A voice assistant is a digital assistant that is built by making use of artificial intelligence, machine learning, and voice recognition technologies. It can efficiently understand and follow voice commands. Also, it assists in executing routine tasks such as scheduling an appointment, placing an order online for valuable goods, and acting as a hands-free facilitator for texting amidst others. Apple’s Siri, Amazon’s Alexa, Google Assistant, and Microsoft Cortana are examples of some of the most common voice assistants that are in the market.
By 2025, The voice assistant market worldwide is expected to reach about USD 7.7 billion, at a CAGR of more than 39% between 2019 and 2025. The increasing propensity towards IoT and automation is powering the growth of the global voice assistant market. The increasing demand for smartphones is also a major force powering the voice assistant market in the entire world.
Global Voice Assistant Market and Key Development
The Major Players of Global Voice Assistant Market includes Nuance Communications (U.S.), Amazon.com, Inc (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), Apple Inc (U.S.), Samsung Electronics (South Korea), Cisco Systems, Google LLC (U.S.), Inc (U.S.), Orange S.A. (France), Verint Systems Inc (U.S.), and Creative Virtual Ltd (U.K.).
Amidst these, IBM Corporation, Nuance Communications, Amazon.com, Inc, Microsoft Corporation, Google, Inc., Apple Inc., Samsung Electronics, and Cisco Corporation gathered account together for more than 40.0% of the global voice assistant market share.
The limited availability of voice assistants providers in an objective to a high market demand enhances the severity of the rivalry among the players. Also, the major companies are massively investing in research and procurement to Improve product development, which is expected to reinforce their global availability. Nevertheless, the global voice assistant market is anticipated to attest to a high intensity of competitions during the time of the forecast.
September 2019: The Nuance Communications recently released a new cloud-based Dragon Medical One speech recognition platform in the Australia market. This platform assists in assuring uncommon effectiveness in clinical documentation and allows the utilization of clinician smartphones as a wireless microphone for dictation.
July 2019: Creative Virtual endorsed a joint venture agreement with KMS Lighthouse to importantly improve customer service, knowledge management, and call resolution. This joint venture will also assist the company in providing intelligent natural language chatbots with the highest level of knowledge management system for an efficient CX solution.
The combination of V-Person chatbot with Lighthouse’s platform assists the customers and organizations in providing 24/7 access to keen online self-help. It provides effective, easy-to-use devices for agents.
June 2019: Nuance Communications collaborated with Nexgen, a computer-aided dispatch, and records management systems (CAD/RMS) provider, for building voice recognition devices for initial responders. This collaboration was created to bring its Dragon Law Enforcement speech recognition product to a larger customer base that includes the 911 call centers and EMT agencies.
May 2019: Amazon announced the integration of a new function, Smart Alert, to Alexa Guard for every of their Echo customers in the U.S. This new function listens for sounds like the carbon monoxide alarms and glass breaking and then automatically sends an alert to the customer with audio recording when the customer is not in the house.
May 2019: The Sonos included Google Assistant in its Sonos One and Sonos Beam smart speakers. With this integration, the speakers will have prolonged conversation functions, voice matches, calls, and placing routines in the Google Home application and interpreter mode. At first, Sonos released these speakers only in the U.S. Although, around July 2019, the product was released across the Netherlands, Germany, France, Australia, Canada, and the U.K.
The global voice assistant market was forecasted to display a CAGR of about 30% during the estimated period, increasing from $ 1.2 billion in 2018 to $ 5.4 billion by 2024, based on account of enhancing proliferation of smartphones and advanced functions such as the ability to know various languages and respond either through Text or voice.
Based on technology, the market can be partitioned into speech recognition, Text to speech recognition, voice recognition, and natural language processing while the Text to speech recognition is the highest-ranked segment in the global voice assistant market because it makes it simpler and easier for customers to interact with their smartphones and its customers.
Based on the application, the market can be classified into message bots, websites, contact centers, etc. The website portion is expected to register the quickest growth and improvement during the time of the forecast period, due to the high consumer inclination towards the self-service options.