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Home Artificial Intelligence

Voice Assistant Market Poised for Growth Driven by Smart Homes, Connected Devices, and Voice Search

October 3, 2024
in Artificial Intelligence, OpenPR, Web3
Reading Time: 9 mins read
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Voice Assistant Market Poised for Growth Driven by Smart Homes,

The global voice assistant market size was USD 18.20 Billion in 2023 and is expected to register a revenue CAGR of 9.8% during the forecast period. The voice assistant market is experiencing significant growth, fueled by the increasing popularity of connected devices, the rise of smart homes, and the growing demand for self-service applications. Voice search has also become a key contributor to this market’s expansion, changing how consumers interact with technology in their daily lives.

Key Market Drivers

Widespread Consumer Adoption of Voice Technology

A 2019 survey by PWC revealed that over 90% of consumers aged 18 to 64 have explored speech technology, with more than 70% using it at least once. Consumers increasingly turn to voice assistants for convenience and smart home applications. Businesses are also adopting voice technology to improve customer experiences and streamline operations.

Growth of Connected Devices

The increasing number of connected devices, combined with advancements in artificial intelligence and machine learning, is driving the adoption of voice recognition technologies. These technologies are now being used for tasks such as online shopping, banking, and scheduling appointments, replacing older speech recognition models with more accurate and efficient virtual assistants.

Proliferation of Voice-Activated Gadgets

The demand for voice-activated devices continues to grow. These gadgets, powered by text-to-speech technology, allow users to issue commands and receive verbal responses. Voice activation has improved customer service and enhanced daily tasks, with popular applications like Siri, Google Assistant, and Alexa becoming household names. As technology advances, usage of voice assistants is expected to increase.

Unlock the Insights: Download the Sample Report Now @ https://www.emergenresearch.com/request-sample/2913

Market Challenges

Despite the market’s growth, there are some challenges. One key issue is the limited integration of voice assistants with certain devices. Not all products are compatible with voice technology, which can slow market expansion. Furthermore, voice assistants can only respond to preprogrammed queries, limiting their effectiveness when asked questions outside their programmed scope.

In regions with multiple languages, such as Indonesia and India, native language communication can pose a barrier. However, advancements in speech recognition technology are improving the ability to understand regional languages, addressing this challenge.

Market Segment Insights

Product Insights: Dominance of Smart Speakers

In 2023, smart speakers represented the largest share of the voice assistant market, accounting for approximately 65-70% of revenue. These devices make everyday tasks more convenient, from playing music to managing appointments, thanks to speech recognition capabilities. Smart speakers typically include multiple microphones, allowing them to pick up commands from across the room and in noisy environments.

Technology Insights: Speech/Voice Recognition Leading

Speech and voice recognition technology accounted for the largest share of market revenue in 2023, driven by its ease of use and increasing demand for smart homes and voice-enabled devices. The growing number of smartphones equipped with speech recognition features is boosting the popularity of this technology. Natural language processing and accessibility are also key drivers in this segment.

Application Insights: Contact Centers on the Rise

In 2023, contact centers emerged as a major application area for voice assistants. By integrating voice technology, contact centers are improving employee performance and gaining valuable insights into customer behavior. Voice assistants in this space provide 24/7 personalized assistance, helping solve customer issues and enhancing service. The application of deep learning algorithms to improve speech solutions is expected to further drive growth in this segment.

End-Use Insights: Large Enterprises Lead

Large enterprises held the largest market share in 2023 due to their early adoption of automation and the need to manage vast amounts of data quickly. This trend is expected to continue as businesses increasingly rely on voice assistants for their operational needs. Additionally, small and medium enterprises (SMEs) are now investing in voice assistant technologies, particularly in the wake of the COVID-19 pandemic, which spurred adoption in sectors such as healthcare.

Access the Complete Report: Your Key to In-Depth Insights @ https://www.emergenresearch.com/industry-report/voice-assistant-market

Voice Assistant Top Companies and Competitive Landscape

The global voice assistant market is fairly consolidated with few large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective voice assistant solutions.

Some major players included in the global voice assistant market report are:

IBM Corporation

Nuance Communications Inc.

com

Microsoft

Google LLC

Apple Inc.

Nokia Corporations

Samsung Electronics

Verint Systems

Orange SA

Voice Assistant Latest Industry Updates

In November 2022, Sony has announced a new voice assistant for customer assistance in India in partnership with enterprise conversational AI firm Yellow.ai. The new “Isha” AI is a multilingual virtual agent that can answer clients’ questions and, if required, put them in contact with real agents while conversing with them in Bengali, Hindi, and English.

In June 2022, Customers can now use voice commands to manage their speaker’s thanks to a free software update from Sonos that introduces their voice assistant. Users may now voice requests for particular songs, albums, radio stations, or playlists through the Sonos app. Users of Sonos Voice Control can also use voice commands to group and ungroup speakers and save and like songs.

Click here for customization @ https://www.emergenresearch.com/request-for-customization/2913

 Voice Assistant Market Segmentation Analysis

For the purpose of this report, Emergen Research has segmented global voice assistant market on the basis of product, technology, application, end-use, and region:

Product Outlook (Revenue, USD Billion; 2020-2033)

Smart Speakers

Personal Assitant

Technology Outlook (Revenue, USD Billion; 2020-2033)

Natural Language Processing

Speech/Voice Recognition

Text-to-Speech Recognition

Cancer Outlook (Revenue, USD Billion; 2020-2033)

Messenger Bots

Websites

Contact Centers

End-Use Outlook (Revenue, USD Billion; 2020-2033)

Individual Users

Large Enterprises

Small & Medium Enterprise

Regional Outlook (Revenue, USD Billion; 2020-2033)

North America

U.S.

Canada

Europe

Germany

France

U.K.

Italy

Spain

Benelux

Russia

Rest of Europe

Asia Pacific

China

Japan

South Korea

India

ASEAN Countries

Oceania

Rest of APAC

Latin America

Brazil

Mexico

Rest of LATAM

Middle East & Africa

GCC Countries

Israel

Turkey

South Africa

Rest of MEA

Buy Now @ https://www.emergenresearch.com/select-license/2913

Explore the related report

Voice Assistant Market Size @ https://www.emergenresearch.com/industry-report/voice-assistant-market/market-size

Voice Assistant Market Share @ https://www.emergenresearch.com/industry-report/voice-assistant-market/market-share

Voice Assistant Market Trends @ https://www.emergenresearch.com/industry-report/voice-assistant-market/market-trends

Voice Assistant Regional Market Demand @ https://www.emergenresearch.com/industry-report/voice-assistant-market/regional-market-demand

Voice Assistant Market Analysis @ https://www.emergenresearch.com/industry-report/voice-assistant-market/market-analysis

Contact Us:
Eric Lee
Corporate Sales Specialist
Emergen Research | Web: www.emergenresearch.com
Direct Line: +1 (604) 757-9756
E-mail: sales@emergenresearch.com
Visit for More Insights: https://www.emergenresearch.com/insights

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

This release was published on openPR.

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