Voice Assistant Application Market to Grow by $10.33 Billion Through 2027

Research firm Technavio projects the voice assistant application market will grow by $10.33 billion through 2027, driven mostly by digital transformation, high-speed broadband, voice-over-internet protocol (VoIP) services on cell phones, cloud computing, big data analytics, and augmented reality.

Additionally, the increasing adoption of smart appliances and connected home environments using devices such as smart speakers is another contributor to the growth of the segment, Technavio said.

At the same time, the research firm notes that ongoing security and privacy concerns will continue to hamper some growth across the industry.

In its report, Technavio identified Amazon, Apple, Artificial Solutions, Baidu, Google, Huawei Technologies, IBM, Microsoft, Nuance Communications, Oracle, Orbita, Robin Labs, RoboBot Studio, Salesforce, Samsung Electronics, SAP, SoundHound, Verbio Technologies, Voiceflow, and Xiaomi Communications as leaders in the industry.