Voice Assistant Application Market

Voice Assistant Application Market Analysis

The Voice Assistant Application Market is expected to register a CAGR of 27.30% during the forecast period.

• According to the "Cisco Annual Internet Report," the number of devices connected to internet networks will be more than three times the worldwide population by this year. As per the report, there will be approximately 3.6 networked devices per capita by this year, up from 2.4 devices per capita in 2018. Also, it further projects that there will be 29.3 billion networked devices by this year, up from 18.4 billion in 2018. Various new devices in different form factors with improved capabilities and intelligence are developed and adopted in the market every year. As the connected devices count increases, voice assistant application solutions will be adopted.
• Some voice assistant applications which have gained recognition across all sectors are Apple's Siri, Microsoft's Cortana, and Google's Assistant. Moreover, small and medium enterprises are also involved in driving intelligent voice assistant technology, thereby emerging as crucial participants in the voice assistant application market.
• Voice-based systems, which allow users to speak a query, have become increasingly common among businesses. However, voice-based technologies are known as bandwidth hogs and can efficiently overburden network performance, specifically if they use a cloud-based infrastructure. This is expected to harm voice-based technology adoption for businesses struggling with such issues. Edge computing is one of the promising technologies that can support voice-assisted devices. Edge computing technology places high-performance storage and network resources as close as possible to the end users and devices.
• Customers can only receive assistance from voice assistants fed with precise data when they ask inquiries that are preprogrammed to be answered. As a result, if a client asks a question about which the voice assistant is in the dark, it won't be able to understand what they mean and won't be able to respond to their question. People favor their regional languages above English for daily communications in nations with several regional languages, such as Indonesia and India. In India, improvements in speech recognition have made it possible to comprehend Indian regional languages better.
• At the time of the COVID-19 pandemic, popular voice assistant applications offered fairly straightforward insights on rising case trends, safety instructions from the World Health Organization (WHO), Centers for Disease Control and Prevention (CDC), and National Institutes of Health (NIH).

Voice Assistant Application Market Trends

Healthcare Vertical is Expected to Grow Significantly Over the Forecast Period

• Healthcare providers are analyzing the benefits of voice assistant applications for increasing efficiency and improving patient experience. For this reason, several healthcare brands are smartly utilizing voice-assisted technology, giving some concrete reasons to believe in its competency.
• Voice assistant applications in healthcare can help in the chronic disease management of patients. For example, Sugarpod, a type 2 diabetes management solution with custom tasks for diabetes patients, is based on their preferences. Sugarpod, integrated with voice assistants, allows patients to manage their treatment procedures and monitor progress effectively.
• For instance, on Amazon's Echo devices, Alexa from Amazon and the telemedicine service Teladoc Health will always be accessible. Customers who have requested to speak with a doctor through Alexa will receive a call back from a Teladoc doctor. Doctors may be able to prescribe drugs in particular circumstances.
• Technology providers are also focusing on developing voice assistant applications for the healthcare industry. For example, Nuance Communications, which is a software company, developed a voice assistant specifically for the healthcare space called the Dragon Medical Virtual Assistant. The solution delivers sophisticated conversational dialogues and healthcare skills that automate highvalue clinical tasks from chart search to CPOE.
• Customers can only receive assistance from voice assistants fed with precise data when they ask inquiries that are preprogrammed to be answered. As a result, if a client asks a question about which the voice assistant is in the dark, it won't be able to understand what they mean and won't be able to respond to their question. People favor their regional languages above English for daily communications in nations with several regional languages, such as Indonesia and India. In India, improvements in speech recognition have made it possible to comprehend Indian regional languages better.
• According to a survey from last year by Group4Media, a Russian media company, nine out of ten Russians were familiar with Alisa, a voice assistant by Yandex. The second-highest level of awareness was found for Marusya, a product of VK, which was mentioned by around half of the respondents. Twelve percent of Russians reported using home voice assistants in the first three months of the last year, while one-fourth were prepared to do so.

North America is Expected to Hold Largest Share over the Forecast Period

• The significant presence of technology providers and increasing usage of voice assistant applications by end-use industries like healthcare and retail drive the growth of the North American geographic segment. The vendors in this region are focusing on entering into partnerships, merger acquisitions, and providing innovative solutions to stay in the regional and globally competitive landscape.
• According to HP Development Company, one in three United States homes has a smart speaker, and 81% of them have voice assistants like the Google voice assistant in their smartphones. The rising adoption of connected devices in the United States further drives the growth of the North American region segment of the market.
• As a result of ongoing innovation and the adoption of new technology, the US market has been the largest contributor to North America as a whole. The voice assistant application is heavily used in the BFSI, media & entertainment, healthcare, and retail sectors. It is anticipated that voice assistant application solutions and services will be integrated and made available to businesses by virtual assistant solution providers across North America.
• Up to 95% of voice assistant users in the last year will do it on mobile devices. More than 45% of users, according to the National Consumer Survey Reveals, would like to be able to speak with mobile applications. Since mobile devices include a screen, they are the ideal platform for voice-first experiences. Apple Siri and Google Now are two instances of mobile-first talents. A well-designed voice-first software integrates visual, speech, and touch interfaces because voice-first engagements begin with voice and may progress to graphics.
• The industry leaders with the most significant market shares in the voice assistant application market, like Apple, Google, Microsoft, IBM, and Amazon, have their headquarters in the United States; the favorable tech environment, Research and Development, and Investments in the studied market will drive the market in the region.

Voice Assistant Application Industry Overview

The voice assistant application market is moderately competitive and comprises a significant number of global and regional players. These players account for a considerable share of the market and focus on expanding their customer base globally. These players are also focusing on research and development activities to introduce innovative solutions, strategic alliances, and other organic & inorganic growth strategies to earn a competitive edge throughout the forecast period.

In January 2023, Amazon and Disney will release the first-of-its-kind voice assistant, "Hey Disney." According to an Amazon blog post, the "first-of-its-kind" voice assistant would give consumers access to "a wide spectrum of Disney enjoyment" through Echo devices at home and as a free service at some Disney Resort hotels. Disney created this experience using the Alexa Unique Assistant, an artificial speech intelligence (AI) framework that allowed the company to create its unique voice assistant that coexists with Alexa swiftly.

Voice Assistant Application Market Leaders

Voice Assistant Application Market News

• November 2022: In collaboration with enterprise conversational AI startup Yellow.ai, Sony has unveiled a new voice assistant for customer support in India. The new "Isha" AI is a multilingual virtual agent that can converse with clients in Bengali, Hindi, and English while providing answers to their questions or, if necessary, connecting them to human agents.
• June 2022: Customers can now use voice commands to manage their speaker's thanks to a free software update from Sonos that introduces their voice assistant. Users may now voice requests for particular songs, albums, radio stations, or playlists through the Sonos app. Users of Sonos Voice Control can also use voice commands to group and ungroup speakers and save and like songs.