Dublin, Aug. 06, 2019 (GLOBE NEWSWIRE) -- The "Voice Assistant Application Market by Component (Solutions and Services), Deployment Mode (Cloud and On-premises), Application (Web Application, Mobile Application, and Devices), Organization Size, Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Global Voice Assistant Application Market Size is Expected to Grow From USD 1.3 Billion in 2019 to USD 5.2 Billion by 2024, at a CAGR of 31.9%.
The voice assistant application market has been segmented based on components, applications, deployment modes, organization size, verticals, and regions. A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews; services; key strategies; new service launches; partnerships, agreements, and collaborations; business expansions; and competitive landscape associated with the global voice assistant application market.
Key Vendors Profiled
- IBM (US)
- Google (US)
- AWS (US)
- Microsoft (US)
- Apple (US)
- Baidu (China)
- Nuance Communications (US)
- Salesforce (US)
- Verbio Technologies (Spain)
- Samsung (South Korea)
- Oracle (US)
- SAS (US)
- SAP (Germany)
- Orbita (US)
Enhanced customer experience and advancement in NLP and ASR ecosystems to drive the voice assistant application market
The need for improving customer experience and streamlining the business process are the key factors driving the voice assistant application market. However, security and data concern may hamper the growth of voice assistant application market. Organizations are leveraging the AI-enabled chatbots and virtual agents to automate repetitive and manual processes, such as order placement, balance inquiries, general inquiries, technical assistance, and other customer services.
With automation, organizations can achieve higher productivity gain with less manpower requirement. With the advancement in Natural Language Processing (NLP), Automatic Speech Recognition (ASR), and Artificial Intelligence (AI), the business use cases for voice-based chatbots have increased over the last few years. Currently, customer service, lead generation, customer queries, meeting scheduling, room service, reminders, product queries, and support services are the major use cases enterprises are exploring for strengthening business operations.
Among the deployment mode segment, the cloud segment to account for a higher market share during the forecast period
Owing to increasing awareness of the benefits of cloud-based solutions, the cloud deployment for voice assistant applications is expected to grow tremendously. The solution providers are focusing on the development of robust cloud-based solutions for their clients, as various organizations have migrated to either a private or a public cloud.
Moreover, cloud-as-a-service is enabling organizations to manage not only costs but also achieve better agility. As cloud-based solutions are budget-friendly as well as easy to deploy, it is highly preferred across Small and Medium-sized Enterprises (SMEs).
Among the application segment, the web applications segment to dominate the market during the forecast period
Voice assistant applications deployed over the website can be useful for sales and marketing support, precise navigation, instant answering to customer queries, customer insights, and centralized knowledge management. The voice assistant applications enhance online communication, enable sophisticated interaction with intuitive response times, improve customer retention, and understand people's natural language with sharp voice recognition.
The users are guided to attain a robust business activity with the help of a human-like interaction platform. In the case of banking, finance, retail, healthcare, and telecom verticals, end-users seek interactive support/help while buying a product or inquiring about the queries.
Among regions, APAC to grow at the highest CAGR during the forecast period
Various APAC countries, such as China, Japan, South Korea, Australia, Singapore, and India, have a large population, and they require NLP and Interactive Voice Response (IVR) platform-based voice assistant applications to track customers. Travel, healthcare, retail, and banking are the verticals driving the voice assistant application market in APAC.
Countries, such as China, Japan, and Australia, have a high penetration in the voice assistant application market and provide solutions that resolve the complex queries faced by customers. APAC countries have enormous potential to grow further, due to the fast adoption of technologies. To enhance their growth and increase the customer base, organizations have started implementing voice assistant solutions.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the Global Voice Assistant Application Market
4.2 Market By Deployment Mode, 2019
4.3 Market in North America, By Component and Country
4.4 Market in Europe, By Organization Size and Country
4.5 Market in Asia Pacific, By Application and Country
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Enhanced Customer Experience
5.2.1.2 Businesses Leveraging Social Media Platforms as a Prime Marketing Channel
5.2.1.3 Advancement in NLP & ASR Ecosystem
5.2.1.4 Omni-Channel Deployment
5.2.2 Restraints
5.2.2.1 Security & Privacy Concerns
5.2.3 Opportunities
5.2.3.1 Adoption of Voice Assistants Across Verticals
5.2.3.2 Potential Untapped Markets
5.2.4 Challenges
5.2.4.1 Low Accuracy in Voice-Based Virtual Assistants
5.2.4.2 Lack of Multilingual Support
5.3 Ecosystem Analysis
5.4 Regulatory Implications
5.4.1 GDPR
5.4.2 Hipaa
5.4.3 Ftc
