MarketsandMarkets forecasts the global Voice Assistant Application Market size to grow from USD 1.3 billion in 2019 to USD 5.2 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 31.9% during the forecast period. The need for improving customer experience, increasing social media channels, and advancement in the Artificial Intelligence (AI) ecosystem are the prime drivers for the growth of the voice assistant application market.
The voice assistant application market is segmented on the basis of components (solutions and services), applications (web applications, mobile applications, and devices), deployment mode (on-premises and cloud), organization size (Small and Medium-sized Enterprises [SMEs] and large enterprises), verticals, and regions.
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The driving factors for growth of the voice assistant market is a need to enhance the customer experience. With the advancement in AI technology in the last couple of year’s, organizations are making use of voice assistant application solutions in their customer service function. The increasing number of businesses leveraging social media platforms as a prime marketing channel is also driving the voice assistant application market. This growth in the marketing channel has encouraged chatbot developers to deploy their chatbots over the social media platforms.
The devices segment is expected to grow at the highest CAGR during the forecast period. Voice-enabled smart devices offer a simpler way of accessing business applications. The IT team can centrally manage all the voice-enabled smart devices via a common console. Consequently, voice assistants help businesses improve customer experience, loyalty, and operational metrics, provide multiple interaction channels, offer consistent services, and reduce cost.
The cloud deployment for voice assistant applications is expected to grow tremendously. The solution providers are focusing on the development of robust cloud-based solutions for their clients, as several organizations have migrated to either a private or a public cloud. Moreover, cloud-as-a-service is enabling organizations to manage not only costs but also achieve better agility. As cloud-based solutions are budget-friendly, as well as easy to deploy, it is highly preferred across SMEs.
The voice assistant application market has been witnessing tremendous growth in China, Japan, and India. These countries have a high penetration in the voice assistant application market and provide solutions that resolve the complex queries faced by customers. APAC countries have enormous potential to grow further, due to the fast adoption of technologies. To enhance their growth and increase the customer base, organizations have started implementing voice assistant solutions. Moreover, SMEs and large enterprises in APAC have become more aware of government regulations and compliances, and started adopting AI-based solutions, proactively.
The adoption of voice assistant applications across verticals, such as BFSI, healthcare, and retail, have also created significant opportunities for the market. The businesses following the customer-centric model are a frontrunner in adopting voice assistant solutions for improving customer experience. AI, Natural Language Processing (NLP), Automatic Speech Recognition (ASR), and blockchain have enhanced the popularity of voice assistant, due to their range of features and functionalities. Their diverse features are attracting businesses to deploy voice assistant over different marketing channels, such as social media, contact center, websites, and mobile apps. With the advancement in the AI ecosystem and digital transformation trend, voice assistant vendors are extensively embracing the voice business. The key players are focusing on inorganic strategies, such as partnerships and acquisitions, to tap the untapped market and drive business revenue.
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In the voice assistant application market, the key and emerging market players include IBM (US), Google (US), AWS (US), Microsoft (US), Apple (US), Baidu (China), Nuance Communications (US), Salesforce (US), Verbio Technologies (Spain), Samsung (South Korea), Oracle (US), SAS (US), SAP (Germany), and Orbita (US). These players have adopted various strategies to grow in the global voice assistant application market.
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