The global voice assistant application market was valued at US$ 1.6 Bn in 2020 and is expected to witness significant growth, expanding at a CAGR of 18.5% during the forecast period from 2023 to 2030. Voice assistants are software programs that are liable for responding to voice commands for performing a wide range of tasks. Voice assistants come in small packages and are able to perform a variety of functions after hearing a wake command or word. These assistants can answer questions, turn on and off lights, place online orders, play music, etc. As voice assistants are becoming more robust, their utility in both business, as well as personal realms, is expected to grow in the years to come. Consumer awareness of voice assistants and devices, in terms of all the technology that exists and the know-how that is already in place, is nascent. As a result, the technology is expected to continue to shift and drive consumer behavior in the near future.
Rising penetration of internet and broadband connection and proliferation of mobile devices and mobile applications are some of the major factors driving the growth of voice assistant application market. The fast-paced adoption of new technologies, social media, and smart devices is carving out a new digital future. Voice as a channel of interaction has become a reality. The release of reasonably priced, voice-enabled devices by well-known tech giants such as Amazon and Google along with consumer propensity in payments, shopping, etc. has increased the adoption of voice assistants significantly. As a result, increased adoption of voice-based assistants is projected to give rise to market development during the forecast period from 2023 to 2030.
"Web-based Applications Garnered Largest Market Share in 2020"
In 2020, web-based applications garnered the largest market share in the global voice assistant application market. The segment is likely to grow at a substantial rate during the forecast period from 2023 to 2030. Voice assistant applications are gaining huge traction in administrative use cases for setting reminders, scheduling meetings and assisting during conference calls, etc. The voice assistant applications that are deployed over the web are useful for several activities such as precise navigation, sales, and marketing support, customer insights, answering customer queries instantly and centralized knowledge management. Cost-effective development, improved interoperability, easier installation, maintenance, etc. are some of the benefits further supporting the growth of this segment in the overall voice assistant application market.
"North America accounted for the Largest Market Share in 2020"
The global voice assistant application market, based on geography was led by North America in 2020. The region is expected to continue with its dominance during the forecast period from 2023 to 2030. The growth of this region mainly backed by the growing adoption of voice assistant applications in the U.S. Nearly 20% of the U.S. adults use smart speakers. The early consumer adoption rate of smart speakers in the country has taken the market by wonder and that exposure is flowing into more voice assistant usage on PCs, smartphones, etc. Moreover, increasing popularity and adoption of voice-first technology coupled with the well-established infrastructure that allows higher penetration of devices that provides high-speed connectivity is altogether expected to enhance the regional growth in the years to come.
The major players identified in the voice assistant application market include Amazon.com, Inc., Google LLC, Apple Inc., Microsoft Corporation, Samsung, Orange S.A., Next IT Corporation, Nuance Communications, Inc., Salesforce.com, Inc., and Oracle Corporation among others. Voice assistant have drawn many key players to help grow in the marketplace. The major players present in the market are incessantly developing and updating their applications in order to cater the rising needs of the customers and gain competitive edge over other players. Product innovation, partnerships and new product development remains some of the major strategies adopted by the leading players to have an edge over their counterparts.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Voice Assistant Application market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Application
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
