NEW
YORK, July 15, 2024 /PRNewswire/ -- The global
voice assistant application market size is estimated to grow
by USD 21.93 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of 40.94% during the forecast
period. Digital transformation is driving market
growth, with a trend towards growing demand for smart
homes and development of smart cities. However, data privacy
and security concerns associated with voice assistant application
poses a challenge. Key market players include 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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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Application (Individual
users, SMEs, and Large enterprises), Deployment (Cloud and
On-premise), and Geography (North America, Europe, APAC, Middle
East and Africa, and South America)
|
Region
Covered
|
North America, Europe,
APAC, Middle East and Africa, and South America
|
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.
|
Key Market Trends Fueling Growth
The voice assistant application market is experiencing
significant growth as consumers prioritize convenience with
electronic devices in their homes. In the smart home sector,
voice-enabled control of appliances through applications like
Amazon Alexa and Google Home is becoming increasingly popular.
North America and Europe lead the adoption of this technology,
while developing economies in Asia
Pacific are also embracing it. For instance, Godrej Interio
in India is developing connected
homes. However, the company anticipates it will take some time for
the concept to gain traction. Voice assistant applications are also
transforming transportation, urban planning, and city safety by
integrating AI platforms. These systems can track user habits,
behaviors, and activities to personalize products and data.
Customer service chatbots, using natural language processing,
engage customers and solve basic queries, improving the overall
customer experience. Global companies like Microsoft, IBM, and
Alphabet are driving the development of smart cities through
innovative solutions. Cities such as Amsterdam, Barcelona, Stockholm, and Santa
Cruz are already considered smart cities. Developing
countries like India are also
investing in smart city projects, utilizing predictive risk
management and consumer experience management applications. The
number of smart cities is projected to rise during the forecast
period, leading to the creation of new devices and applications,
further fueling the global voice assistant application
market.
Voice assistant applications are on the rise, driven by the
trend towards AI technologies and voice-enabled devices. According
to Juniper Research, the number of voice assistant users is
expected to reach 8.4 billion by 2024. This growth is being fueled
by advancements in speech recognition and machine learning, making
voice-based systems more efficient and effective for customer
engagement. SMEs and large enterprises in various industries,
including banking, financial services, insurance, media and
entertainment, healthcare, and more, are adopting voice assistant
applications for online purchasing, appointment scheduling,
texting, and calling. The cloud segment is a popular deployment
type for these applications due to its scalability and
cost-effectiveness. In the healthcare vertical, voice assistant
applications are revolutionizing patient experience and chronic
disease management. Mergers and acquisitions among technology
providers are increasing as innovative solutions emerge. Voice
assistant applications are also being integrated into networked
devices, making them bandwidth hogs. Cloud-based infrastructure and
edge computing are being used to ensure precise data and safety
instructions. The technology provider landscape is becoming more
competitive, with services like Natural Language Processing and
deployment types like Cloud and Enterprise Size (Large Enterprises)
becoming key differentiators.
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Market Challenges
- In the voice assistant application market, data privacy and
security are significant concerns for individuals and
organizations. With the increasing use of voice assistant
applications over mobile and cloud networks, cybersecurity and data
breach issues have emerged. These concerns are heightened in
high-security zones, where network security is a national security
concern. The IoT revolution has led to a large-scale
combination of physical and virtual worlds, increasing the number
of connected devices and potential entry points for hackers. Voice
assistant applications, controlled by machine intelligence and
sensors, are potential targets for cyberattacks. Nations have
restricted certain applications, such as vehicle and infrastructure
communication, due to security concerns. Data from sensitive areas,
like military bases and nuclear weapon sites, must be erased. The
growing use of electronic control units (ECUs) and increased
connectivity heightens the risk of security breaches. Therefore,
ensuring robust cybersecurity measures is crucial for the growth of
the voice assistant application market.
- Voice assistant applications are on the rise, with worldwide
population adoption expected to increase significantly in the
coming years. However, developing and deploying these applications
comes with challenges. Machine learning and voice recognition
technologies are essential, but they require substantial bandwidth
and cloud-based infrastructure, making them potential bandwidth
hogs. Appointment setting, texting, and calling
functionalities add to the complexity. Networked devices and
voice-based systems must provide precise data and follow safety
instructions, especially in healthcare verticals like chronic
disease management. Mergers and acquisitions among technology
providers shape the competitive landscape. Efficiency and patient
experience are key differentiators. Natural Language Processing
(NLP) is a crucial deployment type for voice assistants. Cloud
deployment is popular among large enterprises in IT and
telecommunications, but edge computing is gaining traction for its
cost-effectiveness and real-time processing capabilities.
Innovative solutions cater to various enterprise sizes, from small
businesses to large corporations. Voice assistant users
increasingly rely on mobile devices, making cross-platform
compatibility a must. The technology provider landscape continues
to evolve, with new services and features emerging regularly.
