MarketsandMarkets projects the voice assistant application market to grow from USD 2.8 billion in 2021 to USD 11.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 32.4% during the forecast period. Major factors driving the growth of the voice assistant application market include advancements in voice-based AI technologies, rising adoption of voice-enabled devices, increasing focus on customer engagement, and emergence of low-code platforms for voice assistant applications.
By component, services segment to grow at a higher CAGR during the forecast period
As the majority of companies require their customer service operations to be more automated, voice assistant applications offer greater levels of personalization in customer self-service and continuously increase the self-service utilization and work completion rate. Large enterprises focus on customer satisfaction and customer retention and hence, have the highest requirement of voice assistant applications for improved customer engagement. Premise-based managed services are often used by financial organizations to adhere to the security regulations for data while providing optimal service to their customers.
By deployment mode, cloud segment to lead the market during the forecast period
Cloud computing is one of the most effective technologies today. Voice assistants rely on a cloud-based architecture since data has to be sent back and forth to centralized data centers. There are several benefits offered by the cloud deployment mode, such as reduced operational and maintenance cost, simple deployments, and higher scalability. Due to increasing awareness of the benefits of cloud-based solutions, cloud deployment for voice assistant applications is expected to grow tremendously. The solution providers are focusing on the development of robust cloud-based solutions for their clients, as many organizations have migrated to either a private or a public cloud.
By region, Asia Pacific to grow at the highest CAGR during the forecast period
The voice assistant application market in APAC is expected to experience strong growth in the coming years. The voice assistant application market in APAC is expected to experience strong growth in the coming years due to the rising digitalization and the increasing adoption of advanced AI and ML technologies. Big technology vendors are partnering with local Asian vendors to expand their presence in APAC. Countries such as China, Japan, India, Singapore, and Australia have a high penetration in the voice assistant application market and provide solutions that resolve the complex queries faced by customers. APAC countries have enormous potential to grow further due to the fast adoption of technologies such as cloud and AI.
The breakup of the profiles of the primary participants is given below:
- By Company Type: Tier 1 – 40%, Tier 2 – 25%, and Tier 3 – 35%
- By Designation: C-level – 42%, Directors – 30%, and Others – 28%
- By Region: North America – 30%, Europe – 25%, APAC – 35%, Row of the Word (RoW)– 10%.
The following key voice assistant application vendors are profiled in the report:
7.ai (US), Aivo (Argentina), AWS (US), Apple(US), Avaamo(US), Avaya (US), Baidu (China), Cisco (US), Clinc (US), Creative Virtual (UK), Google (US), Inbenta (US), IBM (US), Haptik (India), Kata.ai (Indonesia), Microsoft (US), Mindsay (US), Oracle (US), Rasa (US), Samsung (South Korea), SAP (Germany), Slang Labs (India), SoundHound (US), Verbio (Spain), Verint Systems (US), and Zaion (France)
The market study covers the voice assistant application market across different segments. It aims at estimating the market size and the growth potential of this market across different segments, such as components [solutions (integrated and standalone) and services (consulting, support and maintenance, and implementation)], deployment mode (on-premises and cloud), channel integration (websites, mobile applications, contact centers, smart speakers, and social media), organization size [Small And Medium-Sized Enterprises (SMEs) and large enterprises], application area (smart retail and eCommerce, smart banking, connected healthcare, smart transportation, smart manufacturing, smart learning, and others), and region. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Reasons To Buy the report
The report would help the market leaders/new entrants in the following ways:
- It comprehensively segments the voice assistant application market and provides the closest approximations of the revenue numbers for the overall market and its subsegments across different regions.
- It would help stakeholders understand the pulse of the market and provide information on the key market drivers, restraints, challenges, and opportunities.
- It would help stakeholders understand their competitors better and gain more insights to enhance their positions in the market.