Voice Assistant Applications Market to Be Worth $11.2 Billion by 2026
Research firm MarketsandMarkets projects the global voice assistant applications market to grow from $2.8 billion currently to $11.2 billion by 2026 at a compound annual growth rate (CAGR) of 32.4 percent.
Major factors driving the growth of the voice assistant applications market include advancements in voice-based artificial intelligence, rising adoption of voice-enabled devices, increasing focus on customer engagement, and the emergence of low-code platforms for voice assistant applications.
MarketsandMarkets notes that the voice assistant applications market comprises boith stand-alone and integrated solutions and provides foundational capabilities for enhancing conversational experiences, such as communication based on multiple languages, dispatching, questions and answers, and conversational insights.Furthermore, voice assistants running on mobile apps are integrated with speech recognition and natural language process technology to recognize speech and human conversations, the report said, noting that voice assistants help businesses in the real-time monitoring of customer behaviors, trends, and interactions and that they are being adopted by companies for better customer engagement, marketing, branding, reduced costs, and multiple interaction channels.
The report identified Amazon, Apple, Avaya, Cisco, Google, IBM, Microsoft, Oracle, Samsung, and SAP as key players in the market.