Voice Assistants Market

The global Voice Assistants Market was valued at USD 2.9 Billion in 2022 and is projected to reach a value of USD 22.2 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 33.5% between 2023 and 2030.

Premium Insights

Voice Assistants can provide pertinent information based on the user's instructions, also known as intentions, by listening for specific keywords and filtering out background noise. Although Voice Assistants may be software-based and integrated into most devices, some assistants, such as the Amazon Alexa Wall Clock, are designed for single-device applications only. Voice Assistants are already integrated into various everyday devices, including mobile phones, personal computers, and smart speakers. Due to their extensive integrations, numerous Voice Assistants provide a highly specialized feature set. In contrast, others prefer to be open-ended to assist with virtually any situation. As natural language processing and automated speech recognition technologies advance, the Voice Assistants Market is anticipated to expand significantly.

Due to the rapid growth of IoT data, rising adoption of smart homes, increasing instances of voice search, rising awareness of the benefits of cloud-based solutions, and high demand for self-service applications, the Global Voice Assistants Market is anticipated to expand. The accelerated adoption of cloud technology by the banking, financial services, and insurance (BFSI), retail and e-commerce, healthcare, and automotive industries creates growth opportunities for the Voice Assistants market. Cloud technology enhances corporate productivity and enables necessary business structure adjustments. A cloud platform enables businesses to implement Voice Assistants technology with a variety of configurations and to gain efficient access to it.

Additionally, younger consumers and households with children are accelerating the development of voice-activated search engines. The emergence of an omnichannel environment coupled with artificial intelligence propels voice shopping in consumer retail services. Customers can use voice-assistance technology to ask product-related questions, monitor shipments, and return merchandise. The Voice Assistants program contributes to increased passage capacity for processing client orders and requests, thereby contributing to market growth. Voice Assistants applications can assist with routine tasks such as placing an online order, scheduling an appointment, turning on connected lights, and acting as a hassle-free facilitator for messaging or calling in response to voice commands.

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Economic Insights

Due to several interconnected crises and challenges, the world economy is at a crossroads. The inflation issue is still unresolved because of the uncertainty surrounding the course of Russia's war with Ukraine this year. Inflation in necessities like food and oil will persist as a major economic problem. Consumer spending and confidence will be negatively impacted by higher retail inflation. The economy and job creation will slow as governments boost interest rates to battle inflation.

Top Market Trends

1. Increasing Number of Products: Apple's Siri, Microsoft's Cortana, and Google's Assistant are just a few examples of Voice Assistants apps that have succeeded in various industries. SMEs also play an important role in developing intelligent Voice Assistants technology and the Voice Assistants application industry. According to the "Cisco Annual Internet Report," the number of devices connected to internet networks this year will exceed three times the global population. According to the report, there will be approximately 3.6 networked devices per person in 2019, up from 2.4 in 2018. Additionally, the report predicts that there will be 29.3 billion networked devices in 2019, up from 18.4 billion in 2018. Numerous new devices with enhanced capabilities and intelligence are developed and introduced to the market annually. As connected devices rise, Voice Assistants application solutions will be popular.
2. Improving Capabilities: Customers can only receive assistance from Voice Assistants fed accurate information when they pose preprogrammed questions. Therefore, if a client asks a query about which the Voice Assistants is ignorant, they will be unable to comprehend what the mean and cannot respond. In countries with multiple regional languages, such as Indonesia and India, people prefer their native tongues to English for daily communication. In India, advances in speech recognition have made it easier to comprehend regional Indian languages. During the COVID-19 pandemic, popular Voice Assistants applications provided relatively simple information on rising case trends, as well as safety instructions from the World Health Organization (WHO), Centers for Disease Control and Prevention (CDC), and National Institutes of Health (NIH).

Market Segmentation

The global Voice Assistants market can be categorized on the following: Component, Deployment Mode, Organization Size, Channel, Application Area, and Region. Based on the Component, the market can be categorized into Solutions and Services. Additionally, based on Deployment Mode, the market can be split between On-Premises and Cloud. Moreover, based on Organization Size, the market can be further differentiated into Small and Medium-sized Enterprises (SMEs). Additionally, based on Channel, the market can be fragmented between Websites, Mobile Applications, Contact Centers, Smart Speakers, and Social Media. Moreover, based on Application Area, the market can be split into Smart Retail and eCommerce, Smart Banking, Connected Healthcare, Smart Transportation, Smart Manufacturing, Smart Learning, and Others (Smart Government, Telecom, Smart Hospitality, Media & Entertainment, Smart Energy & Utilities, and Supply Chain Management). Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Components

Solutions to Lead Market Segment Owing to Rising Need for Consumer Engagement

Voice Assistants application solution providers offer both standalone and integrated Voice Assistants application solutions. Voice Assistants application solutions can comprehend the conversation's context and underlying emotions, allowing for seamless integration with back-end data and third-party databases to facilitate more granular personalization. Increasing customer engagement demand across multiple channels would fuel the Voice Assistants application solutions market.

Based on Organization Size

SMEs to Accommodate Largest Market Share Due to Limited Resources & Higher Business Requirements

Small and medium-sized enterprises (SMEs) are crucial in boosting the overall development potential and creating high-quality jobs. The plurality of businesses in all regions, including North America, Europe, Asia-Pacific, and the Rest of the World, are led by SMBs. Due to their limited resources, SMEs must effectively manage their processes, communications, and operations to meet business requirements. Voice Assistants applications provide flexible pricing, enabling businesses to serve various markets, including the public and private sectors.

