Voice Assistant Application Market size is set to grow by USD 10.33 billion from 2023-2027, digital transformation boost the market, Technavio

NEW YORK, April 18, 2024 /PRNewswire/ -- The global voice assistant application market size is estimated to grow by USD 10334.37 mn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of 30.4% during the forecast period. The voice assistant application market is thriving in sectors like Internet services, telecommunication, BFSI, healthcare, and media and entertainment. Telecom's 4G and 5G tech, high-speed broadband, and VoIP services on cell phones are transforming user preferences. Healthcare benefits from voice assistants through efficiency, patient experience, chronic disease management, and innovative solutions. Technology providers offer services like NLP, deployment types (cloud), and AI technologies for voice-enabled devices. Key players include Juniper Research, focusing on customer engagement, low code platforms, and the cloud segment. SMEs and large enterprises in IT and telecommunication also adopt these solutions. 

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Segment Overview 

This voice assistant application market report extensively covers market segmentation by Application (Individual users, SMEs, Large enterprises) Deployment (Cloud, On-premise) Geography (North America, Europe, APAC, Middle East and Africa, South America)

Market segmentation by Application

The voice assistant application market is experiencing significant growth, particularly in the healthcare vertical. Cloud technology, with its efficiency and scalability, plays a pivotal role in delivering voice assistant services. Chronic disease management, customer engagement, and natural language processing are key areas of innovation. Merger acquisitions among technology providers continue to shape the landscape, offering a range of services from AI technologies to voice-enabled devices. According to Juniper Research, voice assistant users on mobile devices will reach 8.4 billion by 2024. Large enterprises in IT and telecommunication, banking, financial services, insurance, media and entertainment, and healthcare sectors are increasingly adopting cloud-based voice assistant applications. These solutions enable seamless access to data and services, including weather forecasts, news updates, music streaming, and automated smart homes. Deployment types range from cloud to low code platforms, catering to various enterprise sizes. Voice recognition and speech recognition technologies are essential components, enabling online purchasing and enhancing user experience. The market is expected to grow further with the integration of AI technologies and the increasing popularity of smart speakers.

Geography Overview

The Voice Assistant Application Market is experiencing significant growth, with AI technologies and voice-enabled devices becoming increasingly integrated into various industries and individual use. According to Juniper Research, major revenue contributors to this market include the US and Canada. End-user industries, such as automotive, retail, healthcare, media and entertainment, hospitality, and BFSI, are adopting voice assistant applications to enhance customer engagement and improve operational efficiency. In 2018, nearly 20% of US adults used smart speakers, with Amazon and Alphabet holding a dominant market share. SMEs and the cloud segment are also embracing voice assistant applications, with banking, financial services, and insurance being key verticals. Machine learning and voice recognition technologies are driving innovation, enabling features such as appointment scheduling, texting, and calling. The technology provider landscape is diverse, with services including natural language processing and deployment types ranging from cloud to enterprise size, large enterprises included. As voice assistant users continue to increase and bandwidth requirements rise, cloud-based infrastructure and edge computing are essential for precise data and safety instructions. Rising case trends include merger acquisitions and the healthcare vertical's application in chronic disease management. 

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• The voice assistant application market is expanding as consumers prioritize convenience with smart home devices. In North America and Europe, AI technologies and voice-enabled devices are driving growth. In developing economies like India, penetration is increasing but will take time. Amazon Alexa and other voice assistants enable voice control of smart home devices using speech recognition and natural language processing. Key sectors include banking, healthcare, and media entertainment. Cloud infrastructure and edge computing support precision data and rising case trends. Safety instructions and innovative solutions are key for user engagement.
• The Voice Assistant Application Market faces significant challenges due to data privacy and security concerns, as these applications rely on the Internet and various networks. With the IoT revolution, there's a massive integration of physical and virtual worlds, leading to increased cybersecurity risks. Key trends include machine learning, voice recognition, and natural language processing in appointment texting, calling, and healthcare verticals. Large enterprises utilize cloud-based infrastructure and edge computing for precise data and improved efficiency. Mergers and acquisitions drive innovative solutions for voice assistant users on mobile devices.

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Research Analysis

The Voice Assistant Application market is experiencing significant growth, driven by the increasing adoption of AI technologies and voice-enabled devices. According to Juniper Research, the worldwide population of smart speaker users is projected to reach 85.9 million by 2023. This trend is leading to increased customer engagement in various sectors, including Banking, Financial Services, Insurance, Media and Entertainment, Healthcare, and SMEs. Voice recognition technologies, powered by machine learning algorithms, are at the heart of these applications. They enable users to perform tasks such as appointment scheduling, texting, and calling through voice commands. Voice assistant applications are also bandwidth hogs, necessitating the use of cloud-based infrastructure and edge computing for precise data processing. These voice-based systems are transforming online purchasing and customer service, making interactions more convenient and efficient. As the number of networked devices continues to grow, the role of voice assistant applications in enhancing user experience and streamlining business processes is becoming increasingly important.

Market Research Overview

In the dynamic and innovative technology landscape, the Voice Assistant Application market stands out as a game-changer. With the integration of Artificial Intelligence (AI), technologies like Technologies, Cloud, and Devices enable Voice Assistants to understand, learn, and respond to user queries in an engaging and efficient manner. Customers can enjoy hands-free interaction with their daily tasks, from setting reminders and making calls to managing smart homes and accessing entertainment. Companies like Apple (Siri), Google (Google Assistant), Amazon (Alexa), Microsoft (Cortana), and Samsung (Bixby) are leading this market, offering various features such as natural language processing, context awareness, and personalized services. The market is expected to grow significantly due to increasing consumer preference for convenience and the continuous advancement of technology.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio