Global Voice Assistant Market – Analysis and Forecast (2023-2030)

Industry Insights by Component (Solutions, Services [Professional, Managed]), by Deployment (On-Premises, Cloud), by Vertical (BFSI, Retail and E-Commerce, Healthcare, Automotive, Others), by Technology (Natural Language Processing, Speech Recognition, Voice Recognition, Text-to-Speech Recognition), by Application (Messenger Bots, Websites, Contact Centers, Others), by End User (SMEs, Large Enterprises, Individuals), and by Region

Industry Overview

The global voice assistant market was valued at USD 1.8 billion in 2022 and is expected to reach USD 6.2 billion by 2030, growing at a CAGR of 28.5% during 2023-2030. 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.

Market Segmentation

Insight by Component

Based upon component, the voice assistant market is categorized into solutions and services, wherein solutions category held larger share in the market in 2022. 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

Based on deployment, the voice assistant market is segmented into on-premises, and cloud. Among these segments, the on-premises deployment generated larger revenue in the voice assistant market in 2020. There is attributed to the rising data security concerns by several organizations. Therefore, cloud deployment category is expected to witness faster growth during the forecast period.

Insight by Technology

Based on technology, the voice assistant market is segmented into natural language processing (NLP), speech recognition, voice recognition, 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

Based on application, the voice assistant market is segmented into messenger bots, websites, contact centers, and others. Of all, 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 voice assistant market is segmented into SMEs, large enterprises, and individuals. Among these segments, the large enterprises category held the largest share in the market in 2022. This is attributed 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, Chabot, NLP, etc. Recently, in April 2020 France research institute launched AI-based voice assistant to help COVID-19 Patients. With the rising cases of COVID-19, the voice assistant has found its way into the healthcare sector. Similar features have been added in the form of a host of rapid upgrades to Amazon’s Alexa, Apple’s Siri, and Google’s Home Assistant for people's virtual assistance.

Voice Assistant Market Report Coverage

Industry Dynamics

Trends

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.                                                            

Growth Drivers

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.

Challenges

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.

Geographic Overview

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.

Competitive Insight

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.

Forecast Parameters

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.

Data Validation

- 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.

Primary Research

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 2023–2030.

Segments Covered in the Report

• By COVID-19 Impact on Voice Assistant Market
  • Pre-COVID-19 Market size
  • Post-COVID-19 Market size
• By Component
  • Solutions
  • Services
    • Professional
    • Managed
• By Deployment
  • On-Premises
  • Cloud-Based
• By Technology
  • Natural Language Processing (NLP)
  • Speech Recognition
  • Voice Recognition
  • Text-to-Speech Recognition
• By Application
  • Messenger Bots
  • Websites
  • Contact Centers
  • Others
• By End User
  • SMEs
  • Large enterprises
  • individuals

Region Covered in the Report

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia-Pacific (APAC)
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Rest of the World (RoW)
  • Brazil
  • Saudi Arabia
  • South Africa
  • U.A.E.
  • Other Countries

Source: VynZ Research

Source: VynZ Research

1.    Research Overview 

        1.1.    The Report Offers
        1.2.    Market Coverage
                1.2.1.    By Component
                1.2.2.    By Deployment
                1.2.3.    By Vertical
                1.2.4.    By Technology
                1.2.5.    By Application
                1.2.6.    By End User
                1.2.7.    By Region
        1.3.    Research Phases
        1.4.    Limitations
        1.5.    Market Size Estimations and Forecast
                1.5.1.    Data Sources
                        1.5.1.1.    Primary Research
                        1.5.1.2.    Secondary Research
                1.5.2.    Methodology
                        1.5.2.1.    Data Exploration
                        1.5.2.2.    Forecast Parameters
                        1.5.2.3.    Data Validation
                        1.5.2.4.    Assumptions
                1.5.3.    Study Period & Data Reporting Unit

