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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

  • ID: 4770361
  • Report
  • Region: Global
  • 153 Pages
  • Markets and Markets
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The Global Voice Assistant Application Market Size is Expected to Grow From USD 1.3 Billion in 2019 to USD 5.2 Billion by 2024, at a CAGR of 31.9%

FEATURED COMPANIES

  • Apple
  • Baidu
  • IBM
  • Nuance Communications
  • Orbita
  • Samsung
  • MORE

Enhanced customer experience and advancement in NLP and ASR ecosystems to drive the voice assistant application market

The need for improving customer experience and streamlining the business process are the key factors driving the voice assistant application market. However, security and data concern may hamper the growth of voice assistant application market. Organizations are leveraging the AI-enabled chatbots and virtual agents to automate repetitive and manual processes, such as order placement, balance inquiries, general inquiries, technical assistance, and other customer services.

With automation, organizations can achieve higher productivity gain with less manpower requirement. With the advancement in Natural Language Processing (NLP), Automatic Speech Recognition (ASR), and Artificial Intelligence (AI), the business use cases for voice-based chatbots have increased over the last few years. Currently, customer service, lead generation, customer queries, meeting scheduling, room service, reminders, product queries, and support services are the major use cases enterprises are exploring for strengthening business operations.

Among the deployment mode segment, the cloud segment to account for a higher market share during the forecast period

Owing to increasing awareness of the benefits of cloud-based solutions, the cloud deployment 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).

Among the application segment, the web applications segment to dominate the market 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 the case of banking, finance, retail, healthcare, and telecom verticals, end-users seek interactive support/help while buying a product or inquiring about the queries.

Among regions, APAC to grow at the highest CAGR during the forecast period

Various APAC countries, such as China, Japan, South Korea, Australia, Singapore, and India, have a large population, and they require NLP and Interactive Voice Response (IVR) platform-based voice assistant applications to track customers. Travel, healthcare, retail, and banking are the verticals driving the voice assistant application market in APAC. Countries, such as China, Japan, and Australia, have a high penetration in the voice assistant application market and provide solutions that resolve the complex queries faced by customers. APAC countries have enormous potential to grow further, due to the fast adoption of technologies. To enhance their growth and increase the customer base, organizations have started implementing voice assistant solutions.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the voice assistant application market.

The breakup of the profiles of the primary participants is given below:

  • By Company: Tier 1 – 35%, Tier 2 – 40%, and Tier 3 – 25%
  • By Designation: C-Level – 65% and Director Level – 35%
  • By Region: North America – 30%, Europe – 35%, APAC – 25%, and RoW – 10%

The key vendors profiled in the report are as follows:

  • 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)
  • Orbita (US)

Research Coverage

The voice assistant application market has been segmented based on components (solutions and services), applications (web applications, mobile applications, and devices), deployment modes (on-premises and cloud), organization size (SMEs and large enterprises), verticals, and regions. A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews; services; key strategies; new service launches; partnerships, agreements, and collaborations; business expansions; and competitive landscape associated with the global voice assistant application market.  

Reasons to Buy the Report

The report would help the market leaders/new entrants in the following ways:

  • It comprehensively segments the voice assistant application market and provides the closest approximations of the revenue numbers for the overall market and its sub-segments across regions.
  • It would help stakeholders understand the pulse of the market and provide information about the key market drivers, restraints, challenges, and opportunities.
  • It would help stakeholders understand their competitors better and gain more insights to enhance their positions in the market. The competitive landscape section includes the competitor ecosystem, new service developments, partnerships, and acquisitions.
Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Apple
  • Baidu
  • IBM
  • Nuance Communications
  • Orbita
  • Samsung
  • MORE

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.2.1 Market Segmentation
1.2.2 Regions Covered
1.3 Years Considered for the Study
1.4 Currency Considered
1.5 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Breakup of Primaries
2.1.2 Key Industry Insights
2.2 Market Breakup and Data Triangulation
2.3 Market Size Estimation
2.3.1 Top-Down Approach
2.3.2 Bottom-Up Approach
2.4 Competitive Leadership Mapping Methodology
2.5 Assumptions for the Study
2.6 Limitations of the Study

3 Executive Summary

4 Premium Insights
4.1 Attractive Market Opportunities in the Global Voice Assistant Application Market
4.2 Market By Deployment Mode, 2019
4.3 Market in North America, By Component and Country
4.4 Market in Europe, By Organization Size and Country
4.5 Market in Asia Pacific, By Application and Country

