|Status : Published||Published On : Aug, 2021||Report Code : VRICT5141||Industry : ICT & Media||Available Format :||Page : 181|
The global voice assistant market was valued at USD 1.8 billion in 2020 and is expected to reach USD 6.2 billion by 2027, growing at a CAGR of 28.5% during 2021-2027. 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
Based upon component, the voice assistant market is categorized into solutions and services, wherein solutions category held larger share in the market in 2020. 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 performance of the employees.
Insight by End User
Based on end user, the voice assistant market is segmented into SMEs, large enterprises, and individuals. Among these segments, large enterprises category held the largest share in the market in 2020. This attributed to the early shift of enterprises toward automation and need to manage huge amount of data in less time. However, amid of current COVID-19 pandemic situation government as well as SMEs are furiously investing on 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 in the healthcare sector. Similar features has 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 virtual assistance.
Voice assistance growth will be seen highest in navigation and internet search in years to come. Further, from 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.
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, 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.
Privacy invasion is one of the major issue faced by SMEs and many a 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 voice assistant market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the existence of a large number of established players in the U.S., increasing number of investments related to adoption of AI, increasing preference for automated work operations in contact centers, huge investment on 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 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, regional expansion.
- Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
- Analyzing sustainability strategies adhered by market participants in an attempt to determine future course of the market.
- Analyzing historical market trends and super-imposing them on the current and future variables to determine year-on-year trend.
- 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 estimation and forecast of market data, whereas 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 the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.
Source: VynZ Research
Source: VynZ Research