Speech Recognition to Push Global Voice Assistant Market till 2024
Growing internet user base and
increasing adoption of technologies in smartphones to drive global voice
assistant market through 2024
According
to TechSci Research report, “Global Voice Assistant Market By Technology, By Application, By End User, By
Region, Competition, Forecast & Opportunities, 2024”, voice assistant market, globally, is expected to register
significant growth during 2019-2024, on account of increasing demand for voice
search and high penetration of internet at low cost. Voice assistant performs a
variety of actions after hearing a wake word or command. They can perform a plethora
of actions such as turn on light, place online orders and answer questions. Increasing
adoption of smart homes is expected to positively influence growth of the voice
assistant market through 2024, as speech recognition and voice recognition are
used in devices implemented in smart homes.
In terms
of technology, global voice assistant market can be segmented into speech
recognition, text to speech recognition, voice recognition and natural language
processing (NLP). Speech recognition accounted for the largest market share in
2018 and the trend is likely to continue during the forecast period, as it
allows customers to easily interact and perform tasks with smartphones. Voice
assistant finds application in various verticals such as banking, financial
services and insurance (BFSI) and healthcare sectors. On the basis of end user,
the market can be categorized into individual users, large enterprises and
SMEs. Large enterprise segment is registering rapid adoption of voice assistant,
in order to reduce dependence on humans for customer service and increase
revenue.
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Google Inc., Amazon Inc., Apple Inc., Microsoft
Corp., Samsung Group, Orange S.A., Sony Corp., Alibaba Group Holding Ltd., Motorola
Solutions, Inc. and Next IT Corp. are some of the leading players operating in global
voice assistant market. Companies operating in the market are using organic
strategies such as product launches, mergers and collaborations to boost their
share.
“North America dominated global voice assistant market in 2018,
accounting for one-third share of the market due to early adoption of
technology in the region. Moreover, increasing inclination towards self-service
options and messaging apps is expected to boost the adoption of voice
assistants in the region during the forecast period.”, said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Global Voice Assistant Market By Technology, By
Application, By End User, By Region, Competition, Forecast & Opportunities,
2024” has
evaluated the future growth potential of global voice assistant market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in global voice assistant market.
About TechSci Research
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