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Enhanced Customer Experience
5.2.1.2 Businesses Leveraging Social Media Platforms as A Prime Marketing Channel
5.2.1.3 Advancement in Nlp and Asr Ecosystem
5.2.1.4 Omni-Channel Deployment
5.2.2 Restraints
5.2.2.1 Security and Privacy Concerns
5.2.3 Opportunities
5.2.3.1 Adoption of Voice Assistants Across Verticals
5.2.3.2 Potential Untapped Markets
5.2.4 Challenges
5.2.4.1 Low Accuracy in Voice-Based Virtual Assistants
5.2.4.2 Lack of Multilingual Support
5.3 Ecosystem Analysis
5.4 Regulatory Implications
5.4.1 GDPR
5.4.2 Hipaa
5.4.3 Ftc
5.4.4 Iso/Iec Jtc 1/Sc 42
5.5 Use Cases
5.5.1 Scheduling A Meeting
5.5.2 Increasing User Engagement
5.5.3 Enhancing Customer Experience
5.5.4 Resolving Customer Queries Using Self-Service Tool
5.5.5 Faster Query Resolutions

6 Voice Assistant Application Market By Component
6.1 Introduction
6.1.1 Excerpts From Expert Interviews
6.2 Solutions
6.2.1 Standalone
6.2.1.1 Demand for Enhanced Customer Experience to Drive the Adoption of Standalone Voice Assistant Solution
6.2.2 Integrated
6.2.2.1 Low Deployment Cost to Drive the Adoption of Integrated Voice Assistant Solution
6.3 Services
6.3.1 Consulting
6.3.1.1 Growing Demand for Implementing Voice Assistant Solutions to Boost the Consulting Services
6.3.2 Implementation
6.3.2.1 Technicalities Involved in Implementing Voice Assistant Solutions to Boost the Implementation Services
6.3.3 Training and Support
6.3.3.1 to Overcome the System-Related Issues Effectively, Voice Assistant Application Vendors to Offer Training and Support Services in the Market

7 Voice Assistant Application Market By Application
7.1 Introduction
7.1.1 Excerpts From Expert Interviews
7.2 Web Applications
7.2.1 Increasing Adoption of Web Applications By Workforce to Drive the Growth of Market
7.3 Mobile Applications
7.3.1 Mobile Voice Assistant Applications to Improve User Experience as Well as Reduce Time to Find the Right Content
7.4 Devices
7.4.1 Voice Assistant Application Devices to Offer Multiple Interaction Channels, Consistent Services, and Help Reduce Cost

8 Voice Assistant Application Market By Deployment Mode
8.1 Introduction
8.1.1 Excerpts From Expert Interviews
8.2 On-Premises
8.2.1 BFSI and Healthcare Increasingly Opting for On-Premises Solutions to Adhere to Government Regulations
8.3 Cloud
8.3.1 Reduced Operational Maintenance Cost to Boost the Cloud Deployment Model

9 Voice Assistant Application Market By Organization Size
9.1 Introduction
9.1.1 Excerpts From Expert Interviews
9.2 Small and Medium-Sized Enterprises
9.2.1 Flexible Pricing to Drive the Adoption of Voice Assistant Solutions in Small and Medium-Sized Enterprises
9.3 Large Enterprises
9.3.1 Need for Streamlining Business Processes to Drive the Adoption of Voice Assistant Solutions in the Large Enterprises

10 Voice Assistant Application Market By Vertical
10.1 Introduction
10.1.1 Excerpts From Expert Interviews
10.2 Banking, Financial Services, and Insurance
10.2.1 Demand for Effortlessly Connecting With Customers to Provide Enhanced Customer Experience to Drive the Adoption of Voice Assistant Solutions in the BFSI Vertical
10.3 Healthcare
10.3.1 Voice Assistant Solutions to Improve Patient Experience and Engagement
10.4 Retail and eCommerce
10.4.1 Increasing Demand for Greater Customer Engagement to Fuel the Adoption of Voice Assistant Solutions in the Retail and eCommerce Sector
10.5 Media and Entertainment
10.5.1 Media and Entertainment Vertical Opting for Voice Assistant Solutions to Maximize Customer Satisfaction
10.6 Telecom and IT
10.6.1 Growing Demand for Real-Time Problem Solving to Boost the Adoption of Voice Assistant Solutions in the Telecom and It Vertical
10.7 Manufacturing and Automotive
10.7.1 Emergence of Connected and Smart Car to Shift the Focus of Stakeholders Toward Voice Assistant Solutions
10.8 Education
10.8.1 Improved Student and Teacher Engagement as Well as Training Programs to Drive the Implementation of Voice Assistant Solutions in the Education Sector
10.9 Travel and Hospitality
10.9.1 Automation of Booking Process to Increase the Adoption of Voice Assistant Solutions in the Travel and Hospitality Vertical
10.10 Others

