Voice Assistant Market to Grow 30 Percent Per Year Through 2024
Market research firm TechSci Research projects the global voice assistant market to grow by more than 30 percent per year through 2024, when it will reach a value of $5.4 billion, up from $1.2 billion in 2018.
The research firm credits the increasing proliferation of smartphones and advanced features, such as the ability to recognize languages and respond via text or voice, for the growth.
Voice assistants can perform a variety of tasks, ranging from placing an order online to scheduling an appointment, and can be segmented into speech recognition, text-to-speech, voice recognition, and natural language processing.Of those, text-to-speech is the leading segment.
On the basis of applications, the market can be classified into message bots, websites, contact centers, and others. The websites segment is expected to register the fastest growth during forecast period, owing to high consumer inclination towards self-service.>/p>
Regionally, North America is anticipated to continue dominating the global voice assistant market for years to come, but the Asia-Pacific market is likely to witness significant adoption of voice assistants during the forecast period.
Major players operating in the global voice assistant market include Apple, Google, Microsoft, Amazon, Nuance Communications, Samsung, Orange, Oracle, SAP, Next IT (Verint Systems).