Voice Assistant Application Market Overview 2024: Trends, Drivers, and Challenges

"The Business Research Company recently released a comprehensive report on the Global Voice Assistant Application Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The voice assistant application market size has grown exponentially in recent years. It will grow from $4.38 billion in 2023 to $5.72 billion in 2024 at a compound annual growth rate (CAGR) of 30.6%. The growth in the historic period can be attributed to proliferation of smart devices, integration into smart home ecosystems, rise of virtual assistants in business.

The voice assistant application market size is expected to see exponential growth in the next few years. It will grow to $17.25 billion in 2028 at a compound annual growth rate (CAGR) of 31.8%. The growth in the forecast period can be attributed to integration with wearable devices, healthcare applications and voice commands, multilingual and multimodal capabilities, voice commerce and e-commerce integration. Major trends in the forecast period include rise of voice-enabled healthcare solutions, integration with in-car systems, customization and personalization, voice assistants in business and enterprise.

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Market Drivers and Trends:

The growing voice-enabled devices are contributing to the growth of the voice assistant application market. The voice-activated device recognizes spoken instructions and inquiries, and commonly employs text-to-speech to play a response. Over time, voice activation technology has aided in the provision of assistance, the management of customer experience, and increase productivity. Another layer of increased customer assistance and interactions has been added due to an app that includes Alexa, Siri, Google Assistant, and Cortana. For instance, according to Oberlo, a drop shipping app, in 2020, 111.8 million people in the USA using voice search features, up 9.5% from the previous year. By 2021, it is predicted to have grown by 9.7% to 122.7 million users.

The AI-based voice assistant is a key trend gaining popularity in the voice assistant application market. Major companies operating in the voice assistant application sector are focused on developing AI-based voice assistants to offer users an alternative way to interact with their various business apps. For instance, in June 2022, Athenahealth, a US-based healthcare company that provides network-enabled services and mobile apps, introduced athenaOne, an AI-based voice assistant technology. AthenaOne is a completely integrated, mobile-integrated, voice-guided digital companion that speeds up information retrieval and enables healthcare workers to carry out clinical duties without using their hands. The new iOS-based mobile gadget enables doctors to naturally and reliably dictate medical paperwork while spending more time talking with patients.

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Major Key Players of the Market:

Apple Inc., Google LLC, Samsung Group, Amazon Web Services, IBM Corporation, Microsoft Corporation, Cisco Systems Inc., Orange S.A, Oracle Corporation, SAP SE, Salesforce Inc., Baidu Inc., Avaya LLC, Verbio AG, Writer, Nuance Communications Inc., Verint Systems, Inbenta, SoundHound AI Inc., Kata.ai, Let's Nurture Infotech Pvt Ltd., Aivo, Rasa, Avaamo, Zaion, Mindsay, Creative Virtual, Orbita, Slang Labs, Clinc, Uniphore, Cleo AI Ltd., Clarigent Health, Datch

Voice Assistant Application Market 2024 Key Insights:

• The voice assistant application market size is expected to see exponential growth in the next few years. It will grow to $17.25 billion in 2028 at a compound annual growth rate (CAGR) of 31.8%.
• The Rise Of Voice-Enabled Devices Fuels Growth In The Voice Assistant Application Market
• AI-Based Innovations Revolutionizing The Voice Assistant Application Market
• North America was the largest region in the voice assistant application market in 2023

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