DUBLIN--(BUSINESS WIRE)--The "Voice Assistant Market Research Report: By Component, Technology, Application, End User, Deployment, Industry - Industry Size, Share, Trends, Growth And Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
Valued at $1,723.6 million in 2019, the global voice assistant market is predicted to attain a value of $26,872.6 million by 2030, advancing at a 29.7% CAGR during the forecast period (2020-2030).
The market is growing due to the rising demand in contact centers and requirement for enhanced customer experience. A software which utilizes natural language processing, speech analytics, and voice recognition technologies for helping users through voice recognition applications is referred to as voice assistant. In terms of component, the market is bifurcated into service and software.
When application is considered, the voice assistant market is divided into contact centers, messenger bots, websites, and others (which include smart watches, smartphones, smart speakers, and laptops). The messenger bots division held the largest share of the market during the historical period (2014-2019), owing to the rising utilization of online platforms for buying products and rising penetration of internet. The contact centers category is projected to grow at the fastest pace during the forecast period because of the integration of voice assistant technology in contact centers to help under customer insights better.
The rising demand for voice assistant in contact centers is another major driving factor of the voice assistant market. The voice assistant technology is based on the NLP technology, which aids devices in interacting with customers and assisting them in real time. The technology heals contact centers in gathering information on customers' preferences, opinions, and buying patterns. The data is analyzed through the voice assistant technology, which further enables enterprises to provide the users with personalized experience and proactive recommendations regarding different products and services.
In terms of industry, the voice assistant market is categorized into healthcare, banking, financial services, and insurance (BFSI), automotive, retail & e-commerce, and others (which include IT & telecommunication, hospitality, media & entertainment, transportation, public utility, defense, education, and manufacturing). Among these, the BFSI industry held the major share of the market during the historical period and is further expected to dominate the market during the forecast period. The highest CAGR is projected to be registered by the healthcare category during the forecast period, primarily due to the increasing focus on patient's engagement.
The increasing adoption of the voice assistant technology in the education sector is opening up wide opportunities for the players operating in the voice assistant market. Individuals of all ages are making use of digital platforms, such as blogs, video streaming sites, and social media, as a primary source of information or learning new skills apart from traditional courses. Therefore, the implementation of voice assistant in classrooms can help in enhancing the capabilities of students. Voice assistants are much preferred by the tutors due to their several capabilities.
The requirement for improved customer experience is a major driving factor of the voice assistant market in the U.S. and other countries. Organizations are integrating voice assistant solutions in their customer experience strategies for enhancing customers' experience and their engagement with the offered solutions. Voice assistant technology improves user experience through proper assistance in minimal time. Furthermore, while utilizing voice search, users expect relevant and quick answers from organizations, which is why industry players are collaborating with voice assistant solution providers in order to improve customer experience.
Hence, the market is being driven by the growing adoption of voice assistant in contact centers and rising need for enhancing customer experience.
Key Topics Covered
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.3.1 Market Segmentation by Component
1.3.2 Market Segmentation by Technology
1.3.3 Market Segmentation by Application
1.3.4 Market Segmentation by End-user
1.3.5 Market Segmentation by Deployment
1.3.6 Market Segmentation by Industry
1.3.7 Market Segmentation by Region
1.3.8 Analysis Period
1.3.9 Market Data Reporting Unit
1.4 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.2.1 Breakdown of Primary Research Respondents
188.8.131.52 by Region
184.108.40.206 by Industry Participant
220.127.116.11 by Company Type
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Assumptions for the Study
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Component
4.1.2 By Technology
18.104.22.168 Speech recognition
22.214.171.124 Text-to-speech recognition
126.96.36.199 Voice recognition
4.1.3 By Application
188.8.131.52 Messenger bots
184.108.40.206 Contact centers
4.1.4 By end user
220.127.116.11 Large enterprises
4.1.5 By Deployment
4.1.6 By Industry
18.104.22.168 Retail & e-commerce
4.2 Value Chain Analysis
4.3 Market Dynamics
22.214.171.124 Increasing usage of smartphones
126.96.36.199 Advancements in NLP & automatic speech recognition (ASR) ecosystem
188.8.131.52 Need for enhanced customer experience
184.108.40.206 Increasing demand in contact centers
220.127.116.11 Impact analysis of restraints on market forecast
18.104.22.168 Privacy invasion
22.214.171.124 Impact analysis of restraints on market forecast
126.96.36.199 Adoption of cloud technology
188.8.131.52 Rising opportunity from education sector
4.4 Porter's Five Forces Analysis
Chapter 5. Global Market Size and Forecast
5.1 By Component
5.1.1 By Service
5.2 By Technology
5.3 By Application
5.4 By End User
5.5 By Deployment
5.6 By Industry
5.7 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. LATAM Market Size and Forecast
Chapter 10. MEA Market Size and Forecast
Chapter 11. Competitive Landscape
11.1 List of Players and Their Offerings
11.2 Competitive Benchmarking of Key Players
11.3 Market Share Analysis of Key Players
11.4 Strategic Developments of Key Players
11.4.1 Mergers and Acquisitions
Chapter 12. Company Profiles
12.1 Alphabet Inc.
12.1.1 Business Overview
12.1.2 Product & Service offerings
12.1.3 Key Financial Summary
12.2 Amazon.com Inc.
12.3 Microsoft Corporation
12.4 Apple Inc.
12.5 International Business Machines (IBM) Corporation
12.6 Nuance Communications Inc.
12.7 Verint Systems Inc.
12.8 Samsung Electronics Co. Ltd.
12.9 Orange S.A.
12.10 Nokia Corporation
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