Voice Assistant Market is Estimated to Register a CAGR of 31.2% Over the Forecast Period 2030

Market Research Future has published a Cooked Research Report on the Global Voice Assistant Market.

Market Highlights

The Global Voice Assistant Market is spanned across North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

North America led the voice assistant market in 2018 by generating the highest market value of USD 796.02 million which is expected to grow at a CAGR of 23.05%. The US accounted for the largest market share in the region. Enhanced network architecture, enterprises utilizing machine learning, deep learning, and artificial intelligence technologies, and high adoption of smart voice speakers and appliances are driving the growth of the voice assistant market in the US. Advancements and developments in smart home and smart speaker technologies in the country is another factor that drives the growth of the market. Moreover, the presence of major players such as IBM Corporation, Amazon, Microsoft Corporation, and Google LLC investing in research and development of voice and virtual assistants has driven the market growth. High adoption of voice assistants in various industries such as healthcare, education, and retail fuels the market growth. Such factors are expected to drive the growth of the market in the US

Europe held the second-largest, revenue-generating market for voice assistants in 2018 and is expected to grow at a CAGR of 25.14%. Among countries, the UK is leading the market, followed by Germany and France. Technological advancements in voice assistance products and solutions, growth in cloud computing platforms, and an increase in the adoption of smartphones, smart wearable devices, and smart consumer appliances are factors driving the market growth in the UK. The growing demand for self-service applications, such as Siri and Alexa, and an increase in the adoption of voice and digital assistants in e-commerce are expected to drive the growth of the market in the UK.

Asia-Pacific is expected to be the fastest-growing region for the voice assistant market growing at a CAGR of 26.38% during the forecast period, 2019–2025. China is dominating the market in the region. Huge developments in smart home technologies and the integration of AI and natural language processing in home appliances and robots are a few factors driving the growth of the voice assistant market in China. High investments by the key market players such as Google LLC, Apple Inc., IBM Corporation, and Amazon for the development of smart speakers in China triggering the growth of the market. The high adoption of wearable devices and smart consumer electronic devices due to the availability of low-cost products and the rising purchasing power of consumers are expected to further drive the market growth.

Global Voice Assistant Market Segmentation

The Global Voice Assistant Market has been segmented on the basis of hardware, technology, application, end-user, and region. Based on hardware, the market has been segmented into the set-top box, smartphone & tablets, and smart speakers. The technology segment has been sub-segmented into speech recognition, natural language processing, text to speech recognition, voice recognition. By application, the market has been segmented into messenger bots, websites, contact centers. The end-user segment has been sub-segmented into individual users, SMEs, and large enterprises.

Prominent Players

Some of the Prominent Players in the Global Voice Assistant Market are IBM Corporation (US), Nuance Communications (US), Amazon.com, Inc. (US), Microsoft Corporation (US), Google LLC (US), Apple Inc. (US), Samsung Electronics (South Korea), Cisco Systems, Inc. (US), Orange S.A (France), Verint Systems Inc. (US), and Creative Virtual Ltd (UK).