Voice Assistant Application Market to grow by USD 10.33 billion between 2022 - 2027, Growth Driven by Digital transformation

NEW YORK, Oct. 13, 2023 /PRNewswire/ — The Voice Assistant Application Market report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the voice assistant application market between 2022 and 2027 is USD 10.33 billion. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

Digital transformation is one of the key factors driving the global voice assistant application market growth. This is due to the adoption of new technologies such as high-speed broadband and the introduction of voice-over-internet protocol (VoIP) services on cell phones. Furthermore, online learning is transforming traditional educational processes through the implementation of advanced technologies such as cloud computing, IoT, Big Data analytics, and augmented reality. Hence, these advanced developments help voice assistant application vendors to integrate the horizontal and vertical structures of the organization with new technologies, which will drive market growth during the forecast period.

Market Challenge –
One of the key challenges to the global voice assistant application market growth is data privacy and security concerns.
In the past, cybersecurity was concentrated on a limited number of connected devices.
Many countries have assumed that network security in high-security zones is a threat to national security, as these network areas may be exposed to terrorist attacks.
As a result, some nations have restricted a few areas of voice assistant applications, including vehicle and infrastructure communication, due to security breaches.
Hence, such challenges may hinder the market growth during the forecast period.

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The voice assistant application market is segmented by Application (Individual users, SMEs, and Large enterprises), Deployment (Cloud and On-premise), and Geography (North America, Europe, APAC, Middle East and Africa, and South America).

By application, the individual user segment will be significant during the forecast period. The increasing adoption of smart appliances and connected home environments using devices such as smart speakers is another factor for the growth of the segment. This segment is expected to grow fastest during the forecast period due to the increasing adoption of smartphones and smart-connected devices by individual users. Furthermore, the various factors in emerging markets such as increased adoption of online gaming by individuals, increased use of digital content platforms such as over-the-top (OTT), and use of voice assistant applications are expected to drive the growth of the segment during the forecast period.
By geography, North America is estimated to contribute 33% to the growth of the global market during the forecast period. View a FREE Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the voice assistant application market:

Alphabet Inc., Amazon.com Inc., Apple Inc., Artificial Solutions International AB, Huawei Technologies Co. Ltd., International Business Machines Corp., Microsoft Corp., Nuance Communications Inc., Oracle Corp., Orbita Inc., Robin Labs, RoboBot Studio, Salesforce.com Inc., Samsung Electronics Co. Ltd., SAP SE, SoundHound Inc., Verbio Technologies SL, Voiceflow Inc., Xiaomi Communications Co. Ltd., Baidu Inc.

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The US – voice recognition market for smartphones is estimated to grow at a CAGR of 12.47% between 2022 and 2027. The market size is forecast to increase by USD 124.36 million. This US voice recognition market for smartphones report extensively covers market segmentation by technology (automatic speech recognition and text-to-speech), and deployment (cloud-based and embedded). Increasing adoption of technologically advanced mobile devices is the key factor driving the growth of the market.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Deployment

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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