Global Voice Assistant Application Market to Reach $8.9 Billion by 2027
Amid the COVID-19 crisis, the global market for Voice Assistant Application estimated at US$1.7 Billion in the year 2020, is projected to reach a revised size of US$8.9 Billion by 2027, growing at a CAGR of 27% over the period 2020-2027. Solutions, one of the segments analyzed in the report, is projected to record 26% CAGR and reach US$4.9 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Services segment is readjusted to a revised 28.3% CAGR for the next 7-year period.
The U.S. Market is Estimated at $450.5 Million, While China is Forecast to Grow at 33.8% CAGR
The Voice Assistant Application market in the U.S. is estimated at US$450.5 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.2 Billion by the year 2027 trailing a CAGR of 33.4% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 21.4% and 24.8% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 23.2% CAGR.
Select Competitors (Total 36 Featured):
Amid the COVID-19 crisis, the global market for Voice Assistant Application estimated at US$1.7 Billion in the year 2020, is projected to reach a revised size of US$8.9 Billion by 2027, growing at a CAGR of 27% over the period 2020-2027. Solutions, one of the segments analyzed in the report, is projected to record 26% CAGR and reach US$4.9 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Services segment is readjusted to a revised 28.3% CAGR for the next 7-year period.
The U.S. Market is Estimated at $450.5 Million, While China is Forecast to Grow at 33.8% CAGR
The Voice Assistant Application market in the U.S. is estimated at US$450.5 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.2 Billion by the year 2027 trailing a CAGR of 33.4% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 21.4% and 24.8% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 23.2% CAGR.
Select Competitors (Total 36 Featured):
- Apple
- AWS
- Baidu
- IBM
- Microsoft
- Nuance Communications
- Oracle
- Orbita
- Salesforce
Frequently Asked Questions about the Global Market for Voice Assistant Application
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Report Attribute | Details |
---|---|
Published | April 2021 |
Forecast Period | 2020 - 2027 |
Estimated Market Value ( USD ) in 2020 | $ 1.7 Billion |
Forecasted Market Value ( USD ) by 2027 | $ 8.9 Billion |
Compound Annual Growth Rate | 26.7% |
I. METHODOLOGYII. EXECUTIVE SUMMARY2. FOCUS ON SELECT PLAYERS3. MARKET TRENDS & DRIVERS4. GLOBAL MARKET PERSPECTIVE
1. MARKET OVERVIEW
III. MARKET ANALYSIS
IV. COMPETITION
A selection of companies mentioned in this report includes:
- Apple
- AWS
- Baidu
- IBM
- Microsoft
- Nuance Communications
- Oracle
- Orbita
- Salesforce