11 Voice Assistant Application Market By Region
11.1 Introduction
11.1.1 Excerpts From Expert Interviews
11.2 North America
11.2.1 United States
11.2.1.1 Integration of Voice Assistant With Enterprise Applications to Drive the Growth of Market in the United States
11.2.2 Canada
11.2.2.1 Need for Streamlining Business Processes to Drive the Growth of Market in Canada
11.3 Europe
11.3.1 United Kingdom
11.3.1.1 Favorable Government Conditions for AI Ecosystem to Fuel the Adoption of Voice Assistant Solutions in the United Kingdom
11.3.2 Germany
11.3.2.1 Increasing Adoption of Voice Assistant Across Manufacturing and Automotive to Drive the Market in Germany
11.3.3 France
11.3.3.1 Businesses are Receptive Toward Leveraging Capabilities of Voice-Enabled Virtual Assistant in France
11.3.4 Rest of Europe
11.4 Asia Pacific
11.4.1 China
11.4.1.1 Advancement in Artificial Intelligence Ecosystem to Drive the Adoption of Voice Assistant Solutions in China
11.4.2 Japan
11.4.2.1 Increase in Use of Voice Assistant in the Telecom and It Vertical to Fuel the Adoption of Voice-Based Virtual Assistant in Japan
11.4.3 India
11.4.3.1 Growing Startup Ecosystem and Adoption of Artificial Intelligence in Mid-Sized Enterprises to Drive the Growth of Voice Assistant Application Market in India
11.4.4 Rest of Asia Pacific
11.5 Middle East and Africa
11.5.1 Israel
11.5.1.1 Cross-Vertical Adoption of Virtual Assistant to Drive the Growth of Market in Israel
11.5.2 United Arab Emirates
11.5.2.1 Digital Transformation to Drive the Adoption of Voice Assistant Solutions in the United Arab Emirates
11.5.3 Rest of Middle East and Africa
11.6 Latin America
11.6.1 Brazil
11.6.1.1 Emergence of Startup Companies to Drive the Growth of Market in Brazil
11.6.2 Mexico
11.6.2.1 Artificial Intelligence First Strategy to Fuel the Demand for Voice-Enabled Virtual Assistant Solutions in Mexico
11.6.3 Rest of Latin America

12 Competitive Landscape
12.1 Competitive Leadership Mapping (Global)
12.1.1 Visionary Leaders
12.1.2 Innovators
12.1.3 Dynamic Differentiators
12.1.4 Emerging Companies
12.2 Strength of Product Portfolio (21 Players)
12.3 Business Strategy Excellence (21 Players)
12.4 Competitive Leadership Mapping (Startups)
12.4.1 Progressive Companies
12.4.2 Responsive Companies
12.4.3 Dynamic Companies
12.4.4 Starting Blocks

13 Company Profiles
13.1 Introduction
Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, Author's View
13.2 IBM
13.3 Google
13.4 AWS
13.5 Microsoft
13.6 Apple
13.7 Baidu
13.8 Nuance Communications
13.9 Salesforce
13.10 Verbio Technologies
13.11 Samsung
13.12 Oracle
13.13 Sas
13.14 Sap
13.15 Orbita

Details on Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, Author's View might not be captured in case of unlisted companies.

14 Appendix
14.1 Discussion Guide
14.2 Knowledge Store: Subscription Portal
14.3 Available Customization
14.4 Related Reports
14.5 Author Details

List of Tables (72 Tables)

