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Global Voice Assistant Application Market is Expected to Grow at a CAGR of 24% in the Forecast Period of 2020-2025.

According to a new report by EMR titled, ‘Global Voice Assistant Application Market Report and Forecast 2020-2025’, the global voice assistant application market attained a value of about USD 1.9 billion in 2019. The industry is further expected to grow at a CAGR of 24% in the forecast period of 2020-2025 to reach a value of USD 7.7 billion by 2025.

The global voice assistant application market is being driven by the intensified emphasis on providing improved user service, businesses using social media networks as a prime communication tool, developments in Natural Language Processing (NLP), and Automatic Speech Recognition (ASR) technologies, and expanded omnichannel deployment. Over the past few years, the demand for technically sophisticated handheld apps has risen dramatically, along with the adoption of advanced assistive applications, voice support, and biometric identification by various smartphone devices. Mobile app developers are focused on incorporating new functions, like voice assistant applications, into their products. The significant development in smartphone games has caused the game industry to concentrate on creating voice assistance gaming systems.

Technological developments and continuous improvements by the major players in the industry are also aiding the market growth. Google, which is already a leader in online searching, is continuously streamlining its voice search options to match and exceed its rivals like Amazon Alexa and Apple Siri. The rising adoption and development of voice assistant applications by major tech companies are expected to propel the growth of the market in the coming years. Mozilla Firefox has already begun testing its web browser-based voice assistant since the beginning of 2020. Such developments are expected to influence the market growth positively.

Market Analysis by Component Type, Deployment Type, Company Size, Application, End Use, and Region:

  • Based on component type, the market can be divided into solutions and services.
  • On-premises and Cloud are the deployment types of the voice assistant applications.
  • On the basis of company size, the market is segmented into individual users, small and medium enterprises, and large enterprises.
  • The market, based on application, is categorised into web applications, mobile applications, and devices.
  • The market on the basis of end-use can be divided into banking, financial services, and insurance, healthcare, retail and e-commerce, media and entertainment, telecom and IT, manufacturing and automotive, education, travel and hospitality, and others.
  • The regional markets for the global voice assistant application market include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global voice assistant application market is aided by the rising penetration of smartphones and other smart devices, especially in the emerging markets
  • The rising internet penetration, combined with the falling data rates, is also influencing the market growth positively.
  • Technological advancements and app improvements by the major players in the industry are expected to influence the market positively.
  • The integration of these apps into a widening range of products is expected further propel the industry forward.

Key Offerings of the Report:

  • The EMR report gives an overview of the global voice assistant market for the periods (2015-2019) and (2020-2025).
  • The report also offers the historical (2015-2019) and forecast (2020-2025) markets for the component types, deployment types, company size, and the major regions in the global voice assistant application industry.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global voice assistant application market are IBM, Google, Amazon Web Service, Microsoft, Apple, Baidu, Nuance Communications, Salesforce, Verbio Technologies, Samsung, and Oracle, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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