Strong Growth for Voice Assistants Projected Through 2030
Market research firm Prescient & Strategic Intelligence valued the voice assistant market at $1.72 billion in 2019 and expects it to reach $26.9 billion by 2030, advancing at a 29.7 percent compound annual growth rate due to the rising demand in contact centers.
The firm defines voice assistants as software that uses natural language processing, speech analytics, and voice recognition to help users. It divided the applications part of the market into different technologies for contact centers, messenger bots, websites, smart watches, smartphones, smart speakers, and laptops. Of those, the messenger bots division held the largest share of the market between 2014 and 2019, owing to the rising use of online platforms for buying products and the rising penetration of internet.
The contact centers category is projected to grow at the fastest pace through 2030 because of the integration of voice assistant technology for understanding customer insights better.
In terms of industries, banking, insurance, and financial services held the major share of the market through 2019 and that is expected to continue through 2030. The highest CAGR, however, is projected in the healthcare industry primarily due to the increasing focus on patient engagement.
The education assistant market is also seeing increasing adoption of voice assistants, which is opening up wide opportunities for system vendors, according to the report, which notes that voice assistants are being used in classrooms and by tutors .
Another strong use case is for voice search, which has prompted retailers and other industries to collaborate with voice assistant solution providers to improve customer experience, the report found.