Table 1 United States Dollar Exchange Rate, 2016-2018
Table 2 Voice Assistant Application Market Size, By Component, 2017-2024 (USD Million)
Table 3 Solutions: Market Size By Type, 2017-2024 (USD Million)
Table 4 Standalone Market Size By Region, 2017-2024 (USD Million)
Table 5 Integrated Market Size By Region, 2017-2024 (USD Million)
Table 6 Services: Market Size By Type, 2017-2024 (USD Million)
Table 7 Consulting Market Size, By Region, 2017-2024 (USD Million)
Table 8 Implementation Market Size, By Region, 2017-2024 (USD Million)
Table 9 Training and Support Market Size, By Region, 2017-2024 (USD Million)
Table 10 Voice Assistant Application Market Size, By Application, 2017-2024 (USD Million)
Table 11 Web Applications: Market Size By Region, 2017-2024 (USD Million)
Table 12 Mobile Applications: Market Size By Region, 2017-2024 (USD Million)
Table 13 Devices: Market Size By Region, 2017-2024 (USD Million)
Table 14 Voice Assistant Application Market Size, By Deployment Mode, 2017-2024 (USD Million)
Table 15 On-Premises: Market Size By Region, 2017-2024 (USD Million)
Table 16 Cloud: Market Size By Region, 2017-2024 (USD Million)
Table 17 Market Size By Organization Size, 2017-2024 (USD Million)
Table 18 Small and Medium-Sized Enterprises: Market Size By Region, 2017-2024 (USD Million)
Table 19 Large Enterprises: Market Size By Region, 2017-2024 (USD Million)
Table 20 Voice Assistant Application Market Size By Vertical, 2017-2024 (USD Million)
Table 21 Banking, Financial Services, and Insurance: Market Size By Region, 2017-2024 (USD Million)
Table 22 Healthcare: Market Size By Region, 2017-2024 (USD Million)
Table 23 Retail and eCommerce: Market Size By Region, 2017-2024 (USD Million)
Table 24 Media and Entertainment: Market Size By Region, 2017-2024 (USD Million)
Table 25 Telecom and It: Market Size By Region, 2017-2024 (USD Million)
Table 26 Manufacturing and Automotive: Market Size By Region, 2017-2024 (USD Million)
Table 27 Education: Market Size By Region, 2017-2024 (USD Million)
Table 28 Travel and Hospitality: Market Size By Region, 2017-2024 (USD Million)
Table 29 Others: Market Size By Region, 2017-2024 (USD Million)
Table 30 Voice Assistant Application Market Size, By Region, 2017-2024(USD Million)
Table 31 North America: Market Size By Component, 2017-2024 (USD Million)
Table 32 North America: Market Size By Solution, 2017-2024 (USD Million)
Table 33 North America: Market Size By Service, 2017-2024 (USD Million)
Table 34 North America: Market Size By Application, 2017-2024 (USD Million)
Table 35 North America: Market Size By Deployment Mode, 2017-2024 (USD Million)
Table 36 North America: Market Size By Organization Size, 2017-2024 (USD Million)
Table 37 North America: Market Size By Vertical, 2017-2024 (USD Million)
Table 38 North America: Market Size By Country, 2017-2024 (USD Million)
Table 39 Europe: Voice Assistant Application Market Size, By Component, 2017-2024 (USD Million)
Table 40 Europe: Market Size By Solution, 2017-2024 (USD Million)
Table 41 Europe: Market Size By Service, 2017-2024 (USD Million)
Table 42 Europe: Market Size By Application, 2017-2024 (USD Million)
Table 43 Europe: Market Size By Deployment Mode, 2017-2024 (USD Million)
Table 44 Europe: Market Size By Organization Size, 2017-2024 (USD Million)
Table 45 Europe: Market Size By Vertical, 2017-2024 (USD Million)
Table 46 Europe: Market Size By Country, 2017-2024 (USD Million)
Table 47 Asia Pacific: Voice Assistant Application Market Size, By Component, 2017-2024 (USD Million)
Table 48 Asia Pacific: Market Size By Solution, 2017-2024 (USD Million)
Table 49 Asia Pacific: Market Size By Service, 2017-2024 (USD Million)
Table 50 Asia Pacific: Market Size By Application, 2017-2024 (USD Million)
Table 51 Asia Pacific: Market Size By Deployment Mode, 2017-2024 (USD Million)
Table 52 Asia Pacific: Market Size By Organization Size, 2017-2024 (USD Million)
Table 53 Asia Pacific: Market Size By Vertical, 2017-2024 (USD Million)
Table 54 Asia Pacific: Market Size By Country, 2017-2024 (USD Million)
Table 55 Middle East and Africa: Voice Assistant Application Market Size, By Component, 2017-2024 (USD Million)
Table 56 Middle East and Africa: Market Size By Solution, 2017-2024 (USD Million)
Table 57 Middle East and Africa: Market Size By Service, 2017-2024 (USD Million)
Table 58 Middle East and Africa: Market Size By Application, 2017-2024 (USD Million)
Table 59 Middle East and Africa: Market Size By Deployment Mode, 2017-2024 (USD Million)
Table 60 Middle East and Africa: Market Size By Organization Size, 2017-2024 (USD Million)
Table 61 Middle East and Africa: Market Size By Vertical, 2017-2024 (USD Million)
Table 62 Middle East and Africa: Market Size By Country, 2017-2024 (USD Million)
Table 63 Latin America: Voice Assistant Application Market Size, By Component, 2017-2024 (USD Million)
Table 64 Latin America: Market Size By Solution, 2017-2024 (USD Million)
Table 65 Latin America: Market Size By Service, 2017-2024 (USD Million)
Table 66 Latin America: Market Size By Application, 2017-2024 (USD Million)
Table 67 Latin America: Market Size By Deployment Mode, 2017-2024 (USD Million)
Table 68 Latin America: Market Size By Organization Size, 2017-2024 (USD Million)
Table 69 Latin America: Market Size By Vertical, 2017-2024 (USD Million)
Table 70 Latin America: Market Size By Country, 2017-2024 (USD Million)
Table 71 Evaluation Criteria
Table 72 Evaluation Criteria: Startups

