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Global Voice Assistant Application Market Growth 2024, Forecast To 2033

25 Sep, 2024

The voice assistant application market size has grown exponentially in recent years. It will grow from $4.38 billion in 2023 to $5.72 billion in 2024 at a compound annual growth rate (CAGR) of 30.6%. The growth in the historic period can be attributed to proliferation of smart devices, integration into smart home ecosystems, rise of virtual assistants in business. The voice assistant application market size is expected to see exponential growth in the next few years. It will grow to $17.25 billion in 2028 at a compound annual growth rate (CAGR) of 31.8%. The growth in the forecast period can be attributed to integration with wearable devices, healthcare applications and voice commands, multilingual and multimodal capabilities, voice commerce and e-commerce integration. Major trends in the forecast period include rise of voice-enabled healthcare solutions, integration with in-car systems, customization and personalization, voice assistants in business and enterprise.

Major Driver In The Voice Assistant Application Market

The voice assistant application market is growing in tandem with the increasing prevalence of voice-enabled devices. Voice-activated devices, incorporating applications like Alexa, Siri, Google Assistant, and Cortana, are becoming integral for recognizing spoken instructions and inquiries. This technology not only aids in customer assistance but also enhances overall productivity. In 2020, Oberlo reported that 111.8 million people in the USA used voice search features, marking a 9.5% increase from the previous year. Predictions indicate further growth, reaching 122.7 million users by 2021. The proliferation of voice-enabled devices is contributing to the expansion of the voice assistant application market, a trend observable in 2023 and projected to continue through 2024 and 2028.

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Voice Assistant Application Market Competitive Landscape

Apple Inc., Google LLC, Samsung Group, Amazon Web Services, IBM Corporation, Microsoft Corporation, Cisco Systems Inc., Orange S.A, Oracle Corporation, SAP SE, Salesforce Inc., Baidu Inc., Avaya LLC, Verbio AG, Writer, Nuance Communications Inc., Verint Systems, Inbenta, SoundHound AI Inc., Kata.ai, Let's Nurture Infotech Pvt Ltd., Aivo, Rasa, Avaamo, Zaion, Mindsay, Creative Virtual, Orbita, Slang Labs, Clinc, Uniphore, Cleo AI Ltd., Clarigent Health, Datch

Key Voice Assistant Application Market Trend

The AI-based voice assistant is a key trend gaining popularity in the voice assistant application market. Major companies operating in the voice assistant application sector are focused on developing AI-based voice assistants to offer users an alternative way to interact with their various business apps. For instance, in June 2022, Athenahealth, a US-based healthcare company that provides network-enabled services and mobile apps, introduced athenaOne, an AI-based voice assistant technology. AthenaOne is a completely integrated, mobile-integrated, voice-guided digital companion that speeds up information retrieval and enables healthcare workers to carry out clinical duties without using their hands. The new iOS-based mobile gadget enables doctors to naturally and reliably dictate medical paperwork while spending more time talking with patients.

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Voice Assistant Application Market Segmentation

The voice assistant application market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Deployment mode: On-Premises, Cloud
3) By Applications: Web Applications, Mobile Applications
4) By End-use: Banking, Financial Services, And Insurance, Healthcare, Retail And E-Commerce, Media And Entertainment, Telecom And IT, Manufacturing And Automotive, Education, Travel And Hospitality, Other End Users
By Geography:The regions covered in the voice assistant application market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. North America was the largest region in the voice assistant application market in 2023.

The Voice Assistant Application Global Market Report 2024 furnishes information about the global voice assistant application market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.