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Voice Assistant Market to Generate Revenue Worth $26,872.6 Million by 2030

Voice Assistant Market to Generate Revenue Worth $26,872.6 Million by 2030

Published: January 2020

The global voice assistant market generated $1,723.6 million in 2019, and is projected to generate $26,872.6 million by 2030, progressing at a CAGR of 29.7% during 2020–2030. The large enterprises category generated the highest revenue in 2019. This is due to the early shift of enterprises toward automation and need to manage large amount of data in less time.

Demand for enhanced customer experience is escalating the market growth

Demand for enhanced customer experience is one of the major drivers in the voice assistant market. In this competitive landscape, businesses understand the need to integrate voice assistant solution in their customer experience strategy, in order to enhance customers’ experience and their engagement with the offered solutions. While using voice search, users expect relevant and quick answers from businesses. Voice assistant technology assists users in an effective way by analyzing the received input. Therefore, industry players are collaborating with voice assistant solution providers to introduce new technologies in the market in order to enhance customer experience.

Increasing adoption of voice assistant in education industry is offering immense growth opportunities for market players

Implementation of voice assistant in classrooms would act as a catalyst to enhance the capabilities of students. Voice assistants are much preferred by the tutors, owing to their capabilities, such as rapid response pertaining to facts and questions either directly or through referred sources. Voice assistant platforms can be set up within minutes, and can respond to numerous questions by students and teachers, related to particular subjects and classroom requirements. Hereby, such requirements from the education industry provide ample growth opportunities in the voice assistant market.

Segmentation Analysis of Voice Assistant Market

The service category under the component segment is expected to exhibit faster growth in the voice assistant market during the forecast period. This can be attributed to the increasing demand for integration and implementation, and consulting services across all industries.
The contact center application category is expected to witness fastest growth during the forecast period in the voice assistant market. This can be due to the amalgamation of voice assistant in contact centers, which helps understand customer insights in a better way and improve performance of the employees.
The BFSI industry held the largest share in the voice assistant market in 2019. This is due to the high demand for financial institutes with AI-powered voice assistants to enhance customer experience and shift toward digitalization. The BFSI industry is incorporated with several regulatory concerns, on-demand services, personalized user experience, and competition among fintech companies. Therefore, in order to stay ahead in digital race, financial institutions are adopting AI-powered voice-enable conversation technology.

Geographical Analysis of Voice Assistant Market

Together, North America and Europe cumulatively would account for over 45% share in the global voice assistant market in 2030. This can be due to robust internet penetration; technological advancements; rapid adoption of emerging technologies, like machine learning (ML), natural language processing (NLP), deep learning, and cognitive computing; and large IT spending. On the other hand, APAC is expected to register fastest growth in the market during the forecast period. Rising number of contact centers, increasing spending on IT and new technologies, and economic development in developing countries are expected to drive the market in the region in the coming years.

Competitive Landscape of Voice Assistant Market

The global voice assistant market is highly competitive with large number of market players, including Alphabet Inc., Amazon.com Inc., Apple Inc., Microsoft Corporation, Verint Systems Inc., Nokia Corporation, IBM Corporation, Samsung Electronics Co. Ltd., and Salesforce.com Inc.

Browse report overview with detailed TOC on "Voice Assistant Market Research Report: By Component (Solution, Services), Technology (Speech Recognition, Text-to-Speech Recognition, Voice Recognition, NLP), Application (Messenger Bots, Websites, Contact Centers), End User (SMEs, Large Enterprises, Individuals), Deployment (On-Premises, Cloud), Industry (BFSI, Retail & E-Commerce, Healthcare, Automotive) – Industry Size, Share, Trends, Growth And Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/voice-assistant-market

In recent years, major players in the voice assistant market have taken several strategic measures to strengthen their positions. For instance, in May 2019, semiconductor equipment manufacturer Qualcomm Inc. partnered with Google LLC to develop assistant-enabled Bluetooth headphones. With this partnership, an integrated platform was designed by both companies, in order to bring unique combination of connectivity options, processing capabilities, audio technologies, and voice assistant interfaces.