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Voice Assistant Market 2019 Emerging Technologies, Competitive Landscape, Industry Segments, Size and Global Trends by Forecast to 2023

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Voice Assistant Market 2019 Emerging Technologies, Competitive Landscape, Industry Segments, Size and Global Trends by Forecast to 2023

August 28
04:15 2019
Voice Assistant Market 2019 Emerging Technologies, Competitive Landscape, Industry Segments, Size and Global Trends by Forecast to 2023

Voice Assistant Market
Global Voice Assistant Market is expected to grow at approx. USD 7.8 Billion by 2023, at 39.27% of CAGR between 2017 and 2023

Voice Assistant Market Overview:

Major factors driving the growth of voice assistant market are increased instances of voice searches and higher penetration of broadband and internet connections. Increase in adoption of smart homes is another factor driving the growth of voice assistant market. Speech recognition and voice recognition technologies are being used in devices implemented in smart homes.

Voice assistants are software programs that respond to voice commands in order to perform a range of tasks. They can find an opening in a consumer’s calendar to schedule an appointment, place an online order for tangible goods, and act as a hands-free facilitator for texting, among many, many other tasks.

Voice Assistant Market has been segmented on the basis of technology, application and end user. The application segment is further bifurcated into messenger bots, websites and contact centers. The websites segment is expected to dominate the application segment market and will generate highest revenue contributing to the global voice assistant market. The messenger bots segment is expected to grow at the highest segment during the forecast period. 

The voice assistant market is growing rapidly over 34% of CAGR and is expected to reach at approx. USD 7 Billion by the end of forecast period.

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Major Key Players:

The noteworthy players in the voice assistant industry are Google, Inc. (U.S.), Apple, Inc. (U.S.), Samsung Group (South Korea), Orange S.A. (France), Microsoft Corporation (U.S.), Amazon, Inc. (U.S.),  Creative Virtual Ltd. (U.S.), Next IT Corporation (U.K.), Nuance Communications (U.S.) and Nokia Networks (Finland) among others.

Detailed Regional Analysis:

The voice assistant industry’s regional analysis includes regions such as Asia Pacific, Europe, North America and Rest of the World. It has been witnessed that the North American region is estimated to account for the main share of the market, while the Asia-Pacific region is estimated to develop at the most rapid rate during the forecast period.

The main development in voice assistant market in the North American region is attributed to technical innovations and growing use of mobiles, internet, and tablets in that region.

Industry Segments:

The voice assistant market has been segmented on the basis of technology, application and end user. The end user segment is further bifurcated into individual users, SMEs and large enterprises.

Individual users segment is more drawn towards the voice assistant applications like Apple’s Siri and Amazon’s Alexa. Artificial intelligence improvements and other infrastructure oriented advancements are basically driving the growth of voice assistant market.

Global Competitive Analysis:

Challengers in the market who are constantly delivering customer value have devised their corporate strategy blueprint in a manner that can bring about the best outcomes for development in the current scenario, while also concurrently enhancing their product’s value.

This state of events has shaped the opportunities for improvements in portfolio along with diversification in the sector, which has enhanced the scenario for market competitors immensely in this industry. The capability to fuel their competitive edge is one of the chief causes powering their efforts in this period. The opportunity for development in the industry appears to be encouraging through the forecast period. The escalating interest for diversification in the industry, has indirectly allowed the companies to utilize many scenarios available in the industry. The firms in this industry are also trying to improve and preserve financial liquidity that can be vital to invest in growth prospects as and when they arise.

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Industry Updates:

April 2018 Xiaomi has recently introduced Xiao AI which is a voice assistant that has been built specifically for Xiaomi phones by uploading English-subtitled video demonstrating the same lately. The voice assistant is similar in scope to Google Assistant and Siri, and is clearly intended for the Chinese. Xiao AI is preloaded on the new Mi Mix 2S model.

Apr 2018 Google is engaging in talks to get a range of companies in India to incorporate its voice assistant service in consumer durable products such as fans, air-conditioners, and light switches. The US based company which is a search giant is also collaborating with some telcos to help allow their subscribers to use voice commands to find out their bill summaries and monthly plans. 

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