Voice Assistant Market Overview:
Voice assistants are software programs that respond to voice commands in order to perform a range of tasks. They can find an opening in a consumer’s calendar to schedule an appointment, place an online order for tangible goods, and act as a hands-free facilitator for texting, among many, many other tasks.
The voice assistant market has grown significantly because of increasing reliance on technology to simplify everyday tasks. Market focused reports connected to the information & communication technology sector among others lately have been made available by Market Research Future which publishes a report on this sector. The industry for voice assistant is anticipated to achieve revenues worth USD 7.8 billion by 2023 while growing at 39.27 percent of CAGR in the forecast period.
Voice Assistant Marketprovide a huge spectrum of assistance related to everyday tasks as well as in the operation of electronic devices. The need for hands free operation of devices has enabled a great degree of growth in the voice assistants market. The utility of voice assistants especially in terms of taking care of children or assisting the elderly have been identified as important factors driving the voice assistants market. Rise in the concept of smart homes will also weigh positively in the development of the market especially through the forecast period.
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Major Key Players:
The noteworthy players in the voice assistant industry are Google, Inc. (U.S.), Apple, Inc. (U.S.), Samsung Group (South Korea), Orange S.A. (France), Microsoft Corporation (U.S.), Amazon, Inc. (U.S.), Creative Virtual Ltd. (U.S.), Next IT Corporation (U.K.), Nuance Communications (U.S.) and Nokia Networks (Finland) among others.
Detailed Regional Analysis:
The voice assistant industry’s regional analysis includes regions such as Asia Pacific, Europe, North America and Rest of the World. It has been witnessed that the North American region is estimated to account for the main share of the market, while the Asia-Pacific region is estimated to develop at the most rapid rate during the forecast period.
The main development in voice assistant market in the North American region is attributed to technical innovations and growing use of mobiles, internet, and tablets in that region.
Industry Segments:
The Voice assistant industry is be segmented on the basis of technology, application and end users. Thetechnology basis of the market comprises of Speaker Independent Systems, Speech Recognition, Natural Language Processing (NLP), Speaker Dependent Systems, Speech Recognition System, Text-to-Speech Recognition and Voice Recognition.
Websites, Messenger Bots, Contact Centers and Others are covered in the segment of application of the voice assistant market. The end user segment of the voice assistant market includes SMEs, individual users and large enterprises.
Global Competitive Analysis:
Challengers in the market who are constantly delivering customer value have devised their corporate strategy blueprint in a manner that can bring about the best outcomes for development in the current scenario, while also concurrently enhancing their product’s value.
This state of events has shaped the opportunities for improvements in portfolio along with diversification in the sector, which has enhanced the scenario for market competitors immensely in this industry. The capability to fuel their competitive edge is one of the chief causes powering their efforts in this period. The opportunity for development in the industry appears to be encouraging through the forecast period. The escalating interest for diversification in the industry, has indirectly allowed the companies to utilize many scenarios available in the industry. The firms in this industry are also trying to improve and preserve financial liquidity that can be vital to invest in growth prospects as and when they arise.
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Industry Updates:
April 2018 Xiaomi has recently introduced Xiao AI which is a voice assistant that has been built specifically for Xiaomi phones by uploading English-subtitled video demonstrating the same lately. The voice assistant is similar in scope to Google Assistant and Siri, and is clearly intended for the Chinese. Xiao AI is preloaded on the new Mi Mix 2S model.
Apr 2018 Google is engaging in talks to get a range of companies in India to incorporate its voice assistant service in consumer durable products such as fans, air-conditioners, and light switches. The US based company which is a search giant is also collaborating with some telcos to help allow their subscribers to use voice commands to find out their bill summaries and monthly plans.
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