According to a research report by Technavio, the voice assistant application market is expected to experience significant growth, reaching USD 10,334.37 million between 2022 and 2027. The market is projected to have a compound annual growth rate (CAGR) of 30.4% during this period. The report provides insights into the potential of the application software industry and aims to help businesses make informed decisions based on qualitative and quantitative evidence.
The voice assistant application market encompasses various areas and is characterized by fragmentation. Vendors in this market are employing both organic and inorganic growth strategies to stay competitive. Some key players in the market include Amazon.com Inc., which offers the cloud-based voice assistant application Alexa for controlling third-party connected devices, and Apple Inc., which provides the cloud-based voice assistant application Siri for tasks like setting alarms and accessing weather reports. International Business Machines Corp. (IBM) is another notable player, offering an AI voice assistant application called Celia for daily routines.
The report further explores the market landscape and highlights vendor offerings. For a comprehensive list of vendors and their specific offerings, readers can refer to the sample report provided by Technavio.
In terms of market segmentation, the report extensively covers three key areas: application, deployment, and geography. In terms of application, the market is segmented into individual users, small and medium-sized enterprises (SMEs), and large enterprises. The individual user segment is expected to experience significant growth during the forecast period. This growth can be attributed to the increasing adoption of smart appliances and connected home environments, facilitated by devices such as smart speakers. The segment is anticipated to grow rapidly due to the rising adoption of smartphones and smart-connected devices by individual users. Additionally, factors such as increased adoption of online gaming, the use of digital content platforms like over-the-top (OTT) services, and the utilization of voice assistant applications are expected to drive segment growth in emerging markets.
In terms of deployment, the market is segmented into cloud and on-premises solutions. Geographically, the market is divided into North America, Europe, Asia-Pacific (APAC), the Middle East and Africa, and South America. North America is expected to contribute approximately 33% to the global market growth during the forecast period. The United States and Canada are the leading countries in this region, with industries such as automotive, retail, healthcare, media and entertainment, hospitality, and BFSI (banking, financial services, and insurance) utilizing voice assistant applications to gain a competitive edge and improve operational performance. Factors such as the increasing adoption of vehicle-to-everything (V2X) communication systems, advanced technologies like 5G, and the growing production of autonomous vehicles are driving the voice assistant application market in North America.
In summary, the voice assistant application market is set to experience significant growth in the coming years. The increasing adoption of smart devices, the emergence of new technologies, and the demand for enhanced user experiences are driving factors in this market. By understanding market segmentation and regional trends, businesses can gain valuable insights to make informed decisions and tap into the potential of the voice assistant application market.