List of Figures (44 Figures)

Figure 1 Voice Assistant Application Market: Research Design
Figure 2 Research Methodology
Figure 3 Market Top-Down and Bottom-Up Approaches
Figure 4 Competitive Leadership Mapping: Criteria Weightage
Figure 5 Market Holistic View
Figure 6 Market Growth Trend
Figure 7 Asia Pacific to Grow at the Highest Growth Rate During the Forecast Period
Figure 8 Businesses Leveraging Social Media Platforms as Prime Marketing Channel to Drive the Growth of Voice Assistant Application Market During the Forecast Period
Figure 9 Cloud Segment to Hold A Higher Share in the Voice Assistant Application Market in 2019
Figure 10 Solutions and United States to Account for the Highest Shares in the Market in 2019
Figure 11 Large Enterprises and United Kingdom to Account for the Highest Shares in the Market in 2019
Figure 12 Mobile Application and China to Account for the Highest Shares in the Market in 2019
Figure 13 Drivers, Restraints, Opportunities, and Challenges
Figure 14 Ecosystem of Virtual Assistants
Figure 15 Evolution of Voice Assistants
Figure 16 Deployment Channels
Figure 17 Services Segment to Grow at A Higher CAGR During the Forecast Period
Figure 18 Integrated Segment to Grow at A Higher CAGR During the Forecast Period
Figure 19 Implementation Segment to Grow at the Highest CAGR During the Forecast Period
Figure 20 Mobile Applications to Grow at the Highest CAGR During the Forecast Period
Figure 21 Cloud Segment to Register A Higher CAGR During the Forecast Period
Figure 22 Small and Medium Size Enterprises Segment to Register A Higher CAGR During the Forecast Period
Figure 23 Retail and eCommerce Vertical to Register the Highest CAGR During the Forecast Period
Figure 24 North America to Hold the Largest Market Size During the Forecast Period
Figure 25 India to Register the Highest CAGR During the Forecast Period
Figure 26 Asia Pacific to Account for the Highest CAGR in 2018
Figure 27 North America: Market Snapshot
Figure 28 Asia Pacific: Market Snapshot
Figure 29 Voice Assistant Application Market (Global) Competitive Leadership Mapping, 2019
Figure 30 Ranking of Key Players in the Market, 2019
Figure 31 Voice Assistant Application (Startups) Competitive Leadership Mapping, 2019
Figure 32 Ranking of Startups Players in the Voice Assistant Application Market, 2019
Figure 33 IBM: Company Snapshot
Figure 34 IBM: SWOT Analysis
Figure 35 Google: Company Snapshot
Figure 36 Google: SWOT Analysis
Figure 37 AWS: Company Snapshot
Figure 38 AWS: SWOT Analysis
Figure 39 Microsoft: Company Snapshot
Figure 40 Microsoft: SWOT Analysis
Figure 41 Apple: Company Snapshot
Figure 42 Baidu: Company Snapshot
Figure 43 Nuance Communications: Company Snapshot
Figure 44 Salesforce: Company Snapshot

Note: Product cover images may vary from those shown
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  • Apple
  • AWS
  • Baidu
  • Google
  • IBM
  • Microsoft
  • Nuance Communications
  • Oracle
  • Orbita
  • Salesforce
  • Samsung
  • SAP
  • SAS
  • Verbio Technologies
Note: Product cover images may vary from those shown
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