[308 Pages Report] The voice assistants market size is estimated to grow at a CAGR of 19% and is anticipated to be worth US$ 4,329.0 million in 2022. The market size is projected to expand to US$ 24,588 Million by 2032.
Voice assistants are being used to replace switches and buttons and to further facilitate user ease. Voice assistants are voice-activated and help people use connected appliances, devices like Google home voice-activated speakers, and many other voice-activated home devices while completing other tasks.
Devices with voice assistants are intelligent enough to distinguish between different accents and voices. Voice assistants can also respond to multiple commands at once. Smart assistants that respond to voice commands and articulate them into action are assisting humans in reducing the amount of daily work they have to do.
Advancements in voice-based AI technologies, rising adoption of voice assistants, a greater emphasis on customer engagement, and the emergence of low-code platforms for voice-assistant applications are some of the key factors propelling the Voice assistants market, also resulting in an increase in sales of voice assistants. In addition, the growing popularity of the smart assistants concept across the globe is a significant factor driving the voice assistants market key trends and opportunities.
| Attributes | Details |
|---|---|
| Voice Assistants Market (CAGR) | 19% |
| Voice Assistants Market (2022) | US$ 4,329.0 Million |
| Voice Assistants Market (2032) | US$ 24,588 Million |
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The demand for voice assistants, as well as sales of voice assistants, is anticipated to increase in recent years. Natural language processing integrated with artificial intelligence is assisting humans in carrying out various activities such as turning on/off lights and other routine work.
Additionally, voice assistants for home automation can be used to control voice activated home devices like Google Home smart voice activated speakers, computers, laptops, washing machines, mobile phones, etc. The demand for voice assistants is therefore anticipated to increase in the upcoming years in order to improve user interaction with the smart assistants escalating the voice assistants market future trends.
“Voice assistants holds the potential to revolutionize the way consumers shop to prevent app-hopping.”
The Internet of Things has increased the possibility for machine-to-machine and machine-to-human interaction, which is anticipated to create new voice assistant market growth. People's purchasing habits are evolving in both developed and developing nations. There is a shift in favour of online shopping, which has resulted in an increase in sales of voice assistants to cater to the demand for voice assistants.
Customers research products from the comfort of their homes, asking questions about costs and features. This process can be made even more frictionless and interactive by using voice assistants to strengthen the voice assistants adoption trends.
Customers' accelerated adoption of voice assistants, smart assistants, home automation and demand for voice assistants, along with an increase in online shopping, creates opportunities for smart assistants for those who offer voice assistants application solutions and services.
Principal Consultant
The natural language processing segment held the largest voice assistants market share in terms of technology in 2022. This is primarily attributable to natural language processing's ability to combine statistical, machine learning, and deep learning models with computational linguistics rule-based modelling of human language in the form of text or speech data and "understand" its full meaning, including the speaker's or writer's intent and sentiment.
In contrast, the speech/voice recognition sector ranked second in the voice assistants market size. The segment for text-to-speech recognition is anticipated to have the highest CAGR in the voice assistants market. In terms of end users, the segment for individual users held the largest market share. This was primarily caused by the ongoing shift in consumer preference for smart home appliances and the rising demand for IoT-enabled smart appliances.
Additionally, the need to lessen the human load and make routine tasks more manageable, with the help of home automation, particularly across large enterprises, made the large enterprises segment the second-largest voice assistants market.
The largest voice assistants market share, estimated to be 33.5%, is in North America. Due to the presence of major players associated with voice-activated smart assistant providers in the region, as well as the fact that countries like the United States are quick to adopt new and smart technology, the North American region is predicted to dominate the voice assistants market.
With a projected voice assistants market share of 23.6%, Europe leads the way. The voice assistants market is anticipated to grow significantly in Asia Pacific as a result of the region's rising demand for smart assistants and growing IoT device connectivity across a variety of applications, including homes and offices.
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The start-up companies are intensifying their focus on their innovation capabilities and resorting to mergers and acquisitions to develop compact yet high-performance voice assistants.
Avaya purchased CTIntegrations, specialised software development and system integration company in Texas, the U.S., in August 2021. In addition to enhancing the Avaya OneCloud AI-powered experience platform, this acquisition is likely to give Avaya's sizable customer base of contact centres access to more digital capabilities.
There are several well-known key voice assistant market players, and they compete fiercely by making significant capital investments and spending a lot on advertising.
Google home automation can make a dent in online shopping while also ensuring that Google voice assistants users are directed to its search and YouTube video services. While accelerating voice assistants, Amazon can move beyond commerce into search and attention.
Samsung may surpass its current lead in smartphone sales of voice assistants by offering home automation services. The major tech firms are keenly aware of their own and their competitors' comparative advantages, and they see voice as a chance to fortify their defences while also potentially gaining new, lucrative ground.
