Global voice assistant market is projected to exhibit a CAGR of over 30% during the forecast period, growing from $ 1.2 billion in 2018 to $ 5.4 billion by 2024

Global Voice Assistant Market, By Technology (Speech Recognition, Text to Speech Recognition, Voice Recognition & Natural Language Processing), By Application (Messenger Bots, Websites, Contact Centers & Others), By End User, By Region, Competition, Forecast & Opportunities, 2024

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NEW YORK, Dec. 2, 2019 /PRNewswire/ -- Global voice assistant market is projected to exhibit a CAGR of over 30% during the forecast period, growing from $ 1.2 billion in 2018 to $ 5.4 billion by 2024, on account of increasing proliferation of smartphones and advanced features such as ability to recognize different languages, respond via text or voice. Voice assistants are programs that can perform a variety of tasks ranging from placing an order online to scheduling an appointment. Voice assistant has application in various end user verticals, such as Large Enterprise, SME and Individual Users.

Global voice assistant market can be segmented based on technology, application and end user.On the basis of technology, the market can be segmented into speech recognition, text to speech recognition, voice recognition and natural language processing.

Text to speech recognition is the leading segment in global voice assistant market, as it makes easier for customers to interact with smartphones and its customers.On the basis of application, the market can be classified into message bots, websites, contact centers and others.

Websites segment is expected to register the fastest growth during forecast period, owing to high consumer inclination towards self service options.

Regionally, the market for voice assistant is gaining traction and expanding to various regions including Asia-Pacific, North America, Europe, South America and the Middle East & Africa.Owing to the vast base of smartphone users and presence of leading players in the region, North America is anticipated to dominate global voice assistant market in coming years.

Asia-Pacific voice assistant market is likely to witness significant adoption of voice assistants during the forecast period, on the back of increasing demand from emerging economies such as India and China.

Major players operating in global voice assistant market include Apple Inc., Google LLC, Microsoft Corporation, Amazon Webservices, Inc., Nuance Communications Inc., Samsung Electronics Co., Ltd, Orange SA, Oracle Corporation, SAP SE, Next IT Corporation (Verint System Inc.), etc. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments. Assistants such as Google Assistance, Apple Siri and Microsoft Cortana have been introduced by players operating in the market.

Years considered for this report:

Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020-2024

Objective of the Study:

• To analyze and forecast global voice assistant market size.
• To classify and forecast global voice assistant market based on technology, application, end user and regional distribution.
• To identify drivers and challenges for global voice assistant market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global voice assistant market.
• To conduct the pricing analysis for global voice assistant market.
• To identify and analyze the profile of leading players operating in global voice assistant market.
Some of the leading players in global voice assistant market include Amazon Inc., Apple Inc., Google Inc., Nuance Communications, Microsoft Corp., Samsung Group, Orange S.A., Sony Corp., Alibaba Group Holding Ltd., Motorola Solutions, Inc., Next IT Corp., etc.

The analyst performed both primary as well as exhaustive secondary research for this study.Initially, the analyst sourced a list of service providers across the globe.

Subsequently, the analyst conducted primary research surveys with the identified companies.While interviewing, the respondents were also enquired about their competitors.

Through this technique, the analyst could include the service providers which could not be identified due to the limitations of secondary research. The analyst examined the service offerings, distribution channels and presence of all major service providers across the globe.
The analyst calculated global voice assistant market size by using a bottom-up approach, where data for various end-user segments was recorded and forecast for the future years. The analyst sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size.

Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by the analyst.

Key Target Audience:

• Voice assistant module designers and providers
• Start-up companies
• Research organizations and consulting companies
• Government bodies such as regulating authorities and policy makers
• Organizations, forums and alliances related to voice assistant market
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as service providers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.

Report Scope:

In this report, global voice assistant market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
• Market, by Technology:
o Speech Recognition
o Text to Speech Recognition
o Voice Recognition
o Natural Language Processing
• Market, by Application:
o Messenger Bots
o Websites
o Contact Centers
o Others
• Market, by End User:
o SME
o Large Enterprise
o Individual User
• Market, by Region:
o North America
United States
Canada
Mexico
o Europe
United Kingdom
Germany
France
Italy
Spain
o Asia-Pacific
China
Japan
India
Australia
South Korea
o Middle East & Africa
Israel
UAE
Saudi Arabia
South Africa
o South America
Brazil
Argentina
Colombia

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in global voice assistant market.

Available Customizations:

With the given market data, we offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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