Voice Assistant Application Market to Register an Incremental Growth of USD 10,334.37 Million by 2027
Key Highlights :
New York, May 30, 2023 /PRNewswire/ -- The latest report on voice assistant application market, from 2022 to 2027 estimates to register an incremental growth of by USD10,334.37 million, at a CAGR of 30.4% during the forecast period. The market is fragmented due to the presence of diversified international and regional vendors. Online learning transforms traditional educational processes through the implementation of advanced technologies such as IoT, cloud computing, Big Data analytics, and augmented reality. OTT services help users to view online videos at home through laptops/desktops or TV screens, using different devices, and most such device providers offer inbuilt voice assistant applications. Hence, such developments help voice assistant application vendors to integrate the horizontal and vertical structures of the organization with advances in IT, which will drive market growth during the forecast period.
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The soft skills training market report covers the following areas:
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Alphabet Inc., Amazon.com Inc., Apple Inc., Artificial Solutions International AB, Huawei Technologies Co. Ltd., International Business Machines Corp., Microsoft Corp., Nuance Communications Inc., Oracle Corp., Orbita Inc., , RoboBot Studio, Salesforce.com Inc., Samsung Electronics Co. Ltd., SAP SE, SoundHound Inc., Verbio Technologies SL, Voiceflow Inc., Xiaomi Communications Co. Ltd., and Baidu Inc. are among some of the major market participants.
Voice Assistant Application Market is segmented as below:
• By Technology
o Voice Recognition
o Speech Recognition
• By End-User
o Healthcare
o Consumer Products
o Automotive
o Enterprise Contact Centers
o Others
• By Geography
o North America
o Europe
o Asia Pacific
o South America
o Middle East & Africa
The market share growth by the will be significant for overall market growth during the forecast period. The segment is expected to grow fastest during the forecast period, mainly due to the increasing adoption of smartphones and smart connected devices by individual users. There is an increased use of digital content platforms such as over-the-top (OTT), increased adoption of online gaming by individuals, and use of voice assistant applications in emerging markets such as and were the significant segments during this period. Hence, such factors drive segment growth during the forecast period. The size is estimated to grow at a CAGR of 13.72% between 2022 and 2027. The market size is forecast to increase by USD 14,859.93 million.
This voice speech recognition software market report extensively covers market segmentation by technology (voice recognition and speech recognition), end-user (healthcare, consumer products, automotive, enterprise contact centers, and others), and geography ( , , APAC, , and and ). The increasing adoption of technologically advanced mobile devices is notably driving the market growth. The size is estimated to grow by USD 938.28 million between 2022 and 2027 at a CAGR of 16.77%. This report extensively covers market segmentation by end-user (commercial sector, industrial sector, and residential sector), type (voice sounders, loudspeakers, emergency microphones, and networked and wireless system), and geography (APAC, , , and , and ). The growth of the real estate and construction industries is notably driving the voice evacuation systems market growth.
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