Voice Assistant Application Global Market Report 2024

The voice assistant application market size has grown exponentially in recent years. It will grow from $4.38 billion in 2023 to $5.72 billion in 2024 at a compound annual growth rate (CAGR) of 30.6%. The growth observed in the historic period can be attributed to several factors, including the widespread adoption of smart devices, their integration into smart home ecosystems, and the increasing prevalence of virtual assistants in business settings.

The voice assistant application market size is expected to see exponential growth in the next few years. It will grow to $17.25 billion in 2028 at a compound annual growth rate (CAGR) of 31.8%. Anticipated growth in the forecast period is likely driven by integration with wearable devices, expanded applications in healthcare leveraging voice commands, multilingual and multimodal capabilities, and the integration of voice technology into commerce, specifically voice commerce and e-commerce integration. Key trends expected during this period encompass the ascent of voice-enabled healthcare solutions, integration with in-car systems, a focus on customization and personalization, and the increasing adoption of voice assistants in business and enterprise environments.

The expansion of voice-enabled devices is significantly contributing to the rise of the voice assistant application market. These devices, activated by voice commands, facilitate various functions, enhancing customer experience and productivity. Popular applications such as Alexa, Siri, Google Assistant, and Cortana have expanded customer interactions and assistance. As of 2020, Oberlo reported a user base of 111.8 million in the USA utilizing voice search features, marking a 9.5% increase from the previous year, projected to reach 122.7 million users by 2021, reflecting the escalating reliance on voice-enabled functionalities.

The anticipated growth in the Voice Assistant Application market is attributed to the rising adoption of cloud-based solutions. Cloud-based solutions, accessible through internet connections, provide the infrastructure necessary for voice assistant applications to operate seamlessly. As of June 2023, the Australian Bureau of Statistics reported a significant increase in enterprises employing information and communication technologies (ICTs), with 59% related to cloud computing. This surge in cloud-based solutions drives the anticipated growth in the Voice Assistant Application market.

AI-based voice assistants are gaining traction in the voice assistant application market. Companies such as Athenahealth introduced athenaOne in June 2022, an AI-based voice assistant technology. This iOS-based mobile gadget facilitates hands-free clinical duties for healthcare workers, expediting information retrieval and enabling efficient patient interactions.

Major companies in the voice assistant application market are focusing on advanced solutions, such as male voice assistance, to enrich user experience and broaden global accessibility. Amazon, a US-based technology company, introduced Ziggy in July 2021, a male voice assistant for echo speakers. Ziggy offers users an alternative voice option while retaining access to Alexa's voice. Users can manually select Ziggy's voice through voice commands or accessing the Settings menu in the Alexa app.

In April 2021, Microsoft Corporation, a US-based technology company acquired Nuance Communications for $19.7 billion. The acquisition elevates Microsoft as a prominent participant in healthcare technology by reducing the distance between clinicians and Microsoft Cloud for Healthcare. Nuance Communications is a US-based company that provides AI-based voice assistants.

Major companies operating in the voice assistant application market report are Apple Inc., Google LLC, Samsung Group, Amazon Web Services, IBM Corporation, Microsoft Corporation, Cisco Systems Inc., Orange S.A, Oracle Corporation, SAP SE, Salesforce Inc., Baidu Inc., Avaya LLC, Verbio AG, Writer, Nuance Communications Inc., Verint Systems, Inbenta, SoundHound AI Inc., Kata.AI, Let's Nurture Infotech Pvt Ltd., Aivo, Rasa, Avaamo, Zaion, Mindsay, Creative Virtual, Orbita, Slang Labs, ClInc., Uniphore, Cleo AI Ltd., Clarigent Health, Datch.

North America was the largest region in the voice assistant application market in 2023. 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, Africa. The countries covered in the voice assistant application market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The fundamental elements of voice assistant applications encompass solutions and services. Integrating voice assistants such as Alexa, Google Assistant, and Siri into digital products or services enables an additional communication channel for customers. These applications can be deployed either on-premises or in the cloud and find utility across web and mobile applications. They're utilized in diverse sectors such as banking, financial services, insurance (BFSI), healthcare, retail, e-commerce, media, entertainment, telecom, IT, manufacturing, automotive, education, travel, hospitality, and various other industries.

The voice assistant application market research report is one of a series of new reports that provides voice assistant application market statistics, including voice assistant application industry global market size, regional shares, competitors with a voice assistant application market share, detailed voice assistant application market segments, market trends and opportunities, and any further data you may need to thrive in the voice assistant application industry. This voice assistant application market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The voice assistant application market includes revenues earned by entities by providing application solutions that use voice recognition, speech synthesis, and natural language processing to provide a service through a specific application. A Voice assistant, also called an intelligent personal assistant or connected speaker, can conduct tasks or provide services for a person based on instructions or questions. It is a new type of product marketed by Apple, Amazon, and Google and is based on natural language speech recognition. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.