Global Voice Assistant Application Market

Voice Assistant Application Market Size, Share, Growth Analysis, By Technology(Speech Recognition, and Natural Language Processing ), By Deployment(On-Premises, and Cloud), By End User Verticals(IT & Telecommunications, BFSI) - Industry Forecast 2024-2031

Report ID: SQMIG45E2238 | Region: Global | Published Date: April, 2024
Pages: 194 | Tables: 89 | Figures: 76

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Voice Assistant Application Market size was valued at USD 6.02 billion in 2022, USD 7.90 billion in 2023 and is projected to grow USD 11.28 billion by 2031, growing at a CAGR of 31.2% in the forecast period (2024-2031).

The voice assistant application market is highly competitive, with several multinational behemoths constantly introducing new products and services and broadening their product lines. Leading companies in the market with cutting-edge technologies and vast ecosystems are Microsoft (Cortana), Apple (Siri), Amazon (Alexa), and Google (Assistant). By continuously advancing AI, increasing language support, and integrating voice assistants into a range of consumer and business goods, these businesses are leading the way in promoting the use of voice assistants. The fierce rivalry advances technology and accelerates commercial expansion. 'Haptik (India)', 'Slang Labs (India) ', 'Creative Virtual (UK)', 'Baidu (China)', 'SoundHound (US)', 'Zaion (France)', 'Kata.ai (Indonesia)', 'Inbenta (US)', 'Apple (US)', 'Google (US)', 'Aivo (Argentina)', 'Verint Systems (US)', 'Clinc (US)', 'Avaamo (US)', 'Cisco (US)', 'Samsung (South Korea)', 'IBM (US)', 'SAP (Germany)', 'Avaya (US)', 'Verbio (Spain)'

The growing demand for smart devices among consumers is one of the main factors propelling the worldwide voice assistant application market. The increasing popularity of smartphones, smartwatches, and smart home appliances such as Google Home and Amazon Echo is driving up demand for sophisticated voice assistant solutions. Voice-controlled interfaces meet consumer demands for efficiency and ease in device use.

Changing User Interaction for Connected Homes: IoT data creation and the number of connected devices has significantly increased because of the IoT adoption boom. Voice assistants, which provide individualized services via voice commands, are quickly taking the lead as the main user interface for connected home services. With a seamless user experience that optimizes the value of connected devices and improves customer service, this change is revolutionizing the way consumers engage with devices.

During the projected period, growth in the voice assistant market is anticipated in North America. The voice assistant market is expanding due to a number of factors, including the presence of many well-established players in the US, a rising percentage of investments in the use of AI, a growing preference for automated operations in contact centers, significant investment in IT, and a growing uptake of cutting-edge technologies like deep learning, machine learning, and natural language processing in the area. Due to factors like the increasing use of connected devices, mergers and acquisitions, huge IT spending, increasing investments by major market participants, and recent technology breakthroughs, Europe has the second-largest voice assistant market in the world. Europe is experiencing a massive need for intelligent virtual assistants due to the proliferation of big data.

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