Press release
Voice Assistant Market Poised for Growth Driven by Smart Homes, Connected Devices, and Voice Search
The global voice assistant market size was USD 18.20 Billion in 2023 and is expected to register a revenue CAGR of 9.8% during the forecast period. The voice assistant market is experiencing significant growth, fueled by the increasing popularity of connected devices, the rise of smart homes, and the growing demand for self-service applications. Voice search has also become a key contributor to this market's expansion, changing how consumers interact with technology in their daily lives.Key Market Drivers
Widespread Consumer Adoption of Voice Technology
A 2019 survey by PWC revealed that over 90% of consumers aged 18 to 64 have explored speech technology, with more than 70% using it at least once. Consumers increasingly turn to voice assistants for convenience and smart home applications. Businesses are also adopting voice technology to improve customer experiences and streamline operations.
Growth of Connected Devices
The increasing number of connected devices, combined with advancements in artificial intelligence and machine learning, is driving the adoption of voice recognition technologies. These technologies are now being used for tasks such as online shopping, banking, and scheduling appointments, replacing older speech recognition models with more accurate and efficient virtual assistants.
Proliferation of Voice-Activated Gadgets
The demand for voice-activated devices continues to grow. These gadgets, powered by text-to-speech technology, allow users to issue commands and receive verbal responses. Voice activation has improved customer service and enhanced daily tasks, with popular applications like Siri, Google Assistant, and Alexa becoming household names. As technology advances, usage of voice assistants is expected to increase.
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Market Challenges
Despite the market's growth, there are some challenges. One key issue is the limited integration of voice assistants with certain devices. Not all products are compatible with voice technology, which can slow market expansion. Furthermore, voice assistants can only respond to preprogrammed queries, limiting their effectiveness when asked questions outside their programmed scope.
In regions with multiple languages, such as Indonesia and India, native language communication can pose a barrier. However, advancements in speech recognition technology are improving the ability to understand regional languages, addressing this challenge.
Market Segment Insights
Product Insights: Dominance of Smart Speakers
In 2023, smart speakers represented the largest share of the voice assistant market, accounting for approximately 65-70% of revenue. These devices make everyday tasks more convenient, from playing music to managing appointments, thanks to speech recognition capabilities. Smart speakers typically include multiple microphones, allowing them to pick up commands from across the room and in noisy environments.
Technology Insights: Speech/Voice Recognition Leading
Speech and voice recognition technology accounted for the largest share of market revenue in 2023, driven by its ease of use and increasing demand for smart homes and voice-enabled devices. The growing number of smartphones equipped with speech recognition features is boosting the popularity of this technology. Natural language processing and accessibility are also key drivers in this segment.
Application Insights: Contact Centers on the Rise
In 2023, contact centers emerged as a major application area for voice assistants. By integrating voice technology, contact centers are improving employee performance and gaining valuable insights into customer behavior. Voice assistants in this space provide 24/7 personalized assistance, helping solve customer issues and enhancing service. The application of deep learning algorithms to improve speech solutions is expected to further drive growth in this segment.
End-Use Insights: Large Enterprises Lead
Large enterprises held the largest market share in 2023 due to their early adoption of automation and the need to manage vast amounts of data quickly. This trend is expected to continue as businesses increasingly rely on voice assistants for their operational needs. Additionally, small and medium enterprises (SMEs) are now investing in voice assistant technologies, particularly in the wake of the COVID-19 pandemic, which spurred adoption in sectors such as healthcare.
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Voice Assistant Top Companies and Competitive Landscape
The global voice assistant market is fairly consolidated with few large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective voice assistant solutions.
Some major players included in the global voice assistant market report are:
IBM Corporation
Nuance Communications Inc.
com
Microsoft
Google LLC
Apple Inc.
Nokia Corporations
Samsung Electronics
Verint Systems
Orange SA
Voice Assistant Latest Industry Updates
In November 2022, Sony has announced a new voice assistant for customer assistance in India in partnership with enterprise conversational AI firm Yellow.ai. The new "Isha" AI is a multilingual virtual agent that can answer clients' questions and, if required, put them in contact with real agents while conversing with them in Bengali, Hindi, and English.
In June 2022, Customers can now use voice commands to manage their speaker's thanks to a free software update from Sonos that introduces their voice assistant. Users may now voice requests for particular songs, albums, radio stations, or playlists through the Sonos app. Users of Sonos Voice Control can also use voice commands to group and ungroup speakers and save and like songs.
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Voice Assistant Market Segmentation Analysis
For the purpose of this report, Emergen Research has segmented global voice assistant market on the basis of product, technology, application, end-use, and region:
Product Outlook (Revenue, USD Billion; 2020-2033)
Smart Speakers
Personal Assitant
Technology Outlook (Revenue, USD Billion; 2020-2033)
Natural Language Processing
Speech/Voice Recognition
Text-to-Speech Recognition
Cancer Outlook (Revenue, USD Billion; 2020-2033)
Messenger Bots
Websites
Contact Centers
End-Use Outlook (Revenue, USD Billion; 2020-2033)
Individual Users
Large Enterprises
Small & Medium Enterprise
Regional Outlook (Revenue, USD Billion; 2020-2033)
North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Spain
Benelux
Russia
Rest of Europe
Asia Pacific
China
Japan
South Korea
India
ASEAN Countries
Oceania
Rest of APAC
Latin America
Brazil
Mexico
Rest of LATAM
Middle East & Africa
GCC Countries
Israel
Turkey
South Africa
Rest of MEA
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Explore the related report
Voice Assistant Market Size @ https://www.emergenresearch.com/industry-report/voice-assistant-market/market-size
Voice Assistant Market Share @ https://www.emergenresearch.com/industry-report/voice-assistant-market/market-share
Voice Assistant Market Trends @ https://www.emergenresearch.com/industry-report/voice-assistant-market/market-trends
Voice Assistant Regional Market Demand @ https://www.emergenresearch.com/industry-report/voice-assistant-market/regional-market-demand
Voice Assistant Market Analysis @ https://www.emergenresearch.com/industry-report/voice-assistant-market/market-analysis
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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