Voice Assistant Market Expected to Reach $7.30 Billion by 2025 | Voice Assistants Market growth analysis and industry forecast

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Voice Assistants Market Research Report: Information by Technology (Natural Language Processing, Speech/Speech Recognition and Text-to-Speech Recognition), Application (Messenger Bots, Websites, Contact Centers and Others) – Forecast to 2027

Market Highlights

The global voice assistant is expected to reach a valuation of $7.30 billion by 2025 and will grow at an impressive CAGR of 24.32% over the entire reporting period (2019-2025). Voice assistants are extremely efficient and convenient to use with the advent of IoT.

The global voice assistant is growing rapidly and is witnessing the increasing adoption of the technology. A voice assistant is a digital assistant developed using artificial intelligence, machine learning, and speech recognition technologies. This technology facilitates remote device management and user behavior analysis for improved customer service. Also, the market growth attributed to the increasing popularity of connected devices is driving the growth of the market.

In connected home services, the voice assistant serves as the primary interface for users, providing personalized services triggered with voice commands. Conversely, the limited integration of voice assistants into devices is an important factor that is expected to hamper the market growth.

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Segmentation:

The global voice assistants market has been segmented on the basis of technology, hardware products, application, end-user and region.

Based on technology, the global voice assistant market is segmented into Natural Language Processing, Speech/Speech Recognition, and Text-to-Speech Recognition. The natural language processing segment accounted for the largest market share with 53.6% in 2020, with a market value of USD 3,484.2 million; It is expected to register a CAGR of 17.2% over the forecast period. This is mainly attributed to NLP’s ability to integrate statistical, machine learning and deep learning models with computational linguistic rule-based modeling of human language in the form of text or speech data and to ‘understand’ its full meaning, including that of the speaker or writer’s intention and feeling. While the speech/speech recognition segment was the second largest market valued at $1,776.8 million in 2020; a CAGR of 17.9% is forecast. However, the text-to-speech recognition segment is expected to register the highest CAGR of 18.4%.

On the basis of hardware products, the voice assistant market is categorized into smart speakers and personal assistants, laptops, smartphones and tablets, set-top boxes (including remote control with microphone and far-field microphone), and others – PC, wearable device, and healthcare. Smart Speakers & Personal Assistants segment accounted for the largest market share of 75.2% in 2020, with a market value of US$4,890.4 million; It is expected to register a CAGR of 17.5% over the forecast period. The laptop, smartphone and tablet segment was the second largest market in 2020 with a value of USD 877.4 million; a CAGR of 17.9% is forecast. However, the set-top box segment (which covers remote control with microphone and far-field microphone) is expected to register the highest CAGR of 19.2%.

Based on application, the voice assistant market has been segmented into messenger bots, websites, contact centers and others. A speech-enabled messenger bot allows users to complete tasks on various gadgets without having to use their hands, while chatbot widgets enable direct communication with browser-based bots even when offline, using the built-in Web Speech API compatibility in browsers. However, the websites segment had the largest market share in 2020 with 49.6% and is expected to reach a market valuation of USD 9,734.9 million at a CAGR of 17.5% by the end of forecast year 2027.

By end-user, the global voice assistant market is segmented into individual user, large enterprise and SME. The unique user segment accounted for the largest market share at 60.2% in 2020, with a market value of $3,916.4 million; It is expected to register a CAGR of 17.6% over the forecast period. This was mainly due to the continuous shift in preference for smart home appliances and the growing demand for smart devices with integrated IoT technology. In addition, the large enterprise segment was the second largest market in 2020, valued at $1,559.9 million; due to the need to reduce human burden and make everyday tasks more manageable, mainly in large companies operating in healthcare, government, banking, financial services, insurance, retail, among others.

Regional Analysis:

North America dominates the global voice assistant market. The key market share is due to the increasing popularity and availability of various voice assistants in the region. Also, increasing demand for commercial vehicle with advanced voice recognition system is driving the growth of the market. In addition, the presence of large manufacturers and significant lifestyle spending increases the acceptance of voice assistants and thus the market turnover.

In addition, the high per capita income promotes market growth. With the presence of various technologically advanced companies and the rapid adoption of voice assistants among end users, the US has a significant market share in the region. The North American voice assistant market is expected to retain its dominance, registering a CAGR of 23.05% during the forecast period.

The Asia Pacific region ranks second in the global voice assistant market. Market growth is being driven by relatively faster adoption and increasing sales of voice assistants in Japan, India, China and South Korea. In addition, shifting manufacturing bases of several global voice assistant developers and advances in technology are affecting the growth of the regional market.

The regional market is expected to see exponential revenues supported by rising demand for innovative products and voice-first technology in countries like Japan, China and India. In addition, the growing need for customer relationship management is increasing the size of the regional market. The APAC voice assistance market is anticipated to grow at a CAGR of 26.38% during the forecast period.

Europe also has a significant share of the global voice assistant market. Factors such as the high standard of living of the people and the increase in IoT investment by the vendors are major driving factors for the market. Additionally, the presence of advanced infrastructure and increasing adoption of advanced technologies in various European countries are fueling the growth of the market.

competitive analysis

Leading players in voice assistant market include IBM Corporation (USA), Nuance Communications Inc. (USA), Amazon.Com, Inc. (USA), Microsoft Corporation (USA), Google LLC (USA), Apple Inc. ( USA), Samsung Electronics (South Korea), Cisco Systems Inc. (USA), Orange SA (France), Verint Systems Inc. (USA) and Creative Virtual Ltd. (Great Britain).

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Contact information:
Name: Saurabh Sinha
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Organization: market research future
Address: Market Research Future (part of Wantstats Research and Media Private Limited)
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Website: https://www.marketresearchfuture.com/reports/voice-assistant-market-4003

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