2.    Executive Summary

2.1  Pre COVID-19 Market size and Forecast to 2030

2.2  Post COVID-19 Market size and Forecast to 2030

3.    Market Definition

        3.1.    By Component
                3.1.1.    Solutions
                3.1.2.    Service
                        3.1.2.1.    Professional
                        3.1.2.2.    Managed
        3.2.    By Deployment
                3.2.1.    On-Premises
                3.2.2.    Cloud-Based
        3.3.    By Vertical
                3.3.1.    Banking, Financial Services, and Insurance (BFSI)
                3.3.2.    Retail and E-commerce
                3.3.3.    Healthcare
                3.3.4.    Automotive
                3.3.5.    Others
        3.4.    By Technology
                3.4.1.    Natural Language Processing (NLP)
                3.4.2.    Speech Recognition 
                3.4.3.    Voice Recognition
                3.4.4.    Text-to-Speech Recognition
        3.5.    By Application
                3.5.1.    Messenger Bots
                3.5.2.    Websites
                3.5.3.    Contact Centers
                3.5.4.    Others
        3.6.    By End User
                3.6.1.    Small- and Medium- Sized Enterprises (SMEs)
                3.6.2.    Large Enterprises
                3.6.3.    Individuals

4.    Industry Overview

        4.1.    Industry Dynamics
                4.1.1.    Market Growth Drivers
                4.1.2.    Market Growth Restraints
                4.1.3.    Key Market Trends
                4.1.4.    Major Opportunities
        4.2.    Industry Ecosystem
                4.2.1.    Porter’s Five Forces Analysis
                4.2.2.    Recent Development Analysis
                4.2.3.    Value Chain Analysis
        4.3.    Competitive Insight
                4.3.1.    Competitive Position of Industry Players
                4.3.2.    Market Attractive Analysis
                4.3.3.    Market Share Analysis

5.    Global Market Estimate and Forecast

        5.1.    By Component
        5.2.    By Deployment
        5.3.    By Vertical
        5.4.    By Technology
        5.5.    By Application
        5.6.    By End User
        5.7.    By Region

6.    North America Market Estimate and Forecast

        6.1.    By Component
        6.2.    By Deployment
        6.3.    By Vertical
        6.4.    By Technology
        6.5.    By Application
        6.6.    By End User
        6.7.    By Country
                6.7.1.    U.S. Market Estimate and Forecast
                6.7.2.    Canada Market Estimate and Forecast
                6.7.3.    Mexico Market Estimate and Forecast

7.    Europe Market Estimate and Forecast

        7.1.    By Component
        7.2.    By Deployment
        7.3.    By Vertical
        7.4.    By Technology
        7.5.    By Application
        7.6.    By End User
        7.7.    By Country
                7.7.1.    Germany Market Estimate and Forecast
                7.7.2.    France Market Estimate and Forecast
                7.7.3.    U.K. Market Estimate and Forecast
                7.7.4.    Ireland Market Estimate and Forecast
                7.7.5.    Rest of Europe Market Estimate and Forecast

8.    Asia-Pacific Market Estimate and Forecast

        8.1.    By Component
        8.2.    By Deployment
        8.3.    By Vertical
        8.4.    By Technology
        8.5.    By Application
        8.6.    By End User
        8.7.    By Country 
                8.7.1.    China Market Estimate and Forecast
                8.7.2.    Japan Market Estimate and Forecast
                8.7.3.    India Market Estimate and Forecast
                8.7.4.    South Korea Market Estimate and Forecast
                8.7.5.    Australia Market Estimate and Forecast
                8.7.6.    Rest of Asia-Pacific Market Estimate and Forecast

9.    Rest of the World (RoW) Market Estimate and Forecast

        9.1.    By Component
        9.2.    By Deployment
        9.3.    By Vertical
        9.4.    By Technology
        9.5.    By Application
        9.6.    By End User
        9.7.    By Country
                9.7.1.    Brazil Market Estimate and Forecast
                9.7.2.    U.A.E. Market Estimate and Forecast
                9.7.3.    Saudi Arabia Market Estimate and Forecast
                9.7.4.    South Africa Market Estimate and Forecast
                9.7.5.    Other Countries Market Estimate and Forecast

