Global Voice Assistant Market is Set to Reach USD 5,843.8 million by 2024, Observing a CAGR of 27.7% during 2019–2024: VynZ Research

Published Date: Jan, 2020

The global voice assistant market is expected to grow at a CAGR of 27.7% during the forecast period with its market size predicted to reach USD 5,843.8 million by 2024. Globally, voice assistant industry players are leveraging market growth through product partnerships, mergers & acquisitions, and geographic expansion. For example, in November 2018, Microsoft Corporation acquired XOXCO Inc., in order to enhance its approach of democratizing AI development, dialog and conversation, and integration of conversational experiences.

BFSI category held the largest share in the voice assistant market in 2018

Browse Market Insight and In-depth TOC on "Global Voice Assistant Market - Analysis and Forecast (2019-2024)"

Based on vertical, the voice assistant market is segmented into BFSI, retail and e-commerce, healthcare, automotive, and others. Among these segments, BFSI category held the largest share in the market in 2018. This is attributed to the high demand for financial institutes with AI-powered voice assistants to increase customer experience and inclined towards digitalization.

However, healthcare industry is anticipated to witness fastest growth in the market during the forecast period owing to the rising adoption of internet of things (IoT), growing focus on patients’ engagement, and growing number of chronic disorders.

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.

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.

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.

Key Takeaway from the Report:

Among all the components, solutions category held larger share in the market in 2018. However, service category is expected to witness faster growth during the forecast period.

Of all the vertical, healthcare category is expected to witness faster growth during the forecast period.
Of all the deployment, on-premises category held the larger share in the voice assistant market in 2018.

Among all the technologies, the NLP category is expected to witness faster growth during the forecast period.
Among all the applications, the contact centers category is anticipated to witness the fastest growth in the market during the forecast period.

Among all the end-users, the large enterprises' category held the largest share in the market in 2018.

The Report Offers:

  • Historical market estimate for the years 2014–2018 and forecast for the years 2019–2024
  • Insight on current market trends, market dynamics, key opportunities and major challenges in the industry
  • Market insights by in-depth segmentation with industry dynamics.
  • Competitive analysis and benchmarking of the industry leaders and their product offerings
  • Profiles of leading players and innovators, their financial overview and product portfolio
  • Analysis of key industry trends and recent developments
  • Value chain analysis and distribution channel analysis with opportunity assessment
  • Market share analysis of major players

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The report provides the market value for the base year 2018 and a yearly forecast till 2024 in terms of revenue (USD Million). The report segments the global voice assistant market on the basis of component, deployment, vertical, technology, application, end user, and region.

Global Voice Assistant Market Coverage

Component Insight and Forecast 2014-2024

  • Solutions
  • Services
    • Professional
    • Managed

Deployment Insight and Forecast 2014-2024

  • On-Premises
  • Cloud-Based

Vertical Insight and Forecast 2014-2024

  • Banking, Financial Services, and Insurance (BFSI)
  • Retail and E-commerce
  • Healthcare
  • Automotive
  • Others

Technology Insight and Forecast 2014-2024

  • Natural Language Processing (NLP)
  • Speech Recognition
  • Voice Recognition
  • Text-to-Speech Recognition

Application Insight and Forecast 2014-2024

  • Messenger Bots
  • Websites
  • Contact Centers
  • Others

End-User Insight and Forecast 2014-2024

  • Small- and Medium-Sized Enterprises (SMEs)
  • Large Enterprises
  • Individuals

Geographical Segmentation

Voice Assistant Market by Region

North America

  • By Component
  • By Deployment
  • By Vertical
  • By Technology
  • By Application
  • By End User
  • By Country – U.S., Canada, and Mexico

Europe

  • By Component
  • By Deployment
  • By Vertical
  • By Technology
  • By Application
  • By End User
  • By Country – Germany, U.K., France, Ireland, and Rest of Europe

Asia-Pacific (APAC)

  • By Component
  • By Deployment
  • By Vertical
  • By Technology
  • By Application
  • By End User
  • By Country – China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Component
  • By Deployment
  • By Vertical
  • By Technology
  • By Application
  • By End User
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries
Our Industry
Global Voice Assistant Market is Set to Reach USD 5,843.8 million by 2024, Observing a CAGR of 27.7% during 2019–2024: VynZ Research