WASHINGTON, May 31, 2023 (GLOBE NEWSWIRE) -- The Global Voice Assistants Market is valued at USD 2.9 Billion in 2022 and is projected to reach a value of USD 22.2 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 33.5% over the forecast period 2022-2028.
Market Overview
The market for this good is anticipated to expand due to the need for greater efficiency in service-based organizations and the integration of Virtual Assistants (V.A.S) powered by A.I. across various devices, including PCs, tablets, and smartphones. Distantly. The use of cloud-based products like Skype and Microsoft Office Online has expanded due to advancements made throughout time. With the help of these cloud-based solutions, more people are working from home and relying heavily on V.A.s to do their responsibilities. As a result, it presents vast potential for market expansion.
We forecast that the smart speakers in Voice Assistants market sales will account for more than 35% of total sales by 2030. Smart speakers have been widely adopted, and it is projected that this widespread adoption will continue to drive the market in the future. Residential users mostly use smart speakers for daily tasks. The use of smart speakers in the best level and automobile has also been in high demand. For instance, Alexa (Amazon) can broadcast music, manage smart appliances, including HVAC and audio systems, turn on/off lights, and set alarms and reminders.
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Market Dynamics
Healthcare Vertical Support Market Expansion
The advantages of Voice Assistant programs for boosting productivity and enhancing the patient experience are being examined by healthcare providers. To demonstrate the effectiveness of tone technology, several healthcare brands are doing so in an intelligent manner. Applications for Voice Assistants in the medical field can support patients' treatment of chronic diseases. For instance, Sugarpod is a type 2 diabetes management system that assigns patients specific duties based on their preferences. With Voice Assistant integration, Sugarpod enables patients to control their therapeutic regimens and track their success efficiently.
Increased Demand for Smart Banking Drives Market Growth
These customers will soon want their bank to offer the same conveniences as other apps. Similarly, omnichannel voice interactions are changing how many big financial companies provide customer care. For their mobile banking apps, U.S. Bank and Bank of America have created specialist Voice Assistants that can help with everything from money transfers to bill reminders—just like speaking with a real bank teller. Their efforts are paying off, as just two months after her debut, Bank of America's Voice Assistant Erica has reached one million users.
Top Players in the Global Voice Assistants Market
- Apple Inc. (U.S.)
- Amazon Web Services Inc. (Seattle, U.S.)
- Baidu Inc. (Beijing, China)
- Google LLC (California, U.S.)
- IBM Corp (Armonk, U.S.)
- Microsoft Corp. (Redmond, U.S.)
- Motorola Solutions Inc. (Chicago, U.S.)
- Nuance Communications Inc. (Burlington, U.S.)
- Orbita Inc. (U.S.)
- Salesforce.com Inc. (San Francisco, U.S.)
- SAP SE (Germany)
- SAS Institute Inc. (U.S.)
- Verbio Technologies (Spain)
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Top Trends in the Global Voice Assistants Market
- One trend that Vantage Market Research (VMR) expects to see in the Voice Assistants industry is the growing demand for cloud-based deployment mode. As the advantages of cloud-based technologies become more widely known, it is expected that the cloud market for Voice Assistant software will rise rapidly. Since that far too many businesses have moved to private or public clouds, the sellers are placing a big emphasis on creating solid cloud-based solutions for their clients. Moreover, cloud-as-a-service is assisting businesses in managing costs and enhancing their agility. Cloud-based solutions are frequently preferred by Small and Medium-sized Companies since they are practical and simple to deploy (SMEs).
- Another trend that VMR predicts will continue in the Voice Assistants industry is its increasing trend of smart speakers. With the growing acceptance of voice-based user interfaces, there has been a rise in interest for smart speakers. This has fueled the industry's expansion. Smart speakers may now offer more advanced features and functionalities thanks to the development of new technologies like artificial intelligence (AI) and natural language processing (NLP), which is boosting the industry's expansion. The introduction of new features and functionalities is causing the sector to innovate quickly. The sector is expanding as a result of the rising demand for smart speakers.
Top Report Findings
- Based on the Component, the solution category controls most of the Voice Assistants market's revenue due to the growing demand for improved client service and the use of social networks for advertising and complaint handling. For more effective operational processes and increased productivity, small and medium-sized businesses are increasingly increasing Voice Assistant technologies.
- Based on Deployment Type, most of the Voice Assistants market's revenue is controlled by the cloud-based category. Due to the huge boost in data collection and the expanding use of mobile devices and social media, the demand for cloud-based deployment is anticipated to rise. The market expansion of this niche is accelerated by falling data storage costs and rising cloud computing adoption.
- Based on Organisational Size, the Large Enterprise category controls most of the Voice Assistants market's revenue because of the vast amounts of money, data, and technical progress. Large companies, however, are investing more in Voice Assistants to raise productivity, enhance client relations, and boost productivity.
- Based on the Channel, the Smart Speaker category controls most of the Voice Assistants market's revenue. In recent years, the cost of smart speakers has dramatically dropped, making them more accessible to a wider range of consumers. This has contributed to the industry's continued expansion. NLP is a type of artificial intelligence that enables users to command smart speakers. A.I. offers greater benefits in creating conversation language ability to process information. These cutting-edge technologies help the market expand.
