According to a new market report published by Credence Research, Inc., “Global Voice Assistant Application Market (By Component (Hardware, Software and Services), By Deployment Mode (On-premise and Cloud), By Application (Web Application, Mobile Application and AI Devices), By End-user (BFSI, Healthcare, Retail, Media & Entertainment, IT & Telecom, Automotive, Education, and Others)) – Growth, Future Prospects and Competitive Landscape, 2019 – 2027”, the global voice assistant application market is expected to witness a growth of 18.5% CAGR during the forecast period from 2019 to 2027.
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The global voice assistant application market was valued at US$ 1.20 Bn in 2018 and is likely to witness a steady growth, growing at a CAGR of 18.5% during the forecast period from 2019 to 2027. Voice as a channel is expanding immensely as people are spending more time with their personal voice assistants. Technology is constantly changing and evolving and with continuous advancements in technology, the voice assistant application market is likely to progress at a greater pace in the near future. Proliferation of artificial intelligence (AI) and growing penetration of smart devices for voice searches have given an upsurge to the voice assistants worldwide. This, in turn is expected to facilitate the overall growth of voice assistant application market during the forecast period from 2019 to 2027.
The global voice assistant application market, based on application was led by the web application segment in 2018. 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. Improved interoperability, cost-effective development, easier installation and maintenance, etc. are some of the benefits that are further supporting the growth of this segment. Further, based on geography, North America led the voice assistant application market in 2018. The growth of this region is mainly backed by the rising technological advances and innovation in the voice technology. Increasing popularity and adoption of voice-first technology coupled with well-established infrastructure that allows higher penetration of devices and provides high speed connectivity is altogether facilitating the growth of voice assistant market in the region.
Major players 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. The voice assistant application providers are espousing strategies like product innovation, partnerships, etc. to thrive in the competitive market environment. The major players are dedicated on differentiating their product offerings through a unique and clear value propositions for sustaining their place in the market. The players are constantly focusing on upgrading their existing applications in order to cater the growing expectations of the customers.
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Component Segment (2017-2027; US$ Bn)
Deployment Mode Segment (2017 – 2027; US$ Bn)
Application Segment (2017-2027; US$ Bn)
- Web Application
- Mobile Application
- AI Devices
End-use Vertical Segment (2017-2027; US$ Bn)
- Media & Entertainment
- IT & Telecom
- Others (Manufacturing, Travel and Hospitality, etc.)
Geography Segment (2017-2027; US$ Bn)
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Rest of the World (RoW)
- Middle East & Africa (MEA)
- Latin America
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