Voice Assistant Market 2019-2023: Key Findings, Regional Study, Emerging Technologies, Business Trends, Industry Segments and Future Prospects

Voice Assistant Market 2019-2023: Key Findings, Regional Study, Emerging Technologies, Business Trends, Industry Segments and Future Prospects

“”Voice Assistant Market””
Market Research Future says about Global Voice Assistant Market is expected to grow at approx. USD 7.8 Billion by 2023, at 39.27% of CAGR between 2017 – 2023 and Voice Assistant Market, By Technology (Speech Recognition, Text-to-Speech Recognition, Voice Recognition), Application (Messenger Bots, Websites, Contact Centers) and End User (Individual Users, SMEs, Large Enterprises).

Voice Assistant Market Highlights:

Voice assistant is a software designed to perform a range of predefined tasks. The tasks performed by the product include, but are not limited to, schedule an appointment, place orders, setting reminders, setting alarms, etc. The technology is likely to gain popularity over the next couple of years. It is revealed in the report offered by Market Research Future (MRFR) that the global voice assistant market is poised to strike 39.27% CAGR during the assessment period 2017 to 2023. In addition, the valuation is also estimated to reach USD 7.8 Bn by 2023.

Voice search feature is gaining traction in recent times. This, in turn, is anticipated to accelerate the expansion of the global voice assistant market share in the forthcoming years. Also, technological innovations related to the product is projected to enhance its efficiency over the next couple of years. It is poised to drive the growth of the global market across the review period. The growing popularity of speech recognition and voice recognition technologies is projected to lead the proliferation of the voice assistant market during the assessment period.

As compared to other regions, the voice assistant business in North America is expected to witness significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of Voice Assistant Market.

This is owing to the presence of large number of established key players and increasing popularity of voice-first technology in that region. In addition to this, the region also has a well-established infrastructure which allows higher penetration of devices which ultimately provides high speed connectivity and is expected to be a major factor for the growth of voice assistant market.

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Voice Assistant Market Major Key Players:

Leading players profiled in the voice assistant report include Nokia Networks (Finland), Nuance Communications (US), Creative Virtual Ltd. (US), Next IT Corporation (UK), Orange SA (France), Samsung Group (South Korea), Microsoft Corporation (US), Apple, Inc. (US), Google, Inc. (US), and Amazon, Inc. (US).

July 2019: Pandora had unveiled its Alexa-style voice assistant this January in collaboration with tech partner SoundHound for coming up with a “Hey Pandora” voice-control feature in the mobile application. Six months later, this feature will finally roll out to all Pandora mobile users on Android and iOS, no matter they are on the subscription or free tiers of the service.

Voice Assistant Market Segmentation:

The Market Research Future voice assistant market report provides a wide segmental analysis of the voice assistant market based on technology, application, and end user.

  • Based on technology, the voice assistant industry is segmented into voice recognition, text-to-speech recognition, natural language processing, speaker-independent systems, speaker-dependent systems, speech recognition system, and speech recognition. Of these, the text-to-speech recognition segment will have the largest share in the market over the forecast period.
  • Based on application, the global voice assistant market is segmented into contact centers, websites, messenger bots, and others. Of these, the websites segment will dominate the market over the forecast period. This will be followed by the messenger bots segment that is predicted to have the highest growth over the forecast period.
  • Based on end user, the voice assistant analysis is segmented into large enterprises, small and medium enterprises, and individual users. Of these, the individual user segment will lead the market over the forecast period. This is owing to the growing popularity of Siri and Alexa. Improved AI and other infrastructure-oriented advancements too are contributing to the market growth.

Voice Assistant Market Regional Analysis:

Based on the region, the voice assistant market report covers growth opportunities and the latest trends across Europe, North America, Asia Pacific (APAC), and the Rest of the World (RoW). Of these, North America will dominate the market over the forecast period. This is owing to advancements in technology, rising use of mobile devices and the internet, and the presence of leading market players. Mexico, Canada, and the USA are the key contributors in this region.

The voice assistant trends in the APAC region is predicted to grow at the fastest pace over the forecast period. This is owing to rising disposable income, technological advancement, high density of population, and increasing disposable income. Japan, China, and India are the key contributors in this region.

The voice assistant in Europe is predicted to have significant growth over the forecast period. This is owing to technological advancements and increasing use of mobile devices and the internet. The UK, Germany, and France are the key contributors in this region.

The voice assistant market in the Rest of the World is predicted to grow gradually over the forecast period. This is owing to the fact that most countries are poor, and there is also a lack of education, awareness, skilled professionals, technological advancement, and the right infrastructure.

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, By Technology

Table 2 Voice Assistant, By Application

Table 3 Voice Assistant, By End User

Continued…

List of Figures

Figure 1 Research Type

Figure 2 Voice Assistant, By Technology (%)

Figure 3 Voice Assistant, By Application (%)

Continued…

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