- Based on the Application area, most of the Voice Assistants market's revenue is controlled by the Connected Healthcare category. Since VA in healthcare makes it possible for patients and clinicians to interact and communicate, demand for the product is rising overall. Using their smartphones allows for continuous monitoring of the patient's status and records voice data. Additionally, it employs Natural Language Processing (NLP) to comprehend the patient's needs and situations and provides reports with insightful data. In addition, hospitals use IVR to handle duties like appointment booking and lab results requests. As a result, healthcare inefficiencies are decreased, and patient engagement is enhanced. Also, they offer 24/7 help, which increases demand.
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Recent Developments in the Global Voice Assistants Market
- In June 2022, Sonos will release a free software update, including its Voice Assistant, enabling customers to control their speakers using voice commands. Users may now request voice requests for specific songs, albums, radio stations, or playlists via the Sonos app. Moreover, Sonos Voice Control users can group and ungroup speakers and store and enjoy songs using voice commands.
- In November 2022: Sony has introduced a new Voice Assistant for customer assistance in India in partnership with enterprise conversational AI firm Yellow.ai. The brand-new "Isha" artificial intelligence (AI) is a multilingual virtual agent that can communicate with customers in Bengali, Hindi, and English while responding to their inquiries or, if necessary, connecting them to human agents.
- August 2021: Avaya acquired CTIntegrations, a Texas-based software development and system integration company specializing in contact center software. This acquisition will enhance the Avaya OneCloud AI-powered experience platform and provide Avaya's extensive contact center customer base with additional digital capabilities.
- April 2021: AWS has introduced a new voice option for Alexa-powered speakers and devices. Ziggy is a new male-sounding vocal option that is now available for devices.
- August 2021: Samsung introduced the Bixby 3.0 Voice Assistants in India with several India-specific features and English (India) language support. The first smartphones to receive the update are the Samsung Galaxy S21, Galaxy A52, and Galaxy A72.
Connected Healthcare Category of the Application Area Segment of the Voice Assistants Market Anticipated to Generate a Considerable Amount of the Segment Revenue
For better understanding, based on the Application Area, the Voice Assistants market is divided into Smart Retail & eCommerce, Smart Banking, Connected Healthcare, Smart Transportation, Smart Manufacturing, Smart Learning, and Others (smart government, telecom, smart hospitality, media and entertainment, smart energy and utilities, and supply chain management).
The Connected Healthcare market was the largest by application, and it is anticipated to hold the top spot during the projected period. Using speech recognition, healthcare professionals can solve problems like poor handwriting and inadequate health process documentation. Recording clinical notes is an important task that Voice Assistants can perform in operating rooms or any doctor's office. In addition, hospitals employ IVR to manage tasks like scheduling appointments and requesting test results. Patient engagement is increased as a result, and healthcare inefficiencies are reduced. They also provide assistance around-the-clock, which raises demand.
On the other hand, the Smart Learning category is anticipated to grow significantly. While someone else reads the text, you can engage with the pupils using a Voice Assistant as a reading tool. To transition your class to another activity, teachers can also employ Voice Assistants to help create reminders for the classroom or alarms for pupils.
North America Region Expected to Generate Closed to Half of the Total Global Revenue of Voice Assistants Market in Projected Period
The North American region is anticipated to do so in the coming years. The expansion of the North American geographic segment is primarily driven by the considerable presence of technology providers and the rising adoption of Voice Assistant applications by end-use sectors like healthcare and Retail. To survive in the very competitive local and international market, the vendors in this area are concentrating on forming alliances, merging with other businesses, and offering cutting-edge solutions. The U.S. market has been the largest contributor to North America because of continual innovation and the adoption of new technology. The Voice Assistant application is widely used in the BFSI, media & entertainment, healthcare, and retail industries. It is projected that virtual assistant solution providers in North America will integrate and make Voice Assistant application solutions and services available to enterprises.
The Asia Pacific regional market is projected to develop the fastest in the Voice Assistants market. Companies are increasingly relying on Voice Assistant applications due to a marked increase in the requirement to improve customer experience. The region's established internet infrastructure and high adoption rate of cutting-edge technologies are driving the market's expansion. The market for Voice Assistant applications is rising due to the increased use of smart devices, smart homes, the Internet of Things, and connected gadgets. IVAs for interactions and relationships have proven to be quite successful at doing business tasks like organizing appointments and consulting across various industries, thanks to Automation development. Working remotely has become more common as a result of evolving BYOD tendencies. Working from home gives employee’s flexibility and enables a V.A. to complete the assigned tasks more quickly. They promote overall productivity and job efficiency further. Similarly, the healthcare industry in North America has acknowledged the advantages of IVAs and is concentrating on enhancing the effectiveness of medical systems.
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on Voice Assistants Market Forecast Report (2023-2030).
Global Voice Assistants Market Segmentation
By Component
- Solutions
- Services
By Deployment mode
- On-premises
- Cloud
By Organization Size
- Small & Medium-Sized Enterprises (SMEs)
By Channel
- Websites
- Mobile Application
- Contact Centers
- Smart Speakers
- Social Media
By Application Area
- Smart Retail & eCommerce
- Smart Banking
- Connected Healthcare
- Smart Transportation
- Smart Manufacturing
- Smart Learning
- Others (Smart Government, Telecom, Smart Hospitality, Media & Entertainment, Smart Energy & Utilities, and Supply Chain Management)
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 2.9 Billion |
| Revenue Forecast by 2030 | USD 22.2 Billion |
| CAGR | 33.5% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Apple Inc., Amazon Web Services Inc., Baidu Inc., Google LLC, IBM Corp, Microsoft Corp., Motorola Solutions Inc., Nuance Communications Inc., Orbita Inc., Salesforce.com Inc., SAP SE, SAS Institute Inc., Verbio Technologies |
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