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The inclusion of IntelePeer in the majority of significant contact centre platforms significantly speeds up the creation and deployment process when compared to manually coding a new AI.
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| Report Attribute | Details |
|---|---|
| Growth rate | CAGR of 19% from 2022 to 2030 |
| Base year for estimation | 2021 |
| Historical data | 2016 to 2021 |
| Forecast period | 2022 to 2032 |
| Quantitative units | Revenue in USD million and CAGR from 2022 to 2032 |
| Report coverage | Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis, |
| Segments covered | Technology, End-use Application, Region |
| Regional scope | North America; Western Europe, Eastern Europe, Middle East, Africa, ASEAN, South Asia, Rest of Asia, Australia and New Zealand |
| Country scope | USA; Canada; Mexico; Germany; UK; France; Italy; Spain; Russia; Belgium; Poland; Czech Republic; China; India; Japan; Australia; Brazil; Argentina; Colombia; Saudi Arabia; UAE; Iran; South Africa |
| Key companies profiled | Amazon.com, Inc., Artificial Solutions, Apple Inc., Honeywell Corporation, Samsung Electronics Co., Ltd., Google Corporation, Interactive Voice Inc., Athom B.V., IBM Corporation, and Nuance Communications, Inc. |
| Customization scope | Free report customization (equivalent to up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. |
The voice assistants market is predicted to grow at a CAGR of 19% through 2032.
Europe holds the highest voice assistants market share.
The voice assistants market size is anticipated to be over US$ 4,329 Million in 2022.
The voice assistants market is expected to surpass US$ 24,588 Million by 2032.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Size Value (US$ Mn) & Volume (Units) Analysis, 2017-2021
4.2. Current and Future Market Size Value (US$ Mn) & Volume (Units) Projections, 2022-2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2017-2021 and Forecast 2022-2032, By Technology
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Mn) & Volume (Units) Analysis By Technology, 2017-2021
5.3. Current and Future Market Size Value (US$ Mn) & Volume (Units) Analysis and Forecast By Technology, 2022-2032
5.3.1. Voice Recognition Technology
5.3.2. IoT Technology
5.3.3. Natural Language Processing
5.3.4. Others
5.4. Y-o-Y Growth Trend Analysis By Technology, 2017-2021
5.5. Absolute $ Opportunity Analysis By Technology, 2022-2032
6. Global Market Analysis 2017-2021 and Forecast 2022-2032, By End-use Application
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Mn) & Volume (Units) Analysis By End-use Application, 2017-2021
6.3. Current and Future Market Size Value (US$ Mn) & Volume (Units) Analysis and Forecast By End-use Application, 2022-2032
6.3.1. Corporate Office
6.3.2. Residential Application
6.3.3. Institutional Areas such as School, Colleges
6.3.4. Others
6.4. Y-o-Y Growth Trend Analysis By End-use Application, 2017-2021
6.5. Absolute $ Opportunity Analysis By End-use Application, 2022-2032
7. Global Market Analysis 2017-2021 and Forecast 2022-2032, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Mn) & Volume (Units) Analysis By Region, 2017-2021
