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.
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.
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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.
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.
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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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