Voice Assistant Market Highlights:
In this rapidly changing world of technology, Voice assistant market is projected to show major growth prospects during the forecast period. Voice assistant technology provides unrivaled convenience and that is the major factor driving the growth of voice assistant market.
As compared to other regions, the voice assistant market in North America is expected to witness significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of voice assistant market. This is owing to the presence of large number of established key players and increasing popularity of voice-first technology in that region. In addition to this, the region also has a well-established infrastructure which allows higher penetration of devices which ultimately provides high speed connectivity and is expected to be a major factor for the growth of Voice Assistant Market.
The development of chatbots and messenger bots to facilitate smooth exchanges between a website and its customers is also likely to be a major driver for the global voice assistant market over the forecast period. The global Voice Assistant Market is expected to reach a valuation of USD 7.8 billion by 2023, according to the MRFR report.
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Competitive Analysis:
Leading players in the global voice assistant market include Nokia Networks, Nuance Communications, Creative Virtual Ltd., Next IT Corporation, Orange S.A., Samsung Group, Microsoft Corporation, Apple Inc., Google Inc., and Amazon Inc.
In Amazon’s re:Mars conference in June 2019, the company announced plans to enhance the conversation capabilities of Alexa with a new feature called Alexa Conversations.
In June 2019, the U.S.-based Women’s Health Network launched a new voice assistant to improve the operations at its 1500 physician locations.
The same month, Waze, a popular map app, integrated Google Assistant into its functionality, allowing users to communicate to the app with the help of Google Assistant.
In May 2019, Yandex, known as the Google of Russia due to its major spread of operations in the country, launched a new expansion of its Alice assistant program by adding smart home functionalities.
Segmentation:
The voice assistant market has been segmented on the basis of technology, application and end user. The end user segment is further bifurcated into individual users, SMEs and large enterprises. Individual users segment is more drawn towards the voice assistant applications like Apple’s Siri and Amazon’s Alexa. Artificial intelligence improvements and other infrastructure oriented advancements are basically driving the growth of voice assistant market.
Regional Analysis:
North America is the dominant regional segment in the global voice assistant market due to the growing use of mobile and Internet communications in the region, powered by the smooth growth of telecommunication infrastructure development in countries such as the U.S. and Canada. The growing use of smart homes and smart industrial systems in the region is also likely to remain a key driver for the voice assistant market over the forecast period, as voice assistants are considered as a very welcome addition to automation systems, allowing the user to communicate with the system in a reliable and convenient manner.
Asia Pacific is likely to exhibit the fastest growth rate over the forecast period due to the growing use of smartphones in the region, which has led to a growing demand for voice assistants.
Table of Contents
1 Market Introduction
1.1 Introduction
1.2 Scope of Study
1.2.1 Research objective
1.2.2 Assumptions
1.2.3 Limitations
1.3 Market Structure
2 Research Methodology
2.1 Research Type
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
Continued…
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List of Tables
Table 1 Voice Assistant Market, By Technology
Table 2 Voice Assistant Market, By Application
Table 3 Voice Assistant Market, By End User
Continued…
List of Figures
Figure 1 Research Type
Figure 2 Voice Assistant Market, By Technology (%)
Figure 3 Voice Assistant Market, By Application (%)
Continued…
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