The rising popularity of smartphones coupled with the increasing demand for sophisticated assistive technology will assure considerable growth opportunities for the voice assistant market during the forecast period of 2022-2032. The market for voice assistants is predicted to expand at a CAGR of 19% and reach US$ 4,329.0 million in 2022. By 2032, it is anticipated that the market would grow to US$ 24,588 Million.
In addition, the rise in activities such as data collection through mobile devices, unified communications, and wireless network strengthens the growth trajectory to a considerable extent.
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Recent Development
Automating repetitive tasks is an important benefit offered by voice assistant applications. While routine tasks are carried out by voice assistant applications, humans can perform other tasks that are more important. Thus, introducing voice assistants not only enhances consumer experience but also increases the productivity levels of an organization or a business. Thus, these factors will serve as growth boosters for the voice assistant application market.
The report on the voice assistant market by FMI has various points and factors that make the stakeholder aware of the existing competitive scenario. Furthermore, the report includes the demographic landscape, industrial insights, and the latest trends that prove to be of great help to the CXOs and stakeholders. The COVID-19 pandemic effect has also been included in the report.
Uses
A voice assistant is a digital assistant utilizing voice recognition, speech synthesis, natural language processing, and others to help consumers through phone applications. The overwhelming use of voice assistant applications in the telecom and IT sector, banking, insurance, financial services, media and entertainment, education, travel, hospitality, manufacturing, automotive, and others will invite substantial growth opportunities.
How Competition Influences the Voice assistants Market?
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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Table of Content
- 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
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- 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
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Key Players
- Amazon.com, Inc.
- Artificial Solutions
- Apple Inc.
- Honeywell Corporation
- Samsung Electronics Co., Ltd.
- Google Corporation
- Interactive Voice Inc.
- Athom B.V.
- IBM Corporation
- Nuance Communications, Inc.
Voice assistants Market Segmentation:
By Technology:
- Voice Recognition Technology
- Iot Technology
- Natural Language Processing
- Others
By End-Use Application:
- Corporate Office
- Residential Application
- Institutional Areas Such As School, Colleges
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
- Europe
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The post Voice Assistants Market is set to be worth US$ 24,588 Mn by 2032 end, showing promising growth at a CAGR of 19% during the forecast. Holistic report from FMI appeared first on Future Market Insights.
