The global voice assistant market size was US$ 1.5 billion in 2020. The global voice assistant market size is forecast to reach the value of US$ 14.2 billion by 2030 by growing at a compound annual growth rate (CAGR) of 26.5% during the forecast period from 2021-2030.
Voice assistant is a digital service that provides digital assistant with the use of natural language processing (NLP), voice recognition, and speech synthesis. Siri (Apple) was the primary digital virtual assistant. Apart from that, Alexa (Amazon), Bixby (Samsung) are the other examples of voice assistants.
Factors Influencing
Geographic Analysis
Regionally, North America is the largest shareholder in the global voice assistant market. The region would remain dominant in terms of revenue, mainly because of the presence of various established players, rising investments and advancements in the AI industry, and the growing adoption of automated technologies. The market is witnessing the increasing adoption of machine learning, natural language processing, and deep learning technology in the region, mainly in the United States. As a result of such factors, the global voice assistant market would grow significantly in North America.
The Asia-Pacific region is forecast to witness rapid growth because of the growing IT investments, booming industrialization, and urbanization in emerging countries like China and India. Moreover, the rising era of eCommerce business and contact centers for customer support would significantly contribute to the growth of the global voice assistant market in the region.
COVID-19 Impact Analysis
The ongoing COVID-19 crisis emerged as a significant opportunity for the growth of automation and other technologies, such as DevOps, big data, machine learning, deep learning, artificial intelligence, and smart home. Due to the terror of infection, various manufacturers considered automation technologies the best way to enhance the efficiency of the work without any risk. The global voice assistant market gained traction during the COVID-19 epidemic because of the rising automation investments, sudden shift in the mode of organizational working, and the advent of smart homes.
Competitors in the Market
Market Segmentation
Insight by Component
Insight by Deployment
Insight by Technology
Insight by Application
Insight by End User
Insight by Region