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The voice assistant application market size is projected to increase by USD 21.94 billion at a CAGR of 40.94% between 2023 and 2028. Major factors driving growth include digital transformation, the rising prominence of autonomous vehicles, and the growing adoption of technologically advanced mobile devices. Challenges such as data privacy and security concerns, system integration, and interoperability issues must be addressed to leverage these growth opportunities. Additionally, the integration of health Intelligent Virtual Assistants (IVA) in voice assistant applications is becoming increasingly relevant, enhancing user interactions and providing personalized support in healthcare settings
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The market is experiencing exponential growth, fueled by the proliferation of voice-enabled devices and the seamless integration of cloud-based infrastructure. With the worldwide population increasingly embracing voice-based systems, businesses capitalize on voice assistant applications to enhance customer engagement and streamline operations. Leveraging Artificial Intelligence and speech recognition advancements, voice assistant applications cater to diverse sectors, including banking, financial services, insurance, healthcare, media, and entertainment. Low code platforms facilitate the development of innovative solutions tailored to SMEs, while Juniper Research forecasts a surge in smart speaker adoption, further propelling the market's expansion. Voice assistant applications revolutionize online purchasing experiences, optimize appointment scheduling, and enable efficient communication through texting and calling. As networked devices proliferate and edge computing enables real-time processing, voice assistant applications deliver precise data and drive efficiency across industries.
Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage. It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
One of the key factors driving the global market growth is digital transformation. OTT services enable users to view online videos at home through laptops/desktops or TV screens, using different devices, and most such device providers are offering inbuilt voice assistant applications. The emergence of advanced Internet technologies such as high-speed broadband and the introduction of voice over Internet protocol (VoIP) services on smartphones has changed the user preference for Internet services and propelled the adoption of new technologies.
Moreover, online learning transforms traditional educational processes through the implementation of advanced technologies such as IoT platforms, cloud computing, Big Data analytics, and augmented reality. Such developments help vendors to integrate the horizontal and vertical structures of the organization with advances in IT, which will drive the market growth during the forecast period.
Growing demand for smart homes and development of smart cities is one of the key market trends that is expected to impact the market growth positively in the forecast period. The smart home concept has the highest penetration in North America and Europe, with developing economies in APAC also adopting the concept. Alphabet Google Home is a smart speaker that also controls all the features of a smart home. Moreover, global companies such as Microsoft, IBM, and Alphabet are aiding in the development of smart cities through innovative initiatives and solutions.
Moreover, in India, Godrej Interio of Godrej Industries Ltd. (Godrej) is developing connected homes. Amazon Alexa, an intelligent personal assistant developed by Amazon, enables voice-enabled control of smart home devices. A few major cities, such as Amsterdam, Barcelona, Stockholm, and Santa Cruz, already fall under the smart city category. Such factors are expected to further support market growth during the forecast period.
One of the key challenges to global market growth is data privacy and security concerns. Earlier, cybersecurity was concentrated on a limited number of connected devices. However, due to the IoT revolution, there will be a large-scale combination of both physical and virtual worlds during the forecast period. In many countries, network security in high-security zones is assumed to be threatening to national security, as these network areas may be exposed to terrorist attacks.
Some of the nations have restricted a few areas of voice assistant applications, including vehicle and infrastructure communication, due to security breaches. For instance, in 2016, Charlie Miller and Chris Valasek hackers hacked a Jeep Cherokee via its onboard diagnostics II port. They took control of the steering wheel, electronic parking brake, cruise control, and transmission system. Therefore, the security threat is expected to limit market growth during the forecast period.
The Voice Assistant Application market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the Voice Assistant Application market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the individual users segment will be significant during the forecast period. The increasing adoption of smart appliances and connected home environments using devices such as smart speakers are another factor for the growth of the segment.
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The individual users segment was valued at USD 694.50 million in 2018. The personal segment is expected to grow fastest during the forecast period, mainly due to the increasing adoption of smartphones and smart connected devices by individual users. Increased use of digital content platforms such as over-the-top (OTT), increased adoption of online gaming by individuals, and use in emerging markets such as India and China were the significant segments during this period. is expected to drive the growth of the forecast period. For example, the use of advanced features of smartphones and PCs (such as game speech-to-text and voice commands) leads individual users to opt for advanced applications software and voice assistant services. This will support market growth during the forecast period.
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North America is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The United States and Canada are the major contributors to the market in this region. End-user industries in the region, such as automotive, retail, healthcare, media and entertainment, hospitality, and BFSI, are deploying in their operations to gain a competitive advantage in the market and improve operational performance. In addition, individual users are also becoming technologically mature and adopting in their living spaces. For instance, in 2018, nearly 20% of US adults and more than 47 million active users used smart speakers, and Amazon and Alphabet accounted for nearly 90% of the market share. The increasing adoption of vehicle-to-everything (V2X) communication systems and advanced technologies, such as 5G, and the growing production of autonomous vehicles are the key drivers for the growth of the market in the region.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market is experiencing rapid growth, driven by advancements in AI technologies and the widespread adoption of voice-enabled devices. Customers increasingly engage with businesses through voice assistants, enhancing customer engagement and streamlining interactions. Low code platforms facilitate the development of voice-enabled applications, catering to the needs of various sectors, including banking, financial services, and insurance. Juniper Research predicts a surge in voice assistant users worldwide, fueled by the increasing population of networked devices. Cloud-based infrastructure and edge computing ensure efficient voice recognition technologies, delivering precise data for improved safety instructions and patient experience in the healthcare vertical. Merger acquisitions and innovative solutions shape the technology provider landscape, propelling growth in the voice assistant application market. The market is witnessing substantial growth driven by the widespread adoption of voice-enabled devices and advancements in speech recognition technology.
Moreover, businesses leverage voice-based systems to enhance efficiency and cater to rising demands, particularly in online purchasing and the media and entertainment sector. Machine learning algorithms enable voice assistants to handle appointments, texting, and calling tasks seamlessly. Cloud-based infrastructure supports voice assistant applications, catering to diverse deployment types and enterprise sizes, including small and medium enterprises in the IT and telecommunication sector. Natural Language Processing enhances user experience, especially in smart retail and eCommerce environments. Voice assistant applications also play a crucial role in chronic disease management, offering personalized support to patients worldwide.
Further, as rising case trends underscore the need for efficient solutions, the voice assistant application market continues to evolve, driving innovation and transforming various industries. Voice-enabled devices are increasingly popular, particularly in the cloud segment, where voice-based systems can sometimes be bandwidth hogs. Cloud-based infrastructure offers scalability and flexibility, with deployment type and enterprise size influencing the choice of voice enabled devices, Voice based systems, and also Cloud based infrastructure.
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Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 40.94% |
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Market Growth 2024-2028 |
USD 21.93 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
31.94 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 32% |
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Key countries |
US, China, UK, Canada, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Alibaba Group Holding Ltd., Alphabet Inc., Amazon.com Inc., Apple Inc., Artificial Solutions International AB, Baidu Inc., Huawei Technologies Co. Ltd., International Business Machines Corp., Microsoft Corp., Oracle Corp., Orbita Inc., Robin Labs, RoboBot Studio, Salesforce Inc., Samsung Electronics Co. Ltd., SAP SE, SoundHound AI Inc., Verbio Technologies SL, Voiceflow Inc., and Xiaomi Communications Co. Ltd. |
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Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this Voice Assistant Application market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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