Valued at $1,723.6 million in 2019, the global voice assistant market is predicted to attain a value of $26,872.6 million by 2030, advancing at a 29.7% CAGR during the forecast period (2020–2030). The market is growing due to the rising demand in contact centers and the requirement for enhanced customer experience. Software that utilizes natural language processing, speech analytics, and voice recognition technologies for helping users through voice recognition applications is referred to as voice assistant. In terms of components, the market is bifurcated into service and software.
When an application is considered, the voice assistant market is divided into contact centers, messenger bots, websites, and others (which include smartwatches, smartphones, smart speakers, and laptops). The messenger bots division held the largest share of the market during the historical period (2014–2019), owing to the rising utilization of online platforms for buying products and rising penetration of the internet. The contact centers category is projected to grow at the fastest pace during the forecast period because of the integration of voice assistant technology in contact centers to help under customer insights better.
“Advancements in NLP & automatic speech recognition (ASR) ecosystem is marked as a key trend of voice assistant market.”
The rising demand for voice assistant in contact centers is another major driving factor of the voice assistant market. The voice assistant technology is based on the NLP technology, which aids devices in interacting with customers and assisting them in real-time. The technology heals contact centers in gathering information on customers’ preferences, opinions, and buying patterns. The data is analyzed through the voice assistant technology, which further enables enterprises to provide users with a personalized experience and proactive recommendations regarding different products and services.
In terms of industry, the voice assistant market is categorized into healthcare, banking, financial services, and insurance (BFSI), automotive, retail & e-commerce, and others (which include IT & telecommunication, hospitality, media & entertainment, transportation, public utility, defense, education, and manufacturing). Among these, the BFSI industry held the major share of the market during the historical period and is further expected to dominate the market during the forecast period. The highest CAGR is projected to be registered by the healthcare category during the forecast period, primarily due to the increasing focus on patient’s engagement.
“Voice Assistant Market is propelled by increasing demand in contact centers & need for enhanced contact centers”
The increasing adoption of the voice assistant technology in the education sector is opening up wide opportunities for the players operating in the voice assistant market. Individuals of all ages are making use of digital platforms, such as blogs, video streaming sites, and social media, as a primary source of information or learning new skills apart from traditional courses. Therefore, the implementation of the voice assistants in classrooms can help in enhancing the capabilities of students. Voice assistants are much preferred by the tutors due to their several capabilities.
The requirement for improved customer experience is a major driving factor of the voice assistant market in the U.S. and other countries. Organizations are integrating voice assistant solutions in their customer experience strategies for enhancing customers’ experience and their engagement with the offered solutions. Voice assistant technology improves user experience through proper assistance in minimal time. Furthermore, while utilizing voice search, users expect relevant and quick answers from organizations, which is why industry players are collaborating with voice assistant solution providers in order to improve customer experience.
Hence, the market is being driven by the growing adoption of the voice assistants in contact centers and the rising need for enhancing customer experience.