Voice Assistant Market Forecasted to Reach USD 7.30 Billion by 2025 | Voice Assistant Market Growth Analysis and Industry Forecast

Voice Assistant Market Research Report: Information by Technology (Natural Language Processing, Speech/Voice Recognition, and Text-to-Speech Recognition), Application (Messenger Bots, Websites, Contact Centers, and Others) — Forecast till 2027

Market Highlights

The global voice assistant is expected to garner a valuation of USD 7.30 BN by 2025, growing at an impressive CAGR of 24.32% throughout the review period (2019-2025). Voice assistants, with the advent of IoT, have become extremely efficient and convenient to use.

The global voice assistant is growing rapidly, witnessing the increasing adoption of the technology. A voice assistant is a digital assistant developed using artificial intelligence, machine learning, and voice recognition technologies. This technology facilitates remote device management and user behavior analysis for improved customer service. Besides, the market growth attributes to the increasing popularity of connected devices drive the growth of the market.

In connected home services, voice assistant serves as a primary interface for the users, providing personalized services triggered with voice commands. Conversely, the limited integration of voice assistants with devices is a major factor projected to impede market growth.

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Segmentation:

The global voice assistant market has been segmented based onthe technology, hardware products, application, enduser, and region.

Based on technology, the global voice assistant market is segmented into natural language processing, speech/voice recognition, and text to speech recognition.The natural language processing segment accounted for the largest market share of 53.6% in 2020, with a market value of USD 3,484.2 million; it is expected to register a CAGR of 17.2% during the forecast period. This is mainly attributed to the capability of NLP to integrate statistical, machine learning, and deep learning models with computational linguistics rule-based modeling of human languagein the form of text or speech data and 'understand' its whole meaning, including the speaker or writer's intent and sentiment. Whereas the speech/voice recognition segment was the second-largest market in 2020, valued at USD 1,776.8 million; it is projected to exhibit a CAGR of 17.9%. However, the text to speech recognition segment is expected to register the highest CAGR of 18.4%.

On the basis of hardware products, the voice assistant market is categorized into smart speakers & personal assistant, laptop, smartphones & tablets, set-top box (covering remote control with mic and far-field mic), and others-PC, wearable device, and healthcare. The smart speakers & personal assistant segment accounted for the largest market share of 75.2% in 2020, with a market value of USD 4,890.4 million; it is expected to register a CAGR of 17.5% during the forecast period. The laptop, smartphone & tablet segment was the second-largest market in 2020, valued at USD 877.4 million; it is projected to exhibit a CAGR of 17.9%. However, the set-top box (covering remote control with mic and far-field mic) segment is expected to register the highest CAGR of 19.2%.

By application, the voice assistant market has been divided into messenger bots, websites, contact centers, and others.A voice-activated messenger bot allows users to complete tasks on various gadgets without the need of using their hands, whereas chatbot widgets enablecommunication directly through browser-based bots even while they are offline with the help of integrated Web Speech API compatibility in browsers. However, the websites segmentaccounted forthe largest market share of 49.6% in 2020 and is expected to reach a market valuation of USD 9,734.9 million by the end of the forecast year 2027 with a CAGR of 17.5%.

Byend user,the global voice assistant market is divided into individual users, large enterprises, and SMEs.The individual users segment accounted for the largest market share of 60.2% in 2020, with a market value of USD 3,916.4 million; it is expected to register a CAGR of 17.6% during the forecast period. This was mainly due to the continuous shift in preference for smart home appliances and the growing demand for smart appliances integrated with IoT. Additionally, the large enterprises segment was the second-largest market in 2020, valued at USD 1,559.9 million; owing to the need of reducingthe human load and make mundane tasks more manageable, mainly across large enterprises operating in the healthcare, government, banking, financial services, insurance, and retail, among other sectors.

Regional Analysis:

North America dominates the global voice assistant market. The key market share attributes to the increasing popularity and availability of various voice assistants in the region. Besides, the increase in demand for commercial vehicles with an advanced voice recognition system drives the market's growth. Moreover, the presence of major manufacturers and considerable spending on lifestyles increase the adoption of voice assistant and, therefore, market sales.

Moreover, the high per-capita income foster market growth. With the presence of various technologically advanced firms and the rapid adoption of voice assistants across the end-users, the US accounts for a significant market share in the region. The North American voice assistant market is projected to retain its dominance, registering 23.05% CAGR throughout the forecast period.

The Asia Pacific region stands second in the global voice assistant market. The market growth is driven by relatively faster adoption and the rising sales of voice assistants in Japan, India, China, and South Korea. Additionally, the shift in production bases of several global voice assistant developers and technological advances influences the regional market's growth.

The regional market is projected to witness exponential revenues backed by the increasing demand for innovative products and voice-first technology in countries such as Japan, China, and India. Furthermore, the growing need for customer relationship management increases the size of the regional market. The APAC voice assistance market is expected to grow at 26.38% CAGR during the forecast period.

Europe also holds a substantial share in the global voice assistant market. Factors such as the high standards of living of people and the increase in IoT investments by vendors are major driving factors for the market. Moreover, the presence of advanced infrastructure and the increasing adoption of advanced technology in various European countries boost the market's growth.

Competitive Analysis

The prominent players operating in the voice assistant market include IBM Corporation (US), Nuance Communications Inc. (US), Amazon.Com, Inc. (US), Microsoft Corporation (US), Google LLC (US), Apple Inc. (US), Samsung Electronics (South Korea), Cisco Systems Inc. (US), Orange S.A. (France), Verint Systems Inc. (US), and Creative Virtual Ltd. (UK).

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