Voice Assistant Application Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029

The global voice assistant application market was valued at US$ 1.6 Bn in 2020 and is expected to witness significant growth, expanding at a CAGR of 18.5% during the forecast period from 2021 to 2029. Voice assistants are software programs that are liable for responding to the voice commands for performing wide range of tasks. Voice assistants come in small packages and are able to perform a variety of functions after hearing a wake command or word. These assistants can answer questions, turn on and off lights, place online orders, play music, etc. As voice assistants are becoming more robust, their utility in both business as well as personal realms is expected to grow in the years to come. Consumer awareness of voice assistants and devices, in terms of all the technology that exists and the know-hows that are already in place, is nascent. As a result, the technology is expected to continue to shift and drive consumer behavior in the near future.

Rising penetration of internet and broadband connection and proliferation of mobile devices and mobile applications are some of the major factors driving the growth of voice assistant application market. The fast-paced adoption of new technologies, social media and smart devices is carving out a new digital future. Voice as a channel of interaction has become a reality. The release of reasonably priced, voice-enabled devices by the well-known tech giants such as Amazon and Google along with consumer propensity in payments, shopping, etc. has increased the adoption of voice assistants significantly. As a result, increased adoption of voice-based assistants is projected to give rise to the market development during the forecast period from 2021 to 2029.

Web-based Applications Garnered Largest Market Share in 2020

In 2020, web-based applications garnered largest market share in the global voice assistant application market. The segment is likely to grow at a substantial rate during the forecast period from 2021 to 2029. Voice assistant applications are gaining huge traction in administrative use cases for setting reminders, scheduling meetings and assisting during conference calls, etc. The voice assistant applications that are deployed over the web are useful for several activities such as precise navigation, sales and marketing support, customer insights, answering customer queries instantly and centralized knowledge management. Cost-effective development, improved interoperability, easier installation and maintenance, etc. are some of the benefits further supporting the growth of this segment in the overall voice assistant application market.

North America accounted for the Largest Market Share in 2020

The global voice assistant application market, based on geography was led by North America in 2020. The region is expected to continue with its dominance during the forecast period from 2021 to 2029. The growth of this region mainly backed by the growing adoption of voice assistant applications in the U.S. Nearly 20% of the U.S. adults use smart speakers. The early consumer adoption rate of smart speakers in the country has taken the market by wonder and that exposure is flowing into more voice assistant usage on PCs, smartphones, etc. Moreover, increasing popularity and adoption of voice-first technology coupled with well-established infrastructure that allows higher penetration of devices which provides high speed connectivity is altogether expected to enhance the regional growth in the years to come.

Competitive Insights:

The major players identified in the voice assistant application market include Amazon.com, Inc., Google LLC, Apple Inc., Microsoft Corporation, Samsung, Orange S.A., Next IT Corporation, Nuance Communications, Inc., Salesforce.com, Inc., and Oracle Corporation among others. Voice assistant have drawn many key players to help grow in the marketplace. The major players present in the market are incessantly developing and updating their applications in order to cater the rising needs of the customers and gain competitive edge over other players. Product innovation, partnerships and new product development remains some of the major strategies adopted by the leading players to have an edge over their counterparts.

Historical & Forecast Period

The research report presents the analysis of each segment from 2019 to 2029 considering 2020 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segments calculated for the forecast period from 2021 to 2029.

Key questions answered in this report

• What was the market size of voice assistant application market in 2020 and forecast up to 2029?
• What are the key factors driving the global voice assistant application market?
• What are the key market trends and high-growth opportunities observed in the voice assistant application market?
• What are the drivers of the voice assistant application market?
• Which is the largest regional market for voice assistant application market?
• Which segment will grow at a faster pace? Why?
• Which region will drive the market growth? Why?
• Which players are leading the voice assistant application market?
• What are the sustainability strategies adopted by the key players operating in the market?

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