Status : Published Published On : Jan, 2020 Report Code : VRICT5141 Industry : ICT & Media Available Format : Page : 181

Global Voice Assistant Market – Analysis and Forecast (2019-2024)

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)

Industry Overview

The global voice assistant market is projected to reach USD 5,843.8 million by 2024, registering a CAGR of 27.7% during the forecast period. Increasing customer experience and growing demand for contact centers, 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.

Market Segmentation

Insight by Component

On the basis of component, the global voice assistant market is categorized into solutions and services, wherein solutions category held larger share in the market in 2018. 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.

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 2018. The is attributed to the rising data security concerns by several organizations. However, 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 chatbots.

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 2018. The is attributed to the early shift of enterprises toward automation and need to manage huge amount of data in less time. 

Industry Dynamics

Growth Drivers

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.

Restraints

Privacy invasion is hindering the growth of the voice assistant market, globally.

Geography Insight

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.

Competitive Insight

Some of the key players operating in the global voice assistant market are 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.

Forecast Parameters

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.

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 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.

Primary Research

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.

Voice Assistant Market Size

Source: VynZ Research

Voice Assistant Market Analysis

Source: VynZ Research

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Research Methodology

  •  Desk Research / Pilot Interviews
  •  Build Market Size Model
  •  Research and Analysis
  •  Final Deliverabvle
Voice Assistant Market