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Voice Assistant Market Size Worth USD 14.2 billion by 2030 | CAGR: 26.5%

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The global voice assistant market size was US$ 1.5 billion in 2020. The global voice assistant market size is forecast to reach the value of US$ 14.2 billion by 2030 by growing at a compound annual growth rate (CAGR) of 26.5% during the forecast period from 2021-2030. 

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Voice assistant is a digital service that provides digital assistant with the use of natural language processing (NLP), voice recognition, and speech synthesis. Siri (Apple) was the primary digital virtual assistant. Apart from that, Alexa (Amazon), Bixby (Samsung) are the other examples of voice assistants.

Factors Influencing

  • The rising demand for voice assistant technology, mainly from the contact centers, is driving the market growth.
  • Growing e-commerce websites and businesses and surging demand for customer satisfaction are propelling the growth of the global voice assistant market.
  • Rising demand to establish efficient customer support services, majorly in the automotive, retail, healthcare, and BFSI sector, would fuel the market growth. Moreover, increasing advancements in imaging technologies would create significant opportunities for the market players during the analysis period.
  • However, privacy concerns are the major factor hampering the growth of the global voice assistant market.
  • The growing trend of smart homes is forecast to contribute to market growth in the future.

Geographic Analysis

Regionally, North America is the largest shareholder in the global voice assistant market. The region would remain dominant in terms of revenue, mainly because of the presence of various established players, rising investments and advancements in the AI industry, and the growing adoption of automated technologies. The market is witnessing the increasing adoption of machine learning, natural language processing, and deep learning technology in the region, mainly in the United States. As a result of such factors, the global voice assistant market would grow significantly in North America.

The Asia-Pacific region is forecast to witness rapid growth because of the growing IT investments, booming industrialization, and urbanization in emerging countries like China and India. Moreover, the rising era of eCommerce business and contact centers for customer support would significantly contribute to the growth of the global voice assistant market in the region.

COVID-19 Impact Analysis

The ongoing COVID-19 crisis emerged as a significant opportunity for the growth of automation and other technologies, such as DevOps, big data, machine learning, deep learning, artificial intelligence, and smart home. Due to the terror of infection, various manufacturers considered automation technologies the best way to enhance the efficiency of the work without any risk. The global voice assistant market gained traction during the COVID-19 epidemic because of the rising automation investments, sudden shift in the mode of organizational working, and the advent of smart homes.

Competitors in the Market

  • IBM Corporation
  • Salesforce.com Inc.
  • Amazon.com Inc.
  • Apple Inc.
  • Microsoft Corporation
  • Verint Systems Inc.
  • Nokia Corporation
  • Alphabet Inc.
  • Orange SA
  • Samsung Electronics Co. Ltd.
  • Other prominent players

Market Segmentation

Insight by Component

  • Solutions
  • Services

Insight by Deployment

  • On-Premises
  • Cloud

Insight by Technology

  • Natural Language Processing (NLP)
  • Speech Recognition
  • Voice Recognition
  • Text-To-Speech Recognition

Insight by Application

  • Messenger Bots
  • Websites
  • Contact Centers
  • Others

Insight by End User

  • SMEs
  • Large Enterprises
  • Individuals

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • Western Europe
      • The UK
      • Germany
      • France
      • Italy
      • Spain
      • Rest of Western Europe
    • Eastern Europe
      • Poland
      • Russia
      • Rest of Eastern Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia & New Zealand
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa (MEA)
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of MEA
  • South America
    • Brazil
    • Argentina
    • Rest of South America

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Updated : 2022-01-22 23:33 GMT+08:00

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