Voice Assistant Market Size, Share, Scope and Comprehensive Analysis

A lot of people, both men and women, have either of two girlfriends they are increasingly talking to during the day: Siri and Alexa. In a short time, these voice assistants have become so popular that people often talk to them just for entertainment, asking pointless questions to hear even-more-pointless and often-hilarious answers. Moreover, voice assistants help people control the operations of electrical and electronic devices, such as TVs, home automation systems, fridges, and washing machines and even automobiles (certain features) via spoken commands.

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Thus, with technological advancement widening the application area of such programs, the voice assistant market value, as calculated by P&S Intelligence, is set to grow from $1,723.6 million in 2019 to $26,872.6 million by 2030, at a 29.7% CAGR between 2020 and 2030. While Alexa and Siri might still be babies in human years, voice assistants themselves are not. Whenever someone calls up a big company or even a government helpline, they often hear a human voice asking them to press certain numbers on the dial pad depending on the purpose of the call; this is one of the earliest and most-common forms of voice assistants.

This negates the need to have actual humans looking after these routine and repetitive tasks, who can engage with the customer only after the latter’s actual purpose of calling the helpline has been established. Moreover, such voice assistant software can help solve the basic queries of customers, while for the specifics and a detailed interaction, humans can be employed. This is one of the biggest reasons the usage of such software is growing in contact centers around the world.

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For instance, the banking, financial services, and insurance (BFSI) sector uses them in their digital banking platforms. The retail and e-commerce sector also uses this software on their shopping portals. Similarly, the automotive sector has voice assistants embedded in navigation and infotainment systems. Similarly, the manufacturing sector uses them for spoken alerts and warnings, such as those on system malfunction and factory evacuation. Moreover, in the transportation sector, automated train, metro, and flight boarding announcements and even warnings and alerts inside the cockpits are common applications of voice assistants.

Therefore, the usage of such interactive virtual assistants will increase around the world as people look to make their life easier.

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This release was published on openPR.