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Market Research Future Insights
According to market research future insights analysis, the global voice assistant market size is expected to register a CAGR of 31.2% from 2022 to 2030 and hold a value of over USD 30.74 Billion by 2030.
The growing popularity of connected devices, rising instances of voice search, increasing adoption of smart homes, and increased demand for self-service applications are projected to enhance the market expansion. However, the market growth could be improved by the voice assistants' inadequate device integration. The global voice assistant market players should have the potential to expand their revenue streams shortly as a result of the development of AI. The possibility of artificial intelligence (AI) has increased in recent years due to considerable advancements in the field. One use of AI in voice assistant technology is Natural Language Processing (NLP).
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Key Players
Some key market players are Alphabet Inc., Amazon.com Inc., Apple Inc., Microsoft Corporation, Nokia Corporation, Verint Systems Inc., IBM Corporation, Samsung Electronics Co. Ltd., and Salesforce.com Inc.
Market Segmentation
The voice assistant market has been segmented into components, technology, deployment, application, and end user.
Based on components, the market has been segmented into solutions and services. The solution segment accounted for the largest market share in 2021 due to the growing demand for consumer engagement, seamless integration with back-end data, and the ability to customize, thanks to third-party databases. On the other hand, the service segment was the fastest-growing segment during the forecast period. This segment is growing due to the customer need for voice assistants.
The voice assistant market has been segmented based on technology: voice recognition, speech recognition, text-to-speech recognition, and natural language processing. Voice recognition accounted for the voice assistant market's largest revenue share in 2021. This is due to the easy-to-access, increasing demand for smart homes and the adoption of the voice-enabled device. Besides, the natural language processing was the fastest-growing segment. This can be linked to the rising demand for chatbots, which assist in handling various consumer inquiries by quickly assessing their actions and replies compared to human agents.
Based on deployment, the market has been segmented into on-premise and on cloud. The on-cloud segment had a prominent share in 2021 in the market for voice assistants. This is attributed due to affordability, cost-effectiveness, and scalability. Besides, the on-premises was the fastest-growing segment. This can be linked to the rising demand for chatbots, which assist in handling various consumer inquiries by quickly assessing their actions and replies compared to human agents.
Based on application, the market has been segmented into websites, messenger bots, and contact centers. The messenger bots segment had a prominent share in 2021 in the voice assistants market due to increased customer experience and accessibility. Besides, the websites were the fastest-growing segment. One of its most notable qualities is its capacity to automate repetitive tasks.
Based on end-user users, the voice assistant market has been segmented into retail and e-commerce, banking, finance, insurance, healthcare, and automotive. The retail and e-commerce segment had a prominent market in 2021 in need of voice assistants. Because of the widespread use of voice assistants, the explosive increase of IoT data, and the advantages of cloud storage. Using a customized voice assistant market is the most straightforward approach to having a positive branding experience. Customers develop relationships with other brands when companies work with third-party platform providers.
Regional Classification
With its current infrastructure and significant competitors such as IBM Corporation, Google LLC, Amazon, and Samsung Electronics, North America is projected to lead the voice assistant market. The voice assistant market in North America is divided into three parts: the United States, Canada, and Mexico. Furthermore, significant advancements in smart home and smart speaker technology in the United States are driving the market’s expansion.
Due to the growing demand for smart contact centers and individualized customer experiences, Europe’s voice assistant market ranks second globally and is predicted to grow rapidly. In addition, the region’s industrial and IT industries want to deploy voice assistant-based solutions for voice automation while also developing new solutions for complicated use cases.
The Asia-Pacific area ranks third in the market for voice assistants, owing to voice assistants gaining exponential traction in the region as the region’s IT sector booms, and growing economies in the region are opting for smart contract-based solutions for reliability and efficiency. Furthermore, powerful AI ensures that each request is routed to the assistant in the most appropriate and pleasurable manner possible.
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Industry News
The major key players in the market are IBM Corporation (US), Nuance Communications, Inc. (US), Amazon.com, Inc. (the US), Microsoft (US), Google LLC (US), Apple Inc. (US), Cisco Systems, Inc. (the US), Orange S.A. (France), Samsung Electronics (South Korea), Verint Systems Inc. (US), and Creative Virtual Ltd. (UK).
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