (France), Creative Virtual Ltd (UK), and Verint Systems Inc (US), are some of the affluent contenders holding sizeable voice assistant market share.
Voice Assistant Market Research Trends has been segmented based on technology, Application, End User, and Region. The technology segment is further bifurcated into speech recognition, natural language processing, text to speech recognition, voice recognition, and others. The hardware segment is sub-segmented into the set-top box, smartphone & tablets, smart speakers, and others.
The smart speaker’s segment is further classified as Google Assistant, Alexa & Amazon Echo, Nina, Bixby, Duer, Netgear Orbi Voice, JBL, and others. The application segment is sub-segmented into messenger bots, websites, contact centres, and others. The end-user segment is bifurcated into individual users, SMEs, and large enterprises.
North America is the global Voice Assistant Market Research Trends leader and would maintain its leading position, registering a 23.05% CAGR throughout the assessment period. Factors such as the increasing popularity and availability of various voice assistant devices & technology in the region and demand for commercial vehicles with an advanced voice recognition system drive the market growth.
Additionally, the presence of major manufacturers and vast spending on lifestyle products increases voice assistant market share. The US market leads in North America due to the presence of a number of technology providers and the rapid adoption of voice assistants across the end-user’s segment.
Asia Pacific accounts for the second-highest share in the global market, which is expected to grow at 26.38% CAGR during the forecast period. Factors such as the shift in production bases of several global voice assistant developers and technological advances influence the voice assistant market growth.
Besides, rising sales of voice assistants due to the relatively faster adoption in countries such as Japan, India, China, and South Korea increase the voice assistant market size. Increasing demand for innovative products and voice-first technology for customer relationship management drives the growth of the regional market.
The global Voice Assistant Market Research Trends has been affected due to the lockdown across the regions. This pandemic situation has hampered the Voice Assistant Market Research Growth as well as its productivity, supply chain, and others. Moreover, the global market has lost its investors due to the increasing loss for the products, supply, transportation, workforce, and others. However, in the meantime, the key market players have implied various strategic techniques to boost global market growth. Thus, to meet the global market demands, the global market increased its speed in producing more valuable products for its intended customers. Recently, the global market has stabilized its position in the global market and is expected to register a higher Voice Assistant Market Research Size for the forecast period.
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Table of Contents:
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
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