|Status : Published
|Published On : Aug, 2022
|Report Code : VRICT5141
|Industry : ICT & Media
|Available Format :
|Page : 181
The global Voice Assistant Market was valued at USD 1.8 billion in 2023 and is expected to reach USD 6.2 billion by 2030, growing at a CAGR of 28.5% during 2025-2030. Increasing customer experience and growing demand for contact centers is propelling the growth of the market. Wide adoption of cloud technology by BFSI, retail & e-commerce, healthcare, and automotive industries creates an ample opportunity for the growth of the global voice assistant market.
Voice assistant is a digital assistant that uses voice recognition, natural language processing (NLP), and speech synthesis to provide a service. Some of the popular voice assistant services existing in the market are Siri by Apple, which was the first digital virtual assistant on a smartphone. Google Now, (known as Google Assistant now) is another very old voice assistant. Further, Alexa by Amazon, Bixby by Samsung. Watson for IBM, and Cortana by Microsoft for its Windows 10 few other names in the list.
Insight by Component
The Global Voice Assistant Market is categorized into solutions and services based on component. Solutions category held larger share in the market in 2023. This is due to its wide adoption among various industries such as retail, healthcare, automotive, and BFSI for better customer experience. The service category is further sub-segmented into professional, and managed. The software which aids in voice communication are huge hit during this pandemic
Insight by Deployment
On the basis of deployment, The Global Voice Assistant Market is segmented into on-premises, and cloud. The on-premises deployment generated larger revenue in the voice assistant market in 2020. This is because of the rising data security concerns by several organizations. Therefore, cloud deployment category is expected to witness faster growth during the forecast period.
Insight by Industry Vertical
By industry vertical, The Global Voice Assistant Market is segmented into BFSI, retail, IT & telecommunication and e-commerce, healthcare, travel & tourism, automotive, others. Voice assistant application offers voice searching, voice commands, and voice-activated device control. The market scope of voice assistant applications tracks the adoption of different technology-enabled solutions and services.
Insight by Technology
Based on technology, The Global Voice Assistant Market is classified into natural language processing (NLP), speech recognition, voice recognition and text-to-speech recognition. Of all, NLP category is anticipated to witness fastest growth in the market during the forecast period. The growth of this segment is attributed to the growing demand for chatbot.
Insight by Application
On the basis of application categories covered in The Global Voice Assistant Market are messenger bots, websites, contact centers, and others. Among these, contact centers category is anticipated to witness fastest growth in the market during the forecast period. The growth of this segment is attributed to the fact that combination of voice assistant in contact centers, which helps understand customer insights in a better way and enhance the performance of the employees.
Insight by End User
Based on end users, The Global Voice Assistant Market is classified into SMEs, large enterprises, and individuals. The large enterprises category dominated the largest share in the market in 2022 which is due to the early shift of enterprises toward automation and the need to manage huge amounts of data in less time. However, amid of current COVID-19 pandemic situation government as well as SMEs are furiously investing in technologies such as voice assistance, Chatbot, NLP, etc.
Global Voice Assistant Market Report Coverage
2018 - 2023
Base Year Considered
2025 - 2030
Market Size in 2023
U.S.D. 1.8 Billion
Revenue Forecast in 2030
U.S.D. 6.2 Billion
Segments Covered in the Report
By Component, By Deployment, By Industry Vertical, By Technology, By Application, and By End-User
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
Regions Covered in the Report
North America, Europe, Asia-Pacific, Middle East, and Rest of the World
Voice assistance growth will be seen highest in navigation and internet search in years to come. Further, from an enterprise perspective, in years to come voice assistants will bring enterprise solutions tackling a myriad of hitches. The most recent voice assistant trends show it can handle social media profiles, produce interactive experiences, boost search statistics, and so on.
The global voice assistant market has been driven by several key factors, predominantly increasing demand for voice assistant technology in contact centers, rising focus on customer satisfaction, and increase in demand for value-added customer support services in various industries such as retail, healthcare, automotive, and BFSI, advancements in imaging technologies, and rising shift in businesses toward automation.
Voice assistants are also finding applications in various industries, including healthcare, automotive, retail, and customer service. They can be used to facilitate voice-based interactions with customers, provide personalized recommendations, and assist with tasks such as appointment scheduling and inventory management.
The voice assistant market is highly competitive, with major technology companies investing heavily in research and development to improve their voice assistant offerings. Additionally, third-party developers have created a vast ecosystem of voice apps, known as skills or actions, that extend the functionality of voice assistants.
As the technology continues to advance, we can expect voice assistants to become even more sophisticated, with improved speech recognition, natural language understanding, and contextual awareness. They will likely play an increasingly prominent role in our daily lives, transforming the way we interact with technology and access information.
Privacy invasion is one of the major issues faced by SMEs and many times large enterprises too. The security and privacy issue is hindering the growth of the voice assistant market, globally.
Geographically, North America has accounted for the largest share in the voice assistant market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed to the existence of a large number of established players in the U.S., an increasing number of investments related to the adoption of AI, an increasing preference for automated work operations in contact centers, huge investment in IT, and increasing adoption of emerging technologies, such as machine learning, natural language processing, and deep learning in the region.
Moreover, Asia-Pacific is expected to witness the fastest growth during the forecast period due to the increasing IT investments in developing countries, such as China and India, and an increasing number of contact centers in the region.
The key players operating in the global voice assistant market include IBM Corporation, Salesforce.com Inc., Amazon.com Inc., Apple Inc., Microsoft Corporation, Verint Systems Inc., Nokia Corporation, Alphabet Inc., Orange SA, and Samsung Electronics Co. Ltd. These players are adopting several growth strategies, such as new service launches, and partnerships to expand their presence further during COVID-19 impact.
Identifying variables and establishing market impact.
Establishing market trends regionally.
- Analyzing opportunities and market penetration rates by understanding product commercialization, and regional expansion.
- Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
- Analyzing sustainability strategies adhered to by market participants in an attempt to determine the future course of the market.
- Analyzing historical market trends and super-imposing them on the current and future variables to determine year-on-year trends.
- Understanding adoption, production, export, import, and regulatory framework.
- Estimated and forecasted data was validated through industry experts.
- Apart from industry experts, data triangulation methods were used for validation.
- Bottom-up and top-down approach has been used for the estimation and forecast of market data, whereas the top-down approach was used for validation.
- Demand, as well as supply-side surveys, were conducted in order to understand the industry dynamics and data validation.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from industry experts. The key profiles approached within the industry include, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end user surveys comprising consumers are also conducted to understand consumer behaviour.
The Voice Assistant Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
Region Covered in the Report
Source: VynZ Research
Source: VynZ Research