The voice assistant landscape market was valued at USD XX million in 2017 and is expected to register a moderate CAGR of XX, during the forecast period (2018-2023). The scope includes application in different end-user industries, such as IT & telecom, automotive, healthcare, and various others. The regions considered under the scope of the report include North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa. —
Growing popularity of voice assistants are mainly due to changing lifestyle and preferences of people, convenience in terms of providing better content and acting as a curator for various activities, along with providing an emotional touch to the consumers.
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Growing Adoption of Smart Homes
The use of voice assistance is seen in smart home appliances as it can communicate and has emerged as an effective solution to save energy, thus, minimizing energy costs. Revenue from smart homes adoption is expected to grow at a rate of 25% during the forecast period. Major factors, such as rising purchasing power and changing lifestyles of people are driving the demand for smart home appliances worldwide. Alexa is Amazon’s voice service adopted by consumers to control smart home devices, such as cameras, door locks, entertainment systems, lighting, and thermostats.
BFSI - The Highest Growing Segment
The increase in consumer usage of voice-based assistants in banking system is mainly due to highly personalized uses to make consumers easy, apart from saving time. Moreover, it makes banking more comprehensive especially for the visually impaired, giving them more freedom in day-to-day banking. U.S. banks became the first to allow customers to use Amazon echo to check their balance, obtain the transaction history, and make credit-card payments thus, making them more customer-centric.
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North-America accounted for the largest market share especially from US mainly due to increase in adoption of these smart temperature management solutions by various domains and low operational cost. However, Asia-Pacific is expected to grow moderately during the forecast period owing to presence of large number of electronic manufacturers, increasing government initiatives and the growing adoption of these solutions by various sectors.
Key Developments in Market
January 2018 : Google joined with Sony and Lenovo for smart speakers with voice-controlled assistance in order to challenge Amazon’s dominance in emerging market
October 2017 : Motorola integrated with Amazon Alexa for providing better voice-controlled convenient functionalities
Major Players : APPLE, GOOGLE, MICROSOFT CORPORATION, MOTOROLA CORPORATION, amongst others.
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The Region that is expected to witness the fastest growth during the forecast period
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