Voice Assistant Application Global Market Sees Growth Rate Of 32% Through 2022

21 Feb, 2022

The global voice assistant application market size is expected to grow from $2.58 billion in 2021 to $3.42 billion in 2022 at a compound annual growth rate (CAGR) of 32.4%. The change in the market growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The voice assistant application market is expected to reach $10.12 billion in 2026 at a CAGR of 31.1%.

What is the Global Voice Assistant Application Market?

The voice assistant application market consists of sales of voice assistant application solutions and services by entities (organizations, sole traders, and partnerships) that use voice recognition, speech synthesis, and natural language processing to provide a service through a specific application. A Voice assistant is also called an intelligent personal assistant or connected speaker can conduct tasks or provide services for a person based on instructions or questions. It is a new type of product marketed by Apple, Amazon, and Google and is based on natural language speech recognition.

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What drives the Global Voice Assistant Application Market?

The growing trend of voice-enabled devices is contributing to the growth of the voice assistant application market. A voice-activated device recognizes spoken instructions and inquiries, and commonly employs text-to-speech to play a response. Over time, voice activation technology has aided in the provision of assistance, the management of customer experience, and the increase of productivity. Another layer of increased customer assistance and interactions has been added due to an app that includes Alexa, Siri, Google Assistant, and Cortana. For instance, according to Oberlo, a dropshipping app, in 2020, 111.8 million people in the USA using voice search features, up 9.5% from the previous year. By 2021, it is predicted to have grown by 9.7% to 122.7 million users.

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Global Voice Assistant Application Market Segments
The global voice assistant application market is segmented:
By Component: Solutions, Services
By Deployment Mode: On-Premises, Cloud
By Application: Web Applications, Mobile Applications
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, Others
By Geography: The regions covered in the voice assistant application market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Voice Assistant Application Global Market Report 2022provides market size and growth forecasts for the global voice assistant application market, global voice assistant application market share, voice assistant application market segments and geographies, voice assistant application market competitive landscape including leading competitors’ revenues, profiles and market shares. The voice assistant application market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global Voice Assistant Application Industry Playersinclude Amazon Web Services, Apple, Baidu Inc., Google LLC, IBM Corporation, Microsoft Corporation, Oracle Corporation, Samsung, Verbio, Orange S.A, Orbita, Avaamo Inc., Avaya, Inbenta, and Slang Labs. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.