Global Voice Assistant Application Market to Hit USD 29.70 Billion by 2031 – Key Trends & Growth Drivers

Voice Assistant Application Market to Witness Exponential Growth, Reaching USD 29.70 Billion by 2031

The global Voice Assistant Application Market is experiencing a significant surge in demand, with its market size valued at USD 2.9 billion in 2022. According to the latest research, the market is projected to grow at a CAGR of 29.5% from 2023 to 2031, reaching an impressive USD 29.70 billion by 2031. The increasing adoption of voice-enabled technologies, AI-driven virtual assistants, and the integration of Natural Language Processing (NLP) are key factors driving this growth.

Download Free Sample

Market Key Trends

1. Growing Integration of AI and NLP: The continuous advancements in artificial intelligence and machine learning are enhancing the capabilities of voice assistants, making them more intuitive and responsive.

2. Rising Demand for Smart Devices: The proliferation of smart devices such as smart speakers, IoT-powered gadgets, and wearables is significantly driving market growth.

3. Expansion in Multilingual Support: The increasing adoption of voice assistants in different regions has led to the development of multilingual capabilities, making them more accessible to global users.

4. Voice Commerce and Contactless Payment Growth: The rise of voice-based commerce is reshaping the retail sector, with consumers increasingly using voice commands for shopping and financial transactions.

Buy Now

Driving Factors

• Increasing Smartphone Penetration: The growing number of smartphone users is a major factor fueling the adoption of voice assistant applications.

• Advancements in Speech Recognition: Improved accuracy in speech recognition technology is encouraging businesses and individuals to rely more on voice-based applications.

• Rise of Smart Homes and Connected Ecosystems: Integration with IoT devices is making voice assistants indispensable for home automation.

• Enhanced Customer Experience in Enterprises: Businesses across IT, BFSI, and healthcare sectors are leveraging voice assistants to provide seamless customer service.

Opportunities

• Expansion in Emerging Markets: Developing economies present significant growth opportunities with increasing digital transformation.

• Innovations in AI and Machine Learning: Future advancements in AI could further revolutionize voice assistant applications.

• Growing Use in Healthcare and BFSI: Voice assistants are playing a crucial role in providing virtual healthcare consultations and simplifying banking transactions.

Market Segmentation

The Voice Assistant Application Market is segmented as follows:

By Component:

• Software

• Service

By Deployment Mode:

• On-Premise

• Cloud

By Enterprise Size:

• Large Enterprises

• SMEs

By Applications:

• Mobile Applications

• Web Applications

• Smart Devices

• Others

By Technology:

• Natural Language Processing (NLP)

• Speech Recognition

• Other Technologies (Text to Speech Conversion, Edge Computing)

By End-User Verticals:

• IT & Telecommunication

• BFSI

• Healthcare

• Retail

• Automotive

• Other End-use Verticals (Media and Entertainment, Educational Institutions)

Download Free Sample

Key Players in the Voice Assistant Application Market

• Amazon Web Services Inc.

• IBM

• Google

• AWS

• Microsoft

• Apple

• Baidu

• Nuance Communications

• Salesforce

• Verbio Technologies

• Samsung

• Oracle

• SAS

• SAP

• Orbita

Conclusion

The Voice Assistant Application Market is set to witness remarkable growth over the next decade, driven by the rapid adoption of AI, rising demand for smart devices, and continuous advancements in voice technology. Businesses are increasingly leveraging voice assistant applications to enhance user engagement, streamline processes, and deliver superior customer experiences.

Why Straits Research?

Straits Research provides in-depth insights and strategic analysis of the Voice Assistant Application Market, offering reliable forecasts, key industry trends, and expert recommendations.

Buy Now | Download Free Sample