Voice Assistant Market 2020 - 2023: Business Trends, Industry Profit Growth, Global Segments, Competitor Landscape, Top Key Players and Emerging Technologies

Voice Assistant Market Overview:

In its research report, Market Research Future (MRFR), emphasizes that the global voice assistant market 2020 is expected to grow exponentially over the review period, securing a substantial market valuation from USD 1.68 Billion in 2018 to USD 7.30 Billion by 2025 and a healthy 24.32% CAGR over the review period.

The growing prevalence of connected apps, changing preference to smart homes, rising instances of voice search, and high demand for self-service applications are driving this market's growth in the first place. With the introduction of IoT, voice assistants have become incredibly powerful and easy to use. Amazon.com Inc. has a large share of Echo's voice assistant market while Google Home ranks second on the list. The market has seen significant growth in the adoption of connected devices and the generation of IoT data due to the growing adoption of IoT. Within the connected home systems, voice assistants are expected to act as a primary user interface and provide them with customized voice command-triggered systems. Voice Assistant Marketprovides a smooth user interface in connected devices and has improved the way consumers communicate with apps. This helps optimize the benefit of connected devices and enhance the experience of the customers. However, one of the main constraints for the growth of the voice assistant market is the restricted integration of voice assistants with smartphones.

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Competitive Analysis:

The major market players operating in the global market as identified by MRFR are Nuance Communications (U.S.), IBM Corporation (U.S.), Amazon.com, Inc (U.S.), Google LLC (U.S.), Microsoft Corporation (U.S.), Apple Inc (U.S.), Samsung Electronics (South Korea), Cisco Systems, Inc (U.S.), Verint Systems Inc (U.S.), Orange S.A (France), and Creative Virtual Ltd (U.K.).

Segmental Analysis:

The voice assistant market has been segmented based on technology, application, and end-user.

·       By technology, the market is segmented into speech recognition systems, natural language processing, text to speech recognition, voice recognition, and others.

·       By application, the market has been segmented into messenger bots, websites, contact centers, and others. By the end-user, the market has been segmented into SMEs and large enterprises.

·       Regional Analysis

·       The geographical overview of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world. Asia Pacific is expected to see relatively faster adoption on the global voice assistant market and is expected to rise at the highest CAGR over the forecast period compared to other regions.

Regional Study:

The voice assistant market in North America is expected to see substantial growth as compared to other regions and hold the largest market share over the forecast period. North America accounted for 47.3% of the largest market share in 2018, with a market value of USD 796.02 million; the company is projected to record a CAGR of 23.05 % over the forecast period. Both the U.S. and Canada are expected to drive voice assistant market growth. It is due to the presence in that area of a large number of existing leading players and the growing adoption of voice-first technology. Also, the region has a well-established infrastructure that allows higher smartphone penetration which ultimately provides high-speed connectivity and is expected to be a major factor for voice assistant market growth.

Countries throughout Europe like Germany, France and Great Britain. Boosting the growth of voice assistant market is expected. Throughout Europe, people's high living standards have led to increased investments by vendors throughout IoT, and this is the main driving force for voice assistant market growth. The presence of advanced infrastructure and the increasing employment of the technological advancements in numerous countries are other factors fueling the market growth of the voice assistant market.

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