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Voice Assistant Application Market By Component (Hardware, Software and Services), By Deployment Mode (On-premise and Cloud), By Application (Web Application, Mobile Application and AI Devices), By End-user (BFSI, Healthcare, Retail, Media & Entertainment, IT & Telecom, Automotive, Education, and Others) - Growth, Future Prospects and Competitive Landscape, 2019 – 2027

The global voice assistant application market was valued at US$ 1.20 billion in 2018 and is expected to grow significantly, expanding at a CAGR of 18.5% from 2019 to 2027. Voice assistants are software programs that are responsible for responding to voice commands and performing a wide range of tasks.

Voice assistants come in small packages and are able to perform a variety of functions after hearing a wake command or word. These assistants can answer questions, turn on and off lights, place online orders, play music, etc.

As voice assistants become more robust, their utility in both business and personal realms is expected to grow in the years to come. Consumer awareness of voice assistants and devices, in terms of all the technology that exists and the know-how that is already in place, is nascent. As a result, the technology is expected to continue to shift and drive consumer behavior in the near future.

Rising penetration of internet and broadband connections and the proliferation of mobile devices and mobile applications are some of the major factors driving the growth of the voice assistant application market.

The fast-paced adoption of new technologies, social media, and smart devices is carving out a new digital future. Voice as a means of communication is now a reality. The release of reasonably priced, voice-enabled devices by well-known tech giants such as Amazon and Google, along with consumer propensity for payments, shopping, etc.,

Has increased the adoption of voice assistants significantly. As a result, increased adoption of voice-based assistants is projected to give rise to market development during the forecast period from 2019 to 2027.

Market Snapshot

Web-based applications garnered the largest market share in 2018

In 2018, web-based applications garnered the largest market share in the global voice assistant application market. The segment is likely to grow at a substantial rate during the forecast period from 2019 to 2027.

Voice assistant applications are gaining huge traction in administrative use cases for setting reminders, scheduling meetings, providing assistance during conference calls, etc. The voice assistant applications that are deployed over the web are useful for several activities, such as precise navigation, sales and marketing support, customer insights, answering customer queries instantly, and centralized knowledge management.

Cost-effective development, improved interoperability, easier installation, maintenance, etc., are some of the benefits further supporting the growth of this segment in the overall voice assistant application market.

North America accounted for the largest market share in 2018

The global voice assistant application market, based on geography, was led by North America in 2018. The region is expected to continue with its dominance during the forecast period from 2019 to 2027. The growth of this region is mainly backed by the growing adoption of voice assistant applications in the U.S. Nearly 20% of U.S. adults use smart speakers.

The early consumer adoption rate of smart speakers in the country has taken the market by wonder, and that exposure is flowing into more voice assistant usage on PCs, smartphones, etc. Furthermore, the growing popularity and adoption of voice-first technology, combined with well-established infrastructure that allows for greater penetration of devices that provide high-speed connectivity, is expected to boost regional growth in the coming years.

Competitive Insights:

The major players identified in the voice assistant application market include Amazon.com, Inc., Google LLC, Apple Inc., Microsoft Corporation, Samsung, Orange S.A., Next IT Corporation, Nuance Communications, Inc., Salesforce.com, Inc., and Oracle Corporation, among others. Voice assistants have attracted many key players to help them grow in the marketplace.

The major players present in the market are incessantly developing and updating their applications in order to cater to the rising needs of customers and gain a competitive edge over other players. Product innovation, partnerships, and new product development remain some of the major strategies adopted by the leading players to have the edge over their counterparts.

Periods of History and Forecast

The research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2019 to 2027.

Report Scope by Segments

The voice assistant application market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global voice assistant application market based on component, deployment mode, application, end-use vertical, and geography. Key segments covered in the report are as follows:

Key questions are answered in this report.

  • What was the size of the voice assistant application market in 2018, and what is the forecast up to 2027?
  • What are the key factors driving the global voice assistant application market?
  • What are the key market trends and high-growth opportunities observed in the voice assistant application market?
  • What are the drivers of the voice assistant application market?
  • Which is the largest regional market for voice assistant applications?
  • Which segment will grow at a faster pace? Why?
  • Which region will drive the market's growth? Why?
  • Which players are leading the voice assistant application market?
  • What are the sustainability strategies adopted by the key players operating in the market?

Frequently Asked Question:

The market for Voice Assistant Application Market is expected to reach USD$ 1.20 Bn in 2027.

The Voice Assistant Application Market is expected to see significant CAGR growth over the coming years, at 18.5%.

The report is forecasted from 2019 -2027.

The base year of this report is 2018.

Google LLC, Apple Inc., Microsoft Corporation, Samsung, Orange S.A., Next IT Corporation, Nuance Communications, Inc. are some of the major players in the global market.

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Trusted By
Godaddy
Published Date:  Jun 2019
Category:  Technology & Media
Report ID:   59719
Report Format:   PDF
Pages:   120
Rating:    4.1 (56)
Delivery Time: 24 Hours to 48 Hours   
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