Voice Assistant Market : Global Industry Is Expected to Reach a USD 7 Billion and Grow at a CAGR of 34% by Forecast to 2023
Voice Assistant Market Research Report by Forecast to 2023
Pune, India -- (SBWire) -- 03/16/2018 --Voice Assistant Global Market Overview:
Voice assistants are software programs that respond to voice commands in order to perform a range of tasks. They can find an opening in a consumer's calendar to schedule an appointment, place an online order for tangible goods, and act as a hands-free facilitator for texting, among many, many other tasks.
Voice searches provide users with various benefits like hands free computing and also offers translation features. Technology giants have come up with their voice assistants like Apple's Siri and Amazon's Echo which make the mobile user experience more convenient and user friendly too. Companies like Samsung, Orange, Alibaba, and Motorola have also entered into this market. Alexa, Amazon's voice assistant holds the largest market share of voice assistant market with the growing popularity of its application. Apple's Siri on iOS supports many languages making it more flexible to use. Owing to growing applications on mobile devices and smartphones, there is a rapid increase in the instances of voice search.
The major growth driver of Voice Assistant Market includes increasing instances of voice research, emerging smart homes market, and high demand for self service applications. However, high cost, and complex device integration are some of the major factors hindering the growth of Voice Assistant Market.
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Major Key Players:
Amazon, Inc. (U.S.), Google, Inc. (U.S.), Apple, Inc. (U.S.), Microsoft Corporation (U.S.), Samsung Group (South Korea), Orange S.A. (France), Next IT Corporation (U.K.) , Creative Virtual Ltd. (U.S.), Nuance Communications (U.S.) and Nokia Networks (Finland) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Voice Assistant market.
February 2018 – Samsung announced to introduce second version of Bixby 2.0 along with Galaxy Note 9. The new version would be capable to analyse complicated voice commands.
February 2018 – Telefonica, a Spanish mobile operator, introduced new voice assistant tool called "Aura" integrated with artificial intelligence. The new AI tool has introduced to around 17 markets globally including Europe and Latin America.
Voice Assistant Global Market Regional Analysis:
Global Voice Assistant Market, by region is led by North America in 2016. The technological advancement, developed network architecture and high adoption rate of smart voice assistant speakers is expected to drive the market in North America in the coming years. Europe has successfully counted on second position globally. Asia-Pacific among all region is considered to be the fastest growing region due to improvement in network infrastructure and increasing adoption of cloud based services by industries which thereby expected to fuel the market growth in the region.
Voice Assistant Global Market Competitive Analysis:
The market position analysis is derived by considering various factors such as financial position, segmental R&D investment, brand value, Voice Assistant product portfolio, strategy analysis, and key innovations in Voice Assistant market. The major players holding prominent position in the Voice Assistant Market are Amazon, Google, Microsoft Corporation, Apple, Samsung and others.
The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
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Voice Assistant Global Market Segmentation:
The Voice Assistant Market can be classified into 4 key segments as follows:
Segmentation by Technology: Speech recognition, text to speech recognition, and voice recognition.
Segmentation by Application: Messenger bots, websites, contact centers, and others.
Segmentation by End-Users: SMEs, and large enterprises.
Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia Pacific and Rest of the World.
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