The global voice assistant market is expected to grow at a CAGR of 27.7% during the forecast period with its market size predicted to reach USD 5,843.8 million by 2024. Globally, voice assistant industry players are leveraging market growth through product partnerships, mergers & acquisitions, and geographic expansion. For example, in November 2018, Microsoft Corporation acquired XOXCO Inc., to enhance its approach of democratizing AI development, dialog and conversation, and integration of conversational experiences.
BFSI category held the largest share in the voice assistant market in 2018
Based on vertical, the voice assistant market is segmented into BFSI, retail and e-commerce, healthcare, automotive, and others. Among these segments, the BFSI category held the largest share in the market in 2018. This is attributed to the high demand for financial institutes with AI-powered voice assistants to increase customer experience and inclined towards digitalization.
However, the healthcare industry is anticipated to witness the fastest growth in the market during the forecast period owing to the rising adoption of the internet of things (IoT), growing focus on patients’ engagement, and a growing number of chronic disorders.
Based on end-user, the voice assistant market is segmented into SMEs, large enterprises, and individuals. Among these segments, large enterprises category held the largest share in the market in 2018. This is attributed to the early shift of enterprises toward automation and needs to manage the huge amount of data in less time.
Geographically, North America has accounted for the largest share in the voice assistant market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the existence of a large number of established players in the U.S., increasing number of investments related to the adoption of AI, increasing preference for automated work operations in contact centers, huge investment on IT, and increasing adoption of emerging technologies, such as machine learning, natural language processing, and deep learning in the region.
Some of the key players operating in the global voice assistant market are IBM Corporation, Salesforce.com Inc., Amazon.com Inc., Apple Inc., Microsoft Corporation, Verint Systems Inc., Nokia Corporation, Alphabet Inc., Orange SA, and Samsung Electronics Co. Ltd
Key Takeaway from the Report:
Among all the components, the solutions category held a larger share in the market in 2018. However, the service category is expected to witness faster growth during the forecast period.
Of all the vertical, the healthcare category is expected to witness faster growth during the forecast period. Of all the deployment, the on-premises category held the larger share in the voice assistant market in 2018.
Among all the technologies, the NLP category is expected to witness faster growth during the forecast period. Among all the applications, the contact centers category is anticipated to witness the fastest growth in the market during the forecast period.
Among all the end-users, the large enterprises’ category held the largest share in the market in 2018.
The Report Offers:
Historical market estimate for the years 2014–2018 and forecast for the years 2019–2024
Insight on current market trends, market dynamics, key opportunities and major challenges in the industry
Market insights by in-depth segmentation with industry dynamics.
Competitive analysis and benchmarking of the industry leaders and their product offerings
Profiles of leading players and innovators, their financial overview and product portfolio
Analysis of key industry trends and recent developments
Value chain analysis and distribution channel analysis with opportunity assessment
VynZ Research is a market research company that offers research, analysis and consulting services on business strategies. The company focuses on providing valuable insight into various technology areas such as chemistry, automotive, transportation, energy, consumer durables, healthcare, ICT and other emerging technologies. VynZ Research helps companies make strategic decisions to drive their business growth. The reports developed by VynZ are based on market data, which includes a comprehensive analysis and quantification of market drivers, industry dynamics, opportunities, challenges, threats, market shares and expected new trends and technologies that occur in a variety of industries.
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