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 CAGR of 31.9%
Enhanced customer experience and advancement in NLP and ASR ecosystems to drive the voice assistant application market
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.
Among the deployment mode segment, the cloud segment to account for a higher market share during the forecast period
Owing to increasing awareness of the benefits of cloud-based solutions, the cloud deployment for voice assistant applications is expected to grow tremendously. The solution providers are focusing on the development of robust cloud-based solutions for their clients, as various organizations have migrated to either a private or a public cloud.
Moreover, cloud-as-a-service is enabling organizations to manage not only costs but also achieve better agility. As cloud-based solutions are budget-friendly as well as easy to deploy, it is highly preferred across Small and Medium-sized Enterprises (SMEs).
Among the application segment, the web applications segment to dominate the market during the forecast period
Voice assistant applications deployed over the website can be useful for sales and marketing support, precise navigation, instant answering to customer queries, customer insights, and centralized knowledge management. The voice assistant applications enhance online communication, enable sophisticated interaction with intuitive response times, improve customer retention, and understand people's natural language with sharp voice recognition.
The users are guided to attain a robust business activity with the help of a human-like interaction platform. In the case of banking, finance, retail, healthcare, and telecom verticals, end-users seek interactive support/help while buying a product or inquiring about the queries.
Among regions, APAC to grow at the highest CAGR during the forecast period
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.
- Enhanced Customer Experience
- Businesses Leveraging Social Media Platforms as a Prime Marketing Channel
- Advancement in NLP & ASR Ecosystem
- Omni-Channel Deployment
- Security & Privacy Concerns
- Adoption of Voice Assistants Across Verticals
- Potential Untapped Markets
- Low Accuracy in Voice-Based Virtual Assistants
- Lack of Multilingual Support
- ISO/IEC JTC 1/SC 42
- Scheduling a Meeting
- Increasing User Engagement
- Enhancing Customer Experience
- Resolving Customer Queries Using Self-Service Tool
- Faster Query Resolutions
- Nuance Communications
- Verbio Technologies
For more information about this report visit https://www.researchandmarkets.com/r/parljd