7.3. Current Market Size Value (US$ Mn) & Volume (Units) Analysis and Forecast By Region, 2022-2032
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. MEA
7.4. Market Attractiveness Analysis By Region
8. North America Market Analysis 2017-2021 and Forecast 2022-2032, By Country
8.1. Historical Market Size Value (US$ Mn) & Volume (Units) Trend Analysis By Market Taxonomy, 2017-2021
8.2. Market Size Value (US$ Mn) & Volume (Units) Forecast By Market Taxonomy, 2022-2032
8.2.1. By Country
8.2.1.1. U.S.
8.2.1.2. Canada
8.2.2. By Technology
8.2.3. By End-use Application
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Technology
8.3.3. By End-use Application
8.4. Key Takeaways
9. Latin America Market Analysis 2017-2021 and Forecast 2022-2032, By Country
9.1. Historical Market Size Value (US$ Mn) & Volume (Units) Trend Analysis By Market Taxonomy, 2017-2021
9.2. Market Size Value (US$ Mn) & Volume (Units) Forecast By Market Taxonomy, 2022-2032
9.2.1. By Country
9.2.1.1. Brazil
9.2.1.2. Mexico
9.2.1.3. Rest of Latin America
9.2.2. By Technology
9.2.3. By End-use Application
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Technology
9.3.3. By End-use Application
9.4. Key Takeaways
10. Europe Market Analysis 2017-2021 and Forecast 2022-2032, By Country
10.1. Historical Market Size Value (US$ Mn) & Volume (Units) Trend Analysis By Market Taxonomy, 2017-2021
10.2. Market Size Value (US$ Mn) & Volume (Units) Forecast By Market Taxonomy, 2022-2032
10.2.1. By Country
10.2.1.1. Germany
10.2.1.2. U.K.
10.2.1.3. France
10.2.1.4. Spain
10.2.1.5. Italy
10.2.1.6. Rest of Europe
10.2.2. By Technology
10.2.3. By End-use Application
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Technology
10.3.3. By End-use Application
10.4. Key Takeaways
11. Asia Pacific Market Analysis 2017-2021 and Forecast 2022-2032, By Country
11.1. Historical Market Size Value (US$ Mn) & Volume (Units) Trend Analysis By Market Taxonomy, 2017-2021
11.2. Market Size Value (US$ Mn) & Volume (Units) Forecast By Market Taxonomy, 2022-2032
11.2.1. By Country
11.2.1.1. China
11.2.1.2. Japan
11.2.1.3. South Korea
11.2.1.4. Malaysia
11.2.1.5. Singapore
11.2.1.6. Australia
11.2.1.7. New Zealand
11.2.1.8. Rest of APAC
11.2.2. By Technology
11.2.3. By End-use Application
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Technology
11.3.3. By End-use Application
11.4. Key Takeaways
12. MEA Market Analysis 2017-2021 and Forecast 2022-2032, By Country
12.1. Historical Market Size Value (US$ Mn) & Volume (Units) Trend Analysis By Market Taxonomy, 2017-2021
12.2. Market Size Value (US$ Mn) & Volume (Units) Forecast By Market Taxonomy, 2022-2032
12.2.1. By Country
12.2.1.1. GCC Countries
12.2.1.2. South Africa
12.2.1.3. Israel
12.2.1.4. Rest of MEA
12.2.2. By Technology
12.2.3. By End-use Application
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Technology
12.3.3. By End-use Application
12.4. Key Takeaways
13. Key Countries Market Analysis
13.1. U.S.
13.1.1. Pricing Analysis
13.1.2. Market Share Analysis, 2021
13.1.2.1. By Technology
13.1.2.2. By End-use Application
13.2. Canada
13.2.1. Pricing Analysis
13.2.2. Market Share Analysis, 2021
13.2.2.1. By Technology
13.2.2.2. By End-use Application
13.3. Brazil
13.3.1. Pricing Analysis
13.3.2. Market Share Analysis, 2021
13.3.2.1. By Technology
13.3.2.2. By End-use Application
13.4. Mexico
13.4.1. Pricing Analysis
13.4.2. Market Share Analysis, 2021
13.4.2.1. By Technology
13.4.2.2. By End-use Application
13.5. Germany
13.5.1. Pricing Analysis
13.5.2. Market Share Analysis, 2021
13.5.2.1. By Technology
13.5.2.2. By End-use Application
13.6. U.K.
13.6.1. Pricing Analysis
13.6.2. Market Share Analysis, 2021
13.6.2.1. By Technology
13.6.2.2. By End-use Application
13.7. France
13.7.1. Pricing Analysis
13.7.2. Market Share Analysis, 2021
13.7.2.1. By Technology
13.7.2.2. By End-use Application
13.8. Spain
13.8.1. Pricing Analysis
13.8.2. Market Share Analysis, 2021
13.8.2.1. By Technology
13.8.2.2. By End-use Application
13.9. Italy
13.9.1. Pricing Analysis
13.9.2. Market Share Analysis, 2021
13.9.2.1. By Technology
13.9.2.2. By End-use Application
13.10. China
13.10.1. Pricing Analysis
13.10.2. Market Share Analysis, 2021
13.10.2.1. By Technology
13.10.2.2. By End-use Application
