What Has Been the Growth Trajectory of the Voice Assistant Application Market?
The voice assistant application market has seen considerable growth due to a variety of factors.
• The market size of voice assistant applications has seen significant growth in the past years. It is projected to increase from $5.61 billion in 2024 to $7.26 billion in 2025, marking a compound annual growth rate (CAGR) of 29.4%.
The historical growth of this market can be linked to the surge in usage of smart devices, their incorporation into smart home systems, and the emergence of virtual assistants in the business sector.
What Does Future Hold for The Voice Assistant Application Market Size?
The voice assistant application market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of the voice assistant application is projected to witness a substantial expansion in the upcoming years. The market is slated to escalate to $23.3 billion by 2029, at a compound annual growth rate (CAGR) of 33.9%.
The predicted surge during this period is due to the incorporation with wearable technology, voice instructions, multi-language and multimodal abilities, healthcare applications, and assimilation with voice commerce and e-commerce. The dominant trends for the forecasted period comprise the emergence of voice-activated healthcare solutions, integration into car systems, customization, personalization, and the adoption of voice assistants in business and enterprise sectors.
What Are the Critical Driver Fuelling the Voice Assistant Application Market's Growth?
The rise of voice-enabled devices is adding fuel to the expansion of the voice assistant application market. The voice-activated device, which acknowledges spoken queries and requests, commonly uses text-to-speech to deliver a response. Voice activation technology has evolved over time, aiding in assistance provision, customer experience management, and productivity enhancement. Furthermore, the integration of apps featuring Alexa, Siri, Google Assistant, and Cortana has provided a new level of customer support and engagement. For example, the Canadian Broadcasting Corporation reported in 2022 that, in Fall of that year, 65% of French-speaking individuals had used a TV connected to the Internet, a rise of 4 points from Fall 2021.
What Is The Segmentation Of The Global Voice Assistant Application Market?
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
Subsegments:
1) By Solutions: Voice Recognition Software, Natural Language Processing (NLP) Tools, Voice User Interface (VUI) Design Software, Integration Platforms
2) By Services: Installation And Setup Services, Maintenance And Support Services, Consulting Services, Custom Development Services
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What Emerging Trends Are Shaping The Voice Assistant Application Market?
The voice assistant application market is seeing a notable uptick in the use of AI-powered voice assistants, a trend that many major companies are keen to capitalize on. These companies are working on creating voice assistants powered by AI to provide users with a unique way to interact and engage with their range of business applications. For instance, Athenahealth, a health services and mobile application provider from the US, launched athenaOne in June 2022 - a voice assistant technology powered by artificial intelligence. AthenaOne stands out as a fully integrated, voice-driven digital companion, designed to enhance information access speed and let healthcare professionals perform clinical tasks hands-free. This new gadget, designed for iOS, allows physicians to efficiently and consistently dictate medical documents, giving them more time to converse with their patients.
Who Are the Key Players in the Voice Assistant Application Market?
Major companies operating in the voice assistant application market include:
• 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
What are the Regional Insights into the Voice Assistant Application Market?
North America was the largest region in the voice assistant application market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the voice assistant application market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
