Voice Assistant Application Market Growing at a CAGR 31.9% | Key Player IBM, Google, AWS, Microsoft, Apple

December 05 03:12 2020
Voice Assistant Application Market Growing at a CAGR 31.9% | Key Player IBM, Google, AWS, Microsoft, Apple

IBM (US), Google (US), AWS (US), Microsoft (US), Apple (US), Baidu (China), Nuance Communications (US), Salesforce (US), Verbio Technologies (Spain), Samsung (South Korea), Oracle (US), SAS (US), SAP (Germany), and Orbita (US).
Voice Assistant Application Market by Component (Solutions and Services), Deployment Mode (Cloud and On-premises), Application (Web Application, Mobile Application, and Devices), Organization Size, Vertical, and Region – Global Forecast to 2024

MarketsandMarkets forecasts the Voice Assistant Application Market size to grow from USD 1.3 billion in 2019 to USD 5.2 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 31.9% during the forecast period. Businesses are leveraging social media channels for marketing the products and services. This trend is expected to drive the voice assistant application market growth. Voice assistant applications are digital assistants that use technologies such as voice recognition, speech synthesis, and Natural Language Processing (NLP). Voice assistant applications offer services through a particular virtual assistant applications. Various devices, as well as mobile and web applications, utilize voice applications every day. Voice assistant is one of the key application areas across verticals, such as automotive, retail, healthcare, education, and telecommunication.

Among deployment modes, the cloud segment to hold a higher market share during the forecast period

Owing to the increasing awareness of the benefits of cloud-based solutions, the cloud segment for voice assistant applications is expected to grow tremendously. The solution providers are focusing on the development of robust cloud-based solutions for their clients, as various organizations have migrated to either a private or a public cloud. Moreover, cloud-as-a-service is enabling organizations to manage not only costs but also achieve better agility. As cloud-based solutions are budget-friendly, as well as easy to deploy, it is highly preferred across Small and Medium-sized Enterprises (SMEs).

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Among applications, the web applications segment to hold the largest market share during the forecast period

Voice assistant applications deployed over the website can be useful for sales and marketing support, precise navigation, instant answering to customer queries, customer insights, and centralized knowledge management. The voice assistant applications enhance online communication, enable sophisticated interaction with intuitive response times, improve customer retention, and understand people’s natural language with sharp voice recognition. The users are guided to attain a robust business activity with the help of a human-like interaction platform. In case of banking, finance, retail, healthcare, and telecom verticals, end users seek interactive support/help while buying a product or inquiring about the queries.

In the voice assistant application market, the key and emerging market players include IBM (US), Google (US), AWS (US), Microsoft (US), Apple (US), Baidu (China), Nuance Communications (US), Salesforce (US), Verbio Technologies (Spain), Samsung (South Korea), Oracle (US), SAS (US), SAP (Germany), and Orbita (US). These players have adopted various strategies to grow in the global voice assistant application market.

AWS offers voice assistant services that include Alexa having automatic speech recognition, image recognition, text-to-speech conversion, and automatic speech recognition technologies. These services help in building applications that can turn texts into lifelike speeches and have the conversations using voices and texts. Moreover, they study images to recognize objects, scenes, and faces. Nowadays, voice assistant services are playing a crucial role in solving various business challenges and developing the engaging customer experience. AWS has adopted systematic approaches toward strengthening its voice assistant capabilities. In March 2018, AWS enhanced its service, Amazon Polly, wherein the company added a new Speech Synthesis Markup Language (SSML) Breath feature. The feature is designed for developers so that they can add appropriate pauses in speeches to sound more natural.

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Nuance Communications offers natural language understanding and voice recognition solutions to its large customer base. These solutions leverage the benefits of AI capabilities, such as cognitive sciences and Machine Learning (ML). Apart from that, the company provides high accuracy in biometric speaker authentication, capabilities for Natural language Understanding (NLU), text-to-speech, automated speech recognition, dialog and information management, domain knowledge, Optical Character Recognition (OCR) capabilities, and professional services and implementation support. In February 2018, Nuance Communications enhanced its text-to-speech technology with the addition of deep neural networks to deliver enhanced quality products as compared to the previous speech synthesis technique.

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