13.11. Japan
13.11.1. Pricing Analysis
13.11.2. Market Share Analysis, 2021
13.11.2.1. By Technology
13.11.2.2. By End-use Application
13.12. South Korea
13.12.1. Pricing Analysis
13.12.2. Market Share Analysis, 2021
13.12.2.1. By Technology
13.12.2.2. By End-use Application
13.13. Malaysia
13.13.1. Pricing Analysis
13.13.2. Market Share Analysis, 2021
13.13.2.1. By Technology
13.13.2.2. By End-use Application
13.14. Singapore
13.14.1. Pricing Analysis
13.14.2. Market Share Analysis, 2021
13.14.2.1. By Technology
13.14.2.2. By End-use Application
13.15. Australia
13.15.1. Pricing Analysis
13.15.2. Market Share Analysis, 2021
13.15.2.1. By Technology
13.15.2.2. By End-use Application
13.16. New Zealand
13.16.1. Pricing Analysis
13.16.2. Market Share Analysis, 2021
13.16.2.1. By Technology
13.16.2.2. By End-use Application
13.17. GCC Countries
13.17.1. Pricing Analysis
13.17.2. Market Share Analysis, 2021
13.17.2.1. By Technology
13.17.2.2. By End-use Application
13.18. South Africa
13.18.1. Pricing Analysis
13.18.2. Market Share Analysis, 2021
13.18.2.1. By Technology
13.18.2.2. By End-use Application
13.19. Israel
13.19.1. Pricing Analysis
13.19.2. Market Share Analysis, 2021
13.19.2.1. By Technology
13.19.2.2. By End-use Application
14. Market Structure Analysis
14.1. Competition Dashboard
14.2. Competition Benchmarking
14.3. Market Share Analysis of Top Players
14.3.1. By Regional
14.3.2. By Technology
14.3.3. By End-use Application
15. Competition Analysis
15.1. Competition Deep Dive
15.1.1. Amazon.com, Inc.
15.1.1.1. Overview
15.1.1.2. Product Portfolio
15.1.1.3. Profitability by Market Segments
15.1.1.4. Sales Footprint
15.1.1.5. Strategy Overview
15.1.1.5.1. Marketing Strategy
15.1.1.5.2. Product Strategy
15.1.1.5.3. Channel Strategy
15.1.2. Artificial Solutions
15.1.2.1. Overview
15.1.2.2. Product Portfolio
15.1.2.3. Profitability by Market Segments
15.1.2.4. Sales Footprint
15.1.2.5. Strategy Overview
15.1.2.5.1. Marketing Strategy
15.1.2.5.2. Product Strategy
15.1.2.5.3. Channel Strategy
15.1.3. Apple Inc
15.1.3.1. Overview
15.1.3.2. Product Portfolio
15.1.3.3. Profitability by Market Segments
15.1.3.4. Sales Footprint
15.1.3.5. Strategy Overview
15.1.3.5.1. Marketing Strategy
15.1.3.5.2. Product Strategy
15.1.3.5.3. Channel Strategy
15.1.4. Honeywell Corporation
15.1.4.1. Overview
15.1.4.2. Product Portfolio
15.1.4.3. Profitability by Market Segments
15.1.4.4. Sales Footprint
15.1.4.5. Strategy Overview
15.1.4.5.1. Marketing Strategy
15.1.4.5.2. Product Strategy
15.1.4.5.3. Channel Strategy
15.1.5. Samsung Electronics Co., Ltd
15.1.5.1. Overview
15.1.5.2. Product Portfolio
15.1.5.3. Profitability by Market Segments
15.1.5.4. Sales Footprint
15.1.5.5. Strategy Overview
15.1.5.5.1. Marketing Strategy
15.1.5.5.2. Product Strategy
15.1.5.5.3. Channel Strategy
15.1.6. Google Corporation
15.1.6.1. Overview
15.1.6.2. Product Portfolio
15.1.6.3. Profitability by Market Segments
15.1.6.4. Sales Footprint
15.1.6.5. Strategy Overview
15.1.6.5.1. Marketing Strategy
15.1.6.5.2. Product Strategy
15.1.6.5.3. Channel Strategy
15.1.7. Interactive Voice Inc
15.1.7.1. Overview
15.1.7.2. Product Portfolio
15.1.7.3. Profitability by Market Segments
15.1.7.4. Sales Footprint
15.1.7.5. Strategy Overview
15.1.7.5.1. Marketing Strategy
15.1.7.5.2. Product Strategy
15.1.7.5.3. Channel Strategy
15.1.8. Athom B.V
15.1.8.1. Overview
15.1.8.2. Product Portfolio
15.1.8.3. Profitability by Market Segments
15.1.8.4. Sales Footprint
15.1.8.5. Strategy Overview
15.1.8.5.1. Marketing Strategy
15.1.8.5.2. Product Strategy
15.1.8.5.3. Channel Strategy
15.1.9. IBM Corporation
15.1.9.1. Overview
15.1.9.2. Product Portfolio
15.1.9.3. Profitability by Market Segments
15.1.9.4. Sales Footprint
15.1.9.5. Strategy Overview
15.1.9.5.1. Marketing Strategy
15.1.9.5.2. Product Strategy
15.1.9.5.3. Channel Strategy
15.1.10. Nuance Communications, Inc.
15.1.10.1. Overview
15.1.10.2. Product Portfolio
15.1.10.3. Profitability by Market Segments
15.1.10.4. Sales Footprint
15.1.10.5. Strategy Overview
15.1.10.5.1. Marketing Strategy
15.1.10.5.2. Product Strategy
15.1.10.5.3. Channel Strategy
16. Assumptions & Acronyms Used
17. Research Methodology
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Voice Assistants Market
