Voice Assistant Market - Global Industry Analysis

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A voice assistant is also known as voice control or VPA-enabled speaker. It is a smart device that enables a user to control certain things. With the use of AI in voice assistance devices, users can find information, play songs, and control other connected devices in and around the house.

The increasing proclivity toward IOT and automation is fuelling the global voice assistant market growth. The growth in the number of mobile phone users and applications that support voice assistance influences the accuracy of AI of voice and speech recognition, thereby driving the voice assistance market. Furthermore, the global demand for voice assistant speakers will attract many vendors to enter the market over the projected time period, thus driving the global voice assistant market development. The increasing popularity of voice assistants and rising digitalization globally will contribute notably to this market in the upcoming years. However, the oligopoly in speech and voice recognition via a neural network is restricting its usage for cloud-based services, which can be restrictive for this market’s development.

The global voice assistant market is categorized on the basis of technology, application, service, and end user. The technology segment includes speech recognition, voice recognition, and text-to-speech recognition. By application, the global voice assistant market includes websites, messenger bots, and contact centers. Based on service, this global market comprises marketing assistant and customer service. The end-user segment includes individual user, SMEs, and large enterprises. The SMEs segment is likely to register a significant CAGR over the estimated timeframe, owing to the increasing demand for voice assistants in developing countries like India and China.

By region, North America is a technologically advanced region and will experience notable growth in the voice assistant market in the years ahead, owing to the rising spending for R&D in automation. The voice assistance technology is gaining huge popularity across the region, which is leading to the fast-paced development and modernization of smart devices. This, in turn, will further drive the North American voice assistant market in the future. The European voice assistant market will witness substantial growth in the future. This can be attributed to the high living standards of people, which has led to the rise in investments in IoT by the manufacturers and the presence of advanced infrastructure.

Some major players operating in the global voice assistant market are Google, Amazon, Microsoft Corporation, Apple, Samsung Group, Creative Virtual, Next IT Corporation, Orange, Nokia Networks, and Nuance Communications.