Based on Channel

Smart Speakers to Accommodate Largest Market Owing to Improving Speech Recognition Capabilities

In 2022, the smart speaker segment accounted for approximately 60-64% of the market revenue for Voice Assistants. Voice Assistants and smart speakers give the home a new dynamic. Their speech recognition capabilities and convenience facilitate daily activities such as scheduling appointments, playing music, and making online purchases. Their simplicity permits us to keep our minds up and hands-free. The popularity of smart speakers has increased, and users now anticipate quicker responses, a more discreet design, and ultra-reliable interoperability. While playing music, most smart speakers use multiple microphones to gather up voices. The majority of smart speakers include up to four microphones. These allow voice commands to be transmitted from a distance and over ambient noise from any location in the room.

Based on the Application Area

Connected Healthcare to Account for the Largest Revenue due to Rising Utilization in Patient-Related Surgeries

The advantages of Voice Assistants applications for increasing efficiency and enhancing the patient experience are being evaluated by healthcare providers. As a result, many healthcare companies are utilizing voice-assisted technology intelligently, providing concrete evidence of its efficacy. Voice Assistants applications in healthcare can aid in administering patients' chronic diseases. Sugarpod, a solution for managing type 2 diabetes with custom assignments for diabetes patients, is based on their preferences. Sugarpod's integration with Voice Assistants enables patients to manage their treatment procedures effectively and track their progress. For instance, Alexa from Amazon and the telemedicine service Teladoc Health will always be accessible on Amazon Echo devices. A Teladoc physician will call back customers who have requested to communicate with a physician via Alexa. In certain circumstances, physicians may be authorized to prescribe drugs.

Based on Region

North America to Accommodate Maximized Revenue Due to Improving Technological Aspects

The significant presence of technology providers and the increasing adoption of Voice Assistants applications by end-use industries, such as healthcare and retail, fuel the expansion of the North American geographic segment. The vendors in this region emphasize partnerships, mergers, and innovative solutions to remain competitive on a regional and international scale. According to HP Development Company, one in three American households has a smart speaker, and 81% have Voice Assistants on their smartphones, such as Google's Voice Assistants. The increasing adoption of connected devices in the United States expands the North American market segment. Because of continuous innovation and the adoption of new technology, the US market has been North America's largest contributor. The BFSI, media & entertainment, healthcare, and retail industries extensively use the Voice Assistants application. It is anticipated that virtual assistant solution providers in North America will integrate Voice Assistants application solutions and services and make them available to enterprises.

Due to increased IT investments in developing nations such as Japan, China, and India and an increase in the number of contact centers in the region, the Asia-Pacific Voice Assistants market is expected to grow at the highest CAGR during the forecast period. A further advantage of advanced AI is that it guarantees that every request is sent to the assistant to provide the most optimal and pleasurable interaction possible. In Asia-Pacific, virtual assistant solutions and services are anticipated to integrate and deploy Voice Assistants application solutions and services for enterprises. For example, regional market leaders such as Google, Amazon, IBM, Microsoft, and Apple hold the largest market shares in the Voice Assistants application industry.

Competitive Landscape

The market is anticipated to be extremely competitive due to the presence of numerous well-known companies. These participants employ several strategic initiatives to increase their market presence and share. These include partnerships, mergers and acquisitions, sales and marketing activities, product launches, and research and development. These patented medical devices allowed the company to expand its line of equine products and strengthen its market position in veterinary regenerative medicine.

The key players in the global Voice Assistants market include - Apple Inc. (U.S.), Amazon Web Services Inc. (U.S.), Baidu Inc. (China), Google LLC (U.S.), IBM Corp (U.S.), Microsoft Corp. (U.S.), Motorola Solutions Inc. (U.S.), Nuance Communications Inc. (U.S.), Orbita Inc. (U.S.), Salesforce.com Inc. (U.S.), SAP SE (Germany), SAS Institute Inc. (U.S.), Verbio Technologies (Spain) among others.

Recent Market Developments

• In June 2022, Sonos will release a free software update, including its Voice Assistant, enabling customers to control their speakers using voice commands. Users may now request voice requests for specific songs, albums, radio stations, or playlists via the Sonos app. Moreover, Sonos Voice Control users can group and ungroup speakers and store and enjoy songs using voice commands.
• In November 2022: Sony has introduced a new Voice Assistant for customer assistance in India in partnership with enterprise conversational AI firm Yellow.ai. The brand-new "Isha" artificial intelligence (AI) is a multilingual virtual agent that can communicate with customers in Bengali, Hindi, and English while responding to their inquiries or, if necessary, connecting them to human agents.
• August 2022: Avaya acquired CTIntegrations, a Texas-based software development and system integration company specializing in contact center software. This acquisition will enhance the Avaya OneCloud AI-powered experience platform and provide Avaya's extensive contact center customer base with additional digital capabilities.
• April 2021: AWS has introduced a new voice option for Alexa-powered speakers and devices. Ziggy is a new male-sounding vocal option that is now available for devices.
• August 2021: Samsung introduced the Bixby 3.0 Voice Assistants in India with several India-specific features and English (India) language support. The first smartphones to receive the update are the Samsung Galaxy S21, Galaxy A52, and Galaxy A72.

Segmentation of the Global Voice Assistants Market