10.    Company Profiles

        10.1.    IBM Corporation
                10.1.1.    Snapshot
                10.1.2.    Overview
                10.1.3.    Offerings
                10.1.4.    Financial Insight
                10.1.5.    Recent Developments
        10.2.    Salesforce.com Inc.
                10.2.1.    Snapshot
                10.2.2.    Overview
                10.2.3.    Offerings
                10.2.4.    Financial Insight
                10.2.5.    Recent Developments
        10.3.    Amazon.com Inc.
                10.3.1.    Snapshot
                10.3.2.    Overview
                10.3.3.    Offerings
                10.3.4.    Financial Insight
                10.3.5.    Recent Developments
        10.4.    Apple Inc.
                10.4.1.    Snapshot
                10.4.2.    Overview
                10.4.3.    Offerings
                10.4.4.    Financial Insight
                10.4.5.    Recent Developments
        10.5.    Microsoft Corporation
                10.5.1.    Snapshot
                10.5.2.    Overview
                10.5.3.    Offerings
                10.5.4.    Financial Insight
                10.5.5.    Recent Developments
        10.6.    Verint Systems Inc.
                10.6.1.    Snapshot
                10.6.2.    Overview
                10.6.3.    Offerings
                10.6.4.    Financial Insight
                10.6.5.    Recent Developments
        10.7.    Nokia Corporation
                10.7.1.    Snapshot
                10.7.2.    Overview
                10.7.3.    Offerings
                10.7.4.    Financial Insight
                10.7.5.    Recent Developments
        10.8.    Alphabet Inc.
                10.8.1.    Snapshot
                10.8.2.    Overview
                10.8.3.    Offerings
                10.8.4.    Financial Insight
                10.8.5.    Recent Developments
        10.9.    Samsung Electronics Co. Ltd.
                10.9.1.    Snapshot
                10.9.2.    Overview
                10.9.3.    Offerings
                10.9.4.    Financial Insight
                10.9.5.    Recent Developments
        10.10.    Orange SA
                10.10.1.    Snapshot
                10.10.2.    Overview
                10.10.3.    Offerings
                10.10.4.    Financial Insight
                10.10.5.    Recent Developments

11.    Appendix

        11.1.    Exchange Rates
        11.2.    Abbreviations

Note: Financial insight and recent developments of different companies are subject to the availability of information in the secondary domain.

