Voice Assistant Market Size

Voice Assistant Market Growth Projections and Opportunities

In recent years, Artificial Intelligence (AI) technology has made substantial progress, expanding its applications across various domains. Among these applications, Natural Language Processing (NLP) is a noteworthy aspect of AI. Voice assistants leverage cloud computing to integrate AI, enabling them to engage in natural language conversations with users. The user-friendly nature of voice assistants has led to their widespread incorporation in millions of households. The market growth is expected to be fueled by the rising popularity of connected devices, the increasing adoption of smart homes, a surge in voice search activities, and the high demand for self-service applications.

However, the market faces constraints due to the limited integration of voice assistants with devices. On the positive side, the ongoing development of AI is poised to unlock new opportunities for global players in the voice assistant market. As of 2020, the global voice assistant market was valued at USD 6502.7 million, and projections indicate a compound annual growth rate (CAGR) of 17.7% from 2021 to 2027. The segmentation of the global voice assistant market is based on technology, application, end user, and hardware products. In terms of technology, the market includes natural language processing, speech/voice recognition, and text-to-speech recognition.

The application segment encompasses websites, contact centers, messenger bots, and others. The end user category involves individual users, large enterprises, and SMEs. Hardware products further categorize the market into smart speakers & personal assistants, laptops, smartphones & tablets, set-top boxes (including remote control with mic and far-field mic), and others such as PCs, wearable devices, and healthcare products. The market is influenced by key players like IBM Corporation, Nuance Communications, Amazon.com, Inc., Microsoft Corporation, Google LLC, Apple Inc., Samsung Electronics, CISCO SYSTEMS, INC., Orange S.A., Verint Systems Inc., and Creative Virtual Ltd. These leading providers play a pivotal role in offering voice assistance services in the market, with the increasing adoption of advanced technologies being a primary driver of market growth.