The Worldwide Voice Assistant Application Industry is Expected to Reach $11.2 Billion by 2026
DUBLIN, Oct. 18, 2021 /PRNewswire/ -- The "Voice Assistant Application Market with COVID-19 Impact by Component, Deployment Mode, Organization Size, Channel Integration (Websites, Mobile Applications), Application Area (Smart Banking, Connected Healthcare), and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The analyst projects the voice assistant application market to grow from USD 2.8 billion in 2021 to USD 11.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 32.4% during the forecast period.
Major factors driving the growth of the voice assistant application market include advancements in voice-based AI technologies, rising adoption of voice-enabled devices, increasing focus on customer engagement, and the emergence of low-code platforms for voice assistant applications.
By component, services segment to grow at a higher CAGR during the forecast period
As the majority of companies require their customer service operations to be more automated, voice assistant applications offer greater levels of personalization in customer self-service and continuously increase the self-service utilization and work completion rate. Large enterprises focus on customer satisfaction and customer retention and hence, have the highest requirement of voice assistant applications for improved customer engagement. Premise-based managed services are often used by financial organizations to adhere to the security regulations for data while providing optimal service to their customers.
By deployment mode, cloud segment to lead the market during the forecast period
Cloud computing is one of the most effective technologies today. Voice assistants rely on a cloud-based architecture since data has to be sent back and forth to centralized data centers. There are several benefits offered by the cloud deployment mode, such as reduced operational and maintenance cost, simple deployments, and higher scalability. Due to increasing awareness of the benefits of cloud-based solutions, cloud deployment for voice assistant applications is expected to grow tremendously. The solution providers are focusing on the development of robust cloud-based solutions for their clients, as many organizations have migrated to either a private or a public cloud.
By region, Asia Pacific to grow at the highest CAGR during the forecast period
The voice assistant application market in APAC is expected to experience strong growth in the coming years. The voice assistant application market in APAC is expected to experience strong growth in the coming years due to the rising digitalization and the increasing adoption of advanced AI and ML technologies. Big technology vendors are partnering with local Asian vendors to expand their presence in APAC. Countries such as China, Japan, India, Singapore, and Australia have a high penetration in the voice assistant application market and provide solutions that resolve the complex queries faced by customers. APAC countries have enormous potential to grow further due to the fast adoption of technologies such as cloud and AI.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Global Voice Assistant Application Market
4.2 North American Market, 2021
4.3 Asia-Pacific Market, 2021
4.4 Market, by Country
5 Market Overview and Market Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Advancements in Voice-Based AI Technologies
5.2.1.2 Rising Adoption of Voice-Enabled Devices
5.2.1.3 Increasing Focus on Customer Engagement
5.2.1.4 Emergence of Low-Code Platforms for Voice-Assistant Applications
5.2.2 Restraints
5.2.2.1 Inability to Recognize Customer Intent and Respond Effectively
5.2.2.2 Dearth of Complete Accuracy in User's Voice Authentication
5.2.3 Opportunities
5.2.3.1 Rising Demand for AI-Based Voice Assistant Applications Across Various Verticals
5.2.3.2 Increase in Online Purchasing
5.2.4 Challenges
5.2.4.1 Lack of Awareness About the Effect of Implementing Voice Assistant Technologies in Various Application Areas
5.3 Industry Trends
5.3.1 Case Study Analysis
5.3.2 Disruptive Technologies
5.3.2.1 Artificial Intelligence and Machine Learning
5.3.2.2 Deep Learning
5.3.2.3 Natural Language Processing
5.3.2.4 Automated Speech Recognition
5.3.2.5 Smart Displays
5.3.3 Value Chain Analysis
5.3.4 Ecosystem
5.3.5 Porter's Five Forces Model
5.4 COVID-19 Pandemic-Driven Market Dynamics and Factor Analysis
5.4.1 Overview
5.4.2 Drivers and Opportunities
5.4.3 Restraints and Challenges
5.4.4 Cumulative Growth Analysis