List of Tables

2022 - 2030List of Figures

Figure 1 Market Coverage
Figure 2 Research Phases
Figure 3 Secondary Components for Different Parameters
Figure 4 Methodology
Figure 5 Data Mining & Exploration
Figure 6 Data Triangulation
Figure 7 Assumptions for Market Estimation and Forecast
Figure 8 Market Synopsis
Figure 9 Global Voice Assistant Market - Growth Drivers and Restraints
Figure 10 Competitive Benchmark
Figure 11 Global Voice Assistant Market Highlight
Figure 12 Global Voice Assistant Market Size, by Component, 2018 - 2030 (USD Billion)
Figure 13 Global Voice Assistant Services Market Size, by Type, 2018 - 2030 (USD Billion)
Figure 14 Global Voice Assistant Market Size, by Deployment, 2018 - 2030 (USD Billion)
Figure 15 Global Voice Assistant Market Size, by Vertical, 2018 - 2030 (USD Billion)
Figure 16 Global Voice Assistant Market Size, by Technology, 2018 - 2030 (USD Billion)
Figure 17 Global Voice Assistant Market Size, by Application, 2018 - 2030 (USD Billion)
Figure 18 Global Voice Assistant Market Size, by End User, 2018 - 2030 (USD Billion)
Figure 19 Global Voice Assistant Market Size, by Region, 2018 - 2030 (USD Billion)
Figure 20 North America Voice Assistant Market Highlight
Figure 21 North America Voice Assistant Market Size, by Component, 2018 - 2030 (USD Billion)
Figure 22 North America Voice Assistant Services Market Size, by Type, 2018 - 2030 (USD Billion)
Figure 23 North America Voice Assistant Market Size, by Deployment, 2018 - 2030 (USD Billion)
Figure 24 North America Voice Assistant Market Size, by Vertical, 2018 - 2030 (USD Billion)
Figure 25 North America Voice Assistant Market Size, by Technology, 2018 - 2030 (USD Billion)
Figure 26 North America Voice Assistant Market Size, by Application, 2018 - 2030 (USD Billion)
Figure 27 North America Voice Assistant Market Size, by End User, 2018 - 2030 (USD Billion)
Figure 28 North America Voice Assistant Market Size, by Country, 2018 - 2030 (USD Billion)
Figure 29 Europe Voice Assistant Market Highlight
Figure 30 Europe Voice Assistant Market Size, by Component, 2018 - 2030 (USD Billion)
Figure 31 Europe Voice Assistant Services Market Size, by Type, 2018 - 2030 (USD Billion)
Figure 32 Europe Voice Assistant Market Size, by Deployment, 2018 - 2030 (USD Billion)
Figure 33 Europe Voice Assistant Market Size, by Vertical, 2018 - 2030 (USD Billion)
Figure 34 Europe Voice Assistant Market Size, by Technology, 2018 - 2030 (USD Billion)
Figure 35 Europe Voice Assistant Market Size, by Application, 2018 - 2030 (USD Billion)
Figure 36 Europe Voice Assistant Market Size, by End User, 2018 - 2030 (USD Billion)
Figure 37 Europe Voice Assistant Market Size, by Country, 2018 - 2030 (USD Billion)
Figure 38 Asia-Pacific Voice Assistant Market Highlight
Figure 39 Asia-Pacific Voice Assistant Market Size, by Component, 2018 - 2030 (USD Billion)
Figure 40 Asia-Pacific Voice Assistant Services Market Size, by Type, 2018 - 2030 (USD Billion)
Figure 41 Asia-Pacific Voice Assistant Market Size, by Deployment, 2018 - 2030 (USD Billion)
Figure 42 Asia-Pacific Voice Assistant Market Size, by Vertical, 2018 - 2030 (USD Billion)
Figure 43 Asia-Pacific Voice Assistant Market Size, by Technology, 2018 - 2030 (USD Billion)
Figure 44 Asia-Pacific Voice Assistant Market Size, by Application, 2018 - 2030 (USD Billion)
Figure 45 Asia-Pacific Voice Assistant Market Size, by End User, 2018 - 2030 (USD Billion)
Figure 46 Asia-Pacific Voice Assistant Market Size, by Country, 2018 - 2030 (USD Billion)
Figure 47 RoW Voice Assistant Market Highlight
Figure 48 RoW Voice Assistant Market Size, by Component, 2018 - 2030 (USD Billion)
Figure 49 RoW Voice Assistant Services Market Size, by Type, 2018 - 2030 (USD Billion)
Figure 50 RoW Voice Assistant Market Size, by Deployment, 2018 - 2030 (USD Billion)
Figure 51 RoW Voice Assistant Market Size, by Vertical, 2018 - 2030 (USD Billion)
Figure 52 RoW Voice Assistant Market Size, by Technology, 2018 - 2030 (USD Billion)
Figure 53 RoW Voice Assistant Market Size, by Application, 2018 - 2030 (USD Billion)
Figure 54 RoW Voice Assistant Market Size, by End User, 2018 - 2030 (USD Billion)
Figure 55 RoW Voice Assistant Market Size, by Country, 2018 - 2030 (USD Billion)