LONDON, Feb. 02, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the voice assistant application market, the growing trend of voice-enabled devices is contributing to the growth of the voice assistant application market. A voice-activated device recognizes spoken instructions and inquiries, and commonly employs text-to-speech to play a response. Over time, voice activation technology has aided in the provision of assistance, the management of customer experience, and the increase of productivity. Another layer of increased customer assistance and interactions has been added due to an app that includes Alexa, Siri, Google Assistant, and Cortana. For instance, according to Oberlo, a drop shipping app, in 2020, 111.8 million people in the USA using voice search features, up 9.5% from the previous year. By 2023, it is predicted to have grown by 9.7% to 122.7 million users.
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The global voice assistant application market size is expected to grow from $2.58 billion in 2023 to $3.42 billion in 2023 at a compound annual growth rate (CAGR) of 32.4%. The change in the voice assistant market growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The voice assistant application market is expected to reach $10.12 billion in 2026 at a CAGR of 31.1%.
The AI-based voice assistant is gaining popularity in the voice assistant application market trends. Major companies operating in the voice assistant application sector are focused on developing AI-based voice assistants to offer users an alternative way to interact with their various business apps. For instance, in September 2019, Oracle Corporation, a US-based computer software company launched an AI voice assistant for its business app suite. The virtual assistant interprets human intent using AI techniques including machine learning and natural language processing. The assistant is designed to automate tasks including expense approvals and meeting rescheduling.
The global voice assistant application industry analysis segments the market by component into solutions, services; by deployment mode into on-Premises, cloud; by application into web applications, mobile applications; by end-use into banking, financial services, and insurance, healthcare, retail and e-commerce, media and entertainment, telecom and IT, manufacturing and automotive, education, travel and hospitality, others.
Major players in the voice assistant application market are Amazon Web Services, Apple, Baidu Inc., Google LLC, IBM Corporation, Microsoft Corporation, Oracle Corporation, Samsung, Verbio, Orange S.A, Orbita, Avaamo Inc., Avaya, Inbenta, and Slang Labs.
North America was the largest region in the market as per TBRC’s voice assistant application market insights. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the voice assistant application market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Voice Assistant Application Market Global Report 2020-30: COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide voice assistant application market overviews, voice assistant application market analyze and forecast market size and growth for the whole market, voice assistant application market segments and geographies, voice assistant application market trends, voice assistant application market drivers, voice assistant application market restraints, voice assistant application market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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