CHICAGO, Oct. 1, 2021 /PRNewswire/ -- According to a research report "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", published by MarketsandMarkets™, the Voice Assistant Application Market size is projected 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 emergence of low-code platforms for voice assistant applications.
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By component, the solutions segment to lead the market during the forecast period
Voice assistant application solutions comprise standalone as well as integrated solutions. They offer foundational capabilities for enhancing conversational experiences, such as communication based on multiple languages, dispatching, questions & answers (Q&A), and conversational insights. These solutions are developed with more upgrading cognitive computing technologies, which can perform multiple requests and complex tasks, such as scheduling a meeting or booking an air ticket.
By channel integration, the mobile applications segment to grow at the highest CAGR during the forecast period
Voice assistants running on mobile apps are integrated with speech recognition and NLP technology to recognize speech and human conversations. These voice assistants help businesses in the real-time monitoring of customer behaviors, trends, and interactions. Voice assistant applications are widely adopted by companies for better customer engagement, marketing, branding, reduced costs, and multiple interaction channels.
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North America to hold the highest market share during the forecast period
North America has emerged as the largest contributor among all the regions in terms of development and adoption of voice assistant application solutions and services. The countries contributing to the Voice Assistant Application Market growth in the region include the US and Canada. These countries have a well-established economy, which enable voice assistant application vendors to invest in new technologies. Enterprises across North America are prevalently adopting voice-based digital assistants to improve customer experience and streamline business processes.
The major players of the Voice Assistant Application Market include AWS (US), Apple (US), Avaya (US), Cisco (US), Google (US), IBM (US), Microsoft (US), Oracle (US), Samsung (South Korea), and SAP (Germany).
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