Global Voice Assistant- Market Overview:
A voice assistant, also known as a digital assistant, incorporates speech recognition, natural language processing (NLP), and artificial intelligence (AI) technologies to interpret and respond to voice commands provided by users. The voice assistant market is currently experiencing rapid growth due to advancement in speech recognition technology and increased consumer awareness and widespread adoption of Internet-enabled devices. Tech savvy population across the globe are increasingly adopting smart home and office products that is expected to fuel the growth. Demand of voice assistant technology has been increasing across various industries which is expected to create huge demand of specialized or industry specific voice assistants worldwide. In addition, the integration of voice assistants into multilingual and multimodal communication is poised to open up new opportunities in the market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Historical Period | 2018-2023 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Emerging Trend of Voice Assistants With Multilingual and Multimodal Interaction Capabilities
Market Growth Drivers:
Increasing Tech Savvy Population and Huge Adoption of Connected Devices and Integration of Voice Assistants by Businesses For Meeting Scheduling, Task Management, Customer Experience, Etc.
Challenges:
Issues Such as Interoperability and Limited Contextual Understanding
Restraints:
Data Privacy and Security Concerns Due to Availability of Personal Information in Voice Assistants May Affect the Growth
Opportunities:
Growing Popularity of Voice Based Assistants in E-commerce Sector For Shopping and Transactions and Inclination Towards the Specialized Voice Assistants That Caters Industry Specific Requirements
Competitive Landscape:
The key players are targeting the innovations of the Solutions with better quality, better technical characteristics. The key players are probable to keep a stronghold on the market over the anticipated period. The key players are accepting strategic decisions and are thinking upon mergers and acquisitions in order to maintain their presence in the market.
Some of the key players profiled in the report are Google LLC (United States), Amazon.com, Inc. (United States), Apple Inc. (United States), Lindy (United States), Teenage Engineering (Sweden), Retell AI (United States), Microsoft Corporation (United States), Samsung (South Korea), Xiaomi (China), IBM (United States) and Sonos, Inc. (United States). Analyst at AMA Research see United States Players to retain maximum share of Global Voice Assistant- market by 2030. Considering Market by Integration, the sub-segment i.e. Devices will boost the Voice Assistant- market. Considering Market by Component, the sub-segment i.e. Hardware will boost the Voice Assistant- market.
What Can be Explored with the Voice Assistant- Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Voice Assistant- Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Voice Assistant-
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Voice Assistant- market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Voice Assistant- market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes New Entrants/Investors, Analysts and Strategic Business Planners, Software and Voice Assistant Developers, End Users, Venture Capitalists and Private Equity Firms, Government Bodies and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.