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challenges - Download a Sample Report
Segment Overview
This voice assistant application market report extensively
covers market segmentation by
- Application
- 1.1 Individual users
- 1.2 SMEs
- 1.3 Large enterprises
- Deployment
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Individual users- The individual user segment
is poised for the fastest growth in the voice assistant application
market during the forecast period. This trend is driven by the
widespread adoption of smartphones and connected devices among
individual users, as well as the increasing use of digital content
platforms like OTT and online gaming. In 2020, over 2 billion
gamers were worldwide, with significant growth in emerging markets
like India and China. Gamers are investing in advanced
technologies to gain a competitive edge in professional gaming
events, leading voice assistant application vendors to partner with
esports enterprises. Additionally, the rise of smart appliances and
connected home environments, fueled by devices like smart speakers
from Amazon and Alphabet, will drive market growth. Technological
advances in smart TVs, such as Amazon's Fire TV Stick Basic Edition
with a voice assistant, will also contribute to market expansion.
By 2023, the global voice assistive smart speaker market is
projected to reach USD11.90 billion,
with a nearly 80% increase in US households and over 50% of web
searches being conducted via voice assistants. The global smart
kitchen appliance market is expected to reach USD24,931.26 million by 2023, with the
integration of AI in voice assistant applications encouraging
individual users to adopt these technologies. These factors
collectively will fuel the growth of the voice assistant
application market during the forecast period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global voice and speech analytics market is experiencing
significant growth, driven by the increasing demand for improved
customer experience and operational efficiency. Key players are
leveraging advanced AI and machine learning technologies to analyze
voice data, enhancing insights and decision-making processes across
various industries.
Simultaneously, the global smart home market is expanding
rapidly, fueled by advancements in IoT and the rising adoption of
smart devices. Major companies are focusing on integrating AI and
automation to offer seamless connectivity, energy efficiency, and
enhanced security, transforming modern living spaces into
intelligent environments.
Research Analysis
Voice assistant applications are revolutionizing the way we
interact with technology, powered by advanced AI technologies and
speech recognition. With the widespread adoption of voice-enabled
devices, customer engagement is at an all-time high. Low code
platforms are making it easier for businesses, even SMEs, to
develop voice assistant applications. According to Juniper
Research, the worldwide population of voice assistant users is
expected to reach 8.4 billion by 2024. Smart speakers are driving
the growth of voice-based systems, with online purchasing,
appointment setting, texting, and calling becoming common use
cases. The cloud segment is dominating the infrastructure
landscape, with cloud-based infrastructure and edge computing
enabling precise data processing. Voice assistant applications are
transforming industries such as banking, financial services,
insurance, media and entertainment, healthcare, and more. Machine
learning and voice recognition technologies are at the heart of
these applications, making them increasingly accurate and
personalized. However, the increasing use of voice assistant
applications also brings challenges, such as networked devices
being bandwidth hogs and the need for precise data processing.
Voice assistant applications are set to become essential tools for
businesses and individuals alike, offering convenience, efficiency,
and enhanced customer experiences.
Market Research Overview
The Voice Assistant Application market is experiencing rapid
growth as AI technologies and voice-enabled devices become more
prevalent. Customer engagement through voice interfaces is driving
adoption in various sectors, including banking, financial services,
insurance, media and entertainment, healthcare, and SMEs.
Juniper Research predicts that the number of voice assistant users
will reach 8.4 billion by 2024. Low code platforms and machine
learning are enabling the development of innovative voice assistant
applications, from appointment scheduling and texting to calling
and online purchasing. The cloud segment is dominating the
infrastructure landscape, with cloud-based infrastructure and edge
computing ensuring precise data and reducing bandwidth
requirements. Safety instructions, efficiency, and patient
experience are key drivers in the healthcare vertical, where
voice-based systems are revolutionizing chronic disease management.
Mergers and acquisitions are shaping the technology provider
landscape, with companies focusing on providing comprehensive
services and natural language processing capabilities. Voice
recognition technologies are improving continually, making voice
assistant applications increasingly accurate and efficient. The
rising case trends include voice assistant applications on mobile
devices and the integration of voice assistant applications with
networked devices, making voice-enabled systems a must-have for
businesses and individuals alike. Despite the benefits, challenges
remain, including the need for cloud-based infrastructure, the
potential for voice-enabled systems to be bandwidth hogs, and the
importance of ensuring safety instructions and privacy concerns are
addressed. The future of voice assistant applications lies in
providing precise data, efficient services, and innovative
solutions tailored to the needs of large enterprises and IT and
telecommunication companies.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Individual Users
- SMEs
- Large Enterprises
- Deployment
-
- Geography
-
- North America
- Europe
- APAC
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
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trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
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Technavio's comprehensive coverage, extensive research, and
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and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
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Email: media@technavio.com
Website: www.technavio.com/
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