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Zion Market Research has published a new report titled “Voice Assistant Market by Technology (Speech Recognition, Text-To-Speech Recognition, and Voice Recognition), By Application (Messenger Bots, Websites, and Contact Centers), By Service (Customer Service and Marketing Assistant), and By End-User (Individual Users, SMEs, and Large Enterprises): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025’’. According to the report, the global voice assistant market was around USD 0.8 billion in 2018 and is expected to reach approximately USD 7.7 billion by 2025, at a CAGR of above 39% between 2019 and 2025.A voice assistant is also known as voice control or VPA-enabled speaker. It is a smart device that enables a user to control certain things. With the use of AI in voice assistance devices, users can find information and control other connected devices in and around the house. Voice assistance devices also provide advantages like hands-free computing, placing online orders, turning on/off lights, playing music, answering questions, etc.
The increasing proclivity toward IOT and automation is fuelling the global voice assistant market growth. The growing demand for smartphone is also fuelling the voice assistance market globally. Furthermore, the global demand for voice assistant speakers will attract many vendors to enter the market over the projected time period, thus driving the global voice assistant market development. The increasing popularity of voice assistants and rising digitalization globally will contribute notably to this market in the upcoming years. However, the oligopoly in speech and voice recognition via a neural network is restricting its usage for cloud-based services, which can be restrictive for this market’s development.
The global voice assistant market is categorized on the basis of technology, application, service, and end user. The technology segment includes speech recognition, voice recognition, and text-to-speech recognition. By application, the global voice assistant market includes websites, messenger bots, and contact centers. Based on service, this global market comprises marketing assistant and customer service. The end-user segment includes individual user, SMEs, and large enterprises. The SMEs segment is likely to register a significant CAGR over the estimated timeframe, owing to the increasing demand for voice assistants in developing countries like India and China.
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By region, North America is a technologically advanced region and will experience notable growth in the voice assistant market in the years ahead, owing to the rising spending for R&D in automation. The voice assistance technology is gaining huge popularity across the region, which is leading to the fast-paced development and modernization of smart devices. This, in turn, will further drive the North American voice assistant market in the future. The European voice assistant market will witness substantial growth in the future. This can be attributed to the high living standards of people, which has led to the rise in investments in IoT by the manufacturers and the presence of advanced infrastructure.
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Some major players operating in the global voice assistant market are Google, Amazon, Microsoft Corporation, Apple, Samsung Group, Creative Virtual, Next IT Corporation, Orange, Nokia Networks, and Nuance Communications.
This report segments the global voice assistant market into:
Global Voice Assistant Market: Technology Analysis
Speech Recognition
Text-To-Speech Recognition
Voice Recognition
Global Voice Assistant Market: Application Analysis
Messenger Bots
Websites
Contact Centers
Global Voice Assistant Market: Service Analysis
Customer Service
Marketing Assistant
Global Voice Assistant Market: End-User Analysis
Individual Users
SMEs
Large Enterprises
Global Voice Assistant Market: Regional Analysis
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
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