DUBLIN--(BUSINESS WIRE)--The "Voice Assistant Application Market by Component (Solutions and Services), Deployment Mode (Cloud and On-premises), Application (Web Application, Mobile Application, and Devices), Organization Size, Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global voice assistant application market size is expected to grow from USD 1.3 billion in 2019 to USD 5.2 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 31.9% during the forecast period.
The need for improving customer experience and streamlining the business process are the key factors driving the voice assistant application market. However, security and data concern may hamper the growth of voice assistant application market. Organizations are leveraging the AI-enabled chatbots and virtual agents to automate repetitive and manual processes, such as order placement, balance inquiries, general inquiries, technical assistance, and other customer services. With automation, organizations can achieve higher productivity gain with less manpower requirement.
With the advancement in Natural Language Processing (NLP), Automatic Speech Recognition (ASR), and Artificial Intelligence (AI), the business use cases for voice-based chatbots have increased over the last few years. Currently, customer service, lead generation, customer queries, meeting scheduling, room service, reminders, product queries, and support services are the major use cases enterprises are exploring for strengthening business operations.
Various APAC countries, such as China, Japan, South Korea, Australia, Singapore, and India, have a large population, and they require NLP and Interactive Voice Response (IVR) platform-based voice assistant applications to track customers. Travel, healthcare, retail, and banking are the verticals driving the voice assistant application market in APAC. Countries, such as China, Japan, and Australia, have a high penetration in the voice assistant application market and provide solutions that resolve the complex queries faced by customers.
APAC countries have enormous potential to grow further, due to the fast adoption of technologies. To enhance their growth and increase the customer base, organizations have started implementing voice assistant solutions.
Market Dynamics
Drivers
- Enhanced Customer Experience
- Businesses Leveraging Social Media Platforms as A Prime Marketing Channel
- Advancement in Nlp and Asr Ecosystem
- Omni-Channel Deployment
Restraints
- Security and Privacy Concerns
Opportunities
- Adoption of Voice Assistants Across Verticals
- Potential Untapped Markets
Challenges
- Low Accuracy in Voice-Based Virtual Assistants
- Lack of Multilingual Support
Ecosystem Analysis
Regulatory Implications
- GDPR
- HIPAA
- FTC
- Iso/Iec Jtc 1/Sc 42
Use Cases
- Scheduling A Meeting
- Increasing User Engagement
- Enhancing Customer Experience
- Resolving Customer Queries Using Self-Service Tool
- Faster Query Resolutions
The key vendors profiled in the report are as follows:
- IBM (US)
- Google (US)
- AWS (US)
- Microsoft (US)
- Apple (US)
- Baidu (China)
- Nuance Communications (US)
- Salesforce (US)
- Verbio Technologies (Spain)
- Samsung (South Korea)
- Oracle (US)
- SAS (US)
- SAP (Germany)
- Orbita (US)
For more information about this report visit https://www.researchandmarkets.com/r/9290wo