6 Voice Assistant Application Market, by Component
6.1 Introduction
6.1.1 Component: Market Drivers
6.1.2 Component: COVID-19 Impact
6.2 Solutions
6.2.1 Standalone
6.2.1.1 Demand for Enhanced Customer Experience to Drive the Adoption of Standalone Voice Assistant Solution
6.2.2 Integrated
6.2.2.1 Low Deployment Cost to Drive the Adoption of Integrated Voice Assistant Solution
6.3 Services
6.3.1 Consulting
6.3.1.1 Growing Demand for Implementing Voice Assistant Solutions to Boost the Consulting Services
6.3.2 Support and Maintenance
6.3.2.1 to Overcome the System-Related Issues Effectively, Voice Assistant Application Vendors to Offer Support And Maintenance Services in the Market
6.3.3 Implementation
6.3.3.1 Technicalities Involved in Implementing Voice Assistant Solutions to Boost the Implementation Services
7 Voice Assistant Application Market, by Deployment Mode
7.1 Introduction
7.1.1 Deployment Mode: Market Drivers
7.1.2 Deployment Mode: COVID-19 Impact
7.2 On-Premises
7.2.1 Bfsi and Healthcare Increasingly Opting for On-Premises Solutions to Adhere to Government Regulations
7.3 Cloud
7.3.1 Reduced Operational Maintenance Cost to Boost the Cloud Deployment Mode
8 Voice Assistant Application Market, by Organization Size
8.1 Introduction
8.1.1 Organization Size: Market Drivers
8.1.2 Organization Size: COVID-19 Impact
8.2 Small and Medium-Sized Enterprises
8.2.1 Flexible Pricing to Drive the Adoption of Voice Assistant Solutions in Small and Medium-Sized Enterprises
8.3 Large Enterprises
8.3.1 Need for Streamlining Business Processes to Drive the Adoption of Voice Assistant Solutions in Large Enterprises
9 Voice Assistant Application Market, by Channel Integration
9.1 Introduction
9.1.1 Channel Integration: Market Drivers
9.1.2 Channel Integration: COVID-19 Impact
9.2 Websites
9.2.1 Increasing Adoption of Web Applications by Workforce to Drive the Growth of the Market
9.3 Mobile Applications
9.3.1 Mobile Voice Assistant Applications to Improve User Experience as Well as Reduce Time to Find the Right Content
9.4 Social Media
9.4.1 Increase in the Usage of Social Media for Customer Engagement to Drive the Growth of the Market
9.5 Contact Centers
9.5.1 Voice Assistants Help in Handling Large Call Volumes and Providing Faster Customer Service
9.6 Smart Speakers
9.6.1 Increasing Adoption of Smart Speakers to Lead to the Growth of the Voice Assistant Application Market
10 Voice Assistant Application Market, by Application Area
10.1 Introduction
10.2 Smart Retail and Ecommerce
10.2.1 Smart Retail and Ecommerce: Market Drivers
10.2.2 Smart Retail and Ecommerce: COVID-19 Impact
10.3 Smart Banking
10.3.1 Smart Banking: Voice Assistant Application Market Drivers
10.3.2 Smart Banking: COVID-19 Impact
10.4 Connected Healthcare
10.4.1 Connected Healthcare: Market Drivers
10.4.2 Connected Healthcare: COVID-19 Impact
10.5 Smart Transportation
10.5.1 Smart Transportation: Market Drivers
10.5.2 Smart Transportation: COVID-19 Impact
10.6 Smart Manufacturing
10.6.1 Smart Manufacturing: Market Drivers
10.6.2 Smart Manufacturing: COVID-19 Impact
10.7 Smart Learning
10.7.1 Smart Learning: Market Drivers
10.7.2 Smart Learning: COVID-19 Impact
10.8 Others
10.8.1 Others: Voice Assistant Application Market Drivers
10.8.2 Others: COVID-19 Impact
11 Voice Assistant Application Market, by Region
12 Competitive Landscape
12.1 Overview
12.2 Market Evaluation Framework
12.3 Key Market Developments
12.3.1 Product Launches
12.3.2 Deals
12.3.3 Others
12.4 Market Share Analysis of Top Players
12.5 Historical Revenue Analysis
12.6 Company Evaluation Quadrant Overview
12.7 Company Evaluation Quadrant Methodology and Definitions
12.7.1 Star
12.7.2 Emerging Leaders
12.7.3 Pervasive
12.7.4 Participant
12.8 Company Product Footprint Analysis
12.9 Company Market Ranking Analysis
12.10 Startup/SME Evaluation Matrix Methodology and Definitions
12.10.1 Progressive Companies
12.10.2 Responsive Companies
12.10.3 Dynamic Companies
12.10.4 Starting Blocks
13 Company Profiles
13.1 Major Players
13.1.1 Apple
13.1.2 Aws
13.1.3 Google
13.1.4 Microsoft
13.1.5 IBM
13.1.6 Cisco
13.1.7 Samsung
13.1.8 Oracle
13.1.9 Sap
13.1.10 Avaya
13.1.11 Baidu
13.1.12 Verint Systems
13.1.13 [24]7.AI
13.2 Start-Up/SME Players
13.2.1 Haptik
13.2.2 AIvo
13.2.3 Soundhound
13.2.4 Creative Virtual
13.2.5 Zaion
13.2.6 Mindsay
13.2.7 Verbio
13.2.8 Slang Labs
13.2.9 Kata.AI
13.2.10 Clinc
13.2.11 Rasa
13.2.12 Inbenta
13.2.13 Avaamo
14 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/11ize7
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