MarketsandMarkets projects the voice assistant application market to grow from USD 2.8 billion in 2021 to USD 11.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 32.4% during the forecast period. Major factors driving the growth of the voice assistant application market include advancements in voice-based AI technologies, rising adoption of voice-enabled devices, increasing focus on customer engagement, and emergence of low-code platforms for voice assistant applications.
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By component, the solutions segment to lead the market during the forecast period
Voice assistant application solutions comprise standalone as well as integrated solutions. They offer foundational capabilities for enhancing conversational experiences, such as communication based on multiple languages, dispatching, questions & answers (Q&A), and conversational insights. These solutions are developed with more upgrading cognitive computing technologies, which can perform multiple requests and complex tasks, such as scheduling a meeting or booking an air ticket.
By channel integration, the mobile applications segment to grow at the highest CAGR during the forecast period
Voice assistants running on mobile apps are integrated with speech recognition and NLP technology to recognize speech and human conversations. These voice assistants help businesses in the real-time monitoring of customer behaviors, trends, and interactions. Voice assistant applications are widely adopted by companies for better customer engagement, marketing, branding, reduced costs, and multiple interaction channels.
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Unique Features in the Voice Assistant Application Market
Advanced Natural Language Processing features improve the user experience overall by enabling voice assistants to comprehend and react to natural, conversational language.
In order to serve a varied user base, multilingual support enables voice assistants to comprehend and reply in a variety of languages, fostering inclusion and accessibility.
An additional degree of security is provided by the integration of speech biometrics for user authentication, which enables voice assistants to recognise users based on their distinctive vocal traits.
Context-aware conversational AI enables voice assistants to comprehend the dynamics of a discussion and gradually offer more pertinent and customised responses.
Smooth interaction with smart home technology, allowing voice commands to be used to operate and control linked appliances including lights, thermostats, and security systems.
Major Highlights of the Voice Assistant Application Market
Dominance in the market and competition amongst major tech companies aiming for a sizable portion of the voice assistant industry, such as Microsoft (Cortana), Apple (Siri), Google (Google Assistant), and Amazon (Alexa).
Technological developments in Natural Language Processing (NLP) have made it possible for voice assistants to comprehend and react to natural language more effectively, improving user interactions.
The e-commerce environment is being transformed by the increasing significance of voice commerce, or V-commerce, which enables consumers to place orders, verify product availability, and make transactions using voice requests.
Enhanced third-party application and service integration enables voice assistants to do a variety of jobs, including meal ordering, transportation scheduling, and speech-activated smart home device control.
Increased emphasis on privacy and security features, with voice assistant vendors taking action to allay customer worries about consent, data security, and safe voice communications.
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Top Key Companies in the Voice Assistant Application Market
The key and emerging players of the voice assistant application market include [24]7.ai (US), Aivo (Argentina), AWS (US), Apple(US), Avaamo(US), Avaya (US), Baidu (China), Cisco (US), Clinc (US), Creative Virtual (UK), Google (US), Inbenta (US), IBM (US), Haptik (India), Kata.ai (Indonesia), Microsoft (US), Mindsay (US), Oracle (US), Rasa (US), Samsung (South Korea), SAP (Germany), Slang Labs (India), SoundHound (US), Verbio (Spain), Verint Systems (US), and Zaion (France). These players have adopted various strategies, such as new product launches, product enhancements, acquisitions, and partnerships to grow in the voice assistant application market.
Apple is one of the key vendors in the voice assistant application market. The company offers Siri, a virtual assistant that is a part of the company’s iOS, watchOS, macOS, and tvOS operating systems. The assistant uses voice queries and a natural language user interface to answer questions, make recommendations, and perform actions by delegating requests to a set of internet services. In April 2020, the company acquired Irish AI startup Voysis. Voysis’ technology, including a platform that adds voice interactions to digital retailers, will enable to enhance the capabilities of Apple’s Siri voice assistant.
AWS offers Alexa, a virtual assistant, that was first used by Amazon Echo and Amazon Dot. It is capable of voice interaction, music playback, making to-do lists, setting alarms, streaming podcasts, playing audiobooks, and providing weather, traffic, sports news, and other real-time information. The company also offers services such as Amazon Lex, Amazon Polly, Amazon Translate, and Amazon Transcribe. In July 2021, AWS rolled out a new voice option for Alexa-powered devices and speakers. The devices can now offer a new masculine-sounding voice option that has its own name, ‘Ziggy.’
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