5.4.4 Iso/Iec Jtc 1/Sc 42
5.5 Use Cases
5.5.1 Scheduling A Meeting
5.5.2 Increasing User Engagement
5.5.3 Enhancing Customer Experience
5.5.4 Resolving Customer Queries Using Self-Service Tool
5.5.5 Faster Query Resolutions
6 Voice Assistant Application Market By Component
6.1 Introduction
6.1.1 Excerpts From Expert Interviews
6.2 Solutions
6.2.1 Standalone
6.2.1.1 Demand for Enhanced Customer Experience to Drive the Adoption of Standalone Voice Assistant Solution
6.2.2 Integrated
6.2.2.1 Low Deployment Cost to Drive the Adoption of Integrated Voice Assistant Solution
6.3 Services
6.3.1 Consulting
6.3.1.1 Growing Demand for Implementing Voice Assistant Solutions to Boost the Consulting Services
6.3.2 Implementation
6.3.2.1 Technicalities Involved in Implementing Voice Assistant Solutions to Boost the Implementation Services
6.3.3 Training and Support
6.3.3.1 to Overcome the System-Related Issues Effectively, Voice Assistant Application Vendors to Offer Training and Support Services in the Market
7 Voice Assistant Application Market By Application
7.1 Introduction
7.1.1 Excerpts From Expert Interviews
7.2 Web Applications
7.2.1 Increasing Adoption of Web Applications By Workforce to Drive the Growth of Market
7.3 Mobile Applications
7.3.1 Mobile Voice Assistant Applications to Improve User Experience as Well as Reduce Time to Find the Right Content
7.4 Devices
7.4.1 Voice Assistant Application Devices to Offer Multiple Interaction Channels, Consistent Services, and Help Reduce Cost
8 Voice Assistant Application Market By Deployment Mode
8.1 Introduction
8.1.1 Excerpts From Expert Interviews
8.2 On-Premises
8.2.1 BFSI and Healthcare Increasingly Opting for On-Premises Solutions to Adhere to Government Regulations
8.3 Cloud
8.3.1 Reduced Operational Maintenance Cost to Boost the Cloud Deployment Model
9 Voice Assistant Application Market By Organization Size
9.1 Introduction
9.1.1 Excerpts From Expert Interviews
9.2 Small and Medium-Sized Enterprises
9.2.1 Flexible Pricing to Drive the Adoption of Voice Assistant Solutions in Small and Medium-Sized Enterprises
9.3 Large Enterprises
9.3.1 Need for Streamlining Business Processes to Drive the Adoption of Voice Assistant Solutions in the Large Enterprises
10 Voice Assistant Application Market By Vertical
10.1 Introduction
10.1.1 Excerpts From Expert Interviews
10.2 Banking, Financial Services, and Insurance
10.2.1 Demand for Effortlessly Connecting With Customers to Provide Enhanced Customer Experience to Drive the Adoption of Voice Assistant Solutions in the BFSI Vertical
10.3 Healthcare
10.3.1 Voice Assistant Solutions to Improve Patient Experience and Engagement
10.4 Retail and eCommerce
10.4.1 Increasing Demand for Greater Customer Engagement to Fuel the Adoption of Voice Assistant Solutions in the Retail and eCommerce Sector
10.5 Media and Entertainment
10.5.1 Media and Entertainment Vertical Opting for Voice Assistant Solutions to Maximize Customer Satisfaction
10.6 Telecom and IT
10.6.1 Growing Demand for Real-Time Problem Solving to Boost the Adoption of Voice Assistant Solutions in the Telecom and It Vertical
10.7 Manufacturing and Automotive
10.7.1 Emergence of Connected and Smart Car to Shift the Focus of Stakeholders Toward Voice Assistant Solutions
10.8 Education
10.8.1 Improved Student and Teacher Engagement as Well as Training Programs to Drive the Implementation of Voice Assistant Solutions in the Education Sector
10.9 Travel and Hospitality
10.9.1 Automation of Booking Process to Increase the Adoption of Voice Assistant Solutions in the Travel and Hospitality Vertical
10.10 Others
11 Voice Assistant Application Market By Region
11.1 Introduction
11.1.1 Excerpts From Expert Interviews
11.2 North America
11.2.1 United States
11.2.1.1 Integration of Voice Assistant With Enterprise Applications to Drive the Growth of Market in the United States
11.2.2 Canada
11.2.2.1 Need for Streamlining Business Processes to Drive the Growth of Market in Canada
11.3 Europe
11.3.1 United Kingdom
11.3.1.1 Favorable Government Conditions for AI Ecosystem to Fuel the Adoption of Voice Assistant Solutions in the United Kingdom
11.3.2 Germany
11.3.2.1 Increasing Adoption of Voice Assistant Across Manufacturing and Automotive to Drive the Market in Germany
11.3.3 France
11.3.3.1 Businesses are Receptive Toward Leveraging Capabilities of Voice-Enabled Virtual Assistant in France
11.3.4 Rest of Europe
11.4 Asia Pacific
11.4.1 China
11.4.1.1 Advancement in Artificial Intelligence Ecosystem to Drive the Adoption of Voice Assistant Solutions in China
11.4.2 Japan
11.4.2.1 Increase in Use of Voice Assistant in the Telecom and It Vertical to Fuel the Adoption of Voice-Based Virtual Assistant in Japan
11.4.3 India
11.4.3.1 Growing Start-up Ecosystem and Adoption of Artificial Intelligence in Mid-Sized Enterprises to Drive the Growth of Voice Assistant Application Market in India
11.4.4 Rest of Asia Pacific
11.5 Middle East and Africa
11.5.1 Israel
11.5.1.1 Cross-Vertical Adoption of Virtual Assistant to Drive the Growth of Market in Israel
11.5.2 United Arab Emirates
11.5.2.1 Digital Transformation to Drive the Adoption of Voice Assistant Solutions in the United Arab Emirates
11.5.3 Rest of Middle East and Africa
11.6 Latin America
11.6.1 Brazil
11.6.1.1 Emergence of Start-up Companies to Drive the Growth of Market in Brazil
11.6.2 Mexico
11.6.2.1 Artificial Intelligence First Strategy to Fuel the Demand for Voice-Enabled Virtual Assistant Solutions in Mexico
11.6.3 Rest of Latin America
12 Competitive Landscape
12.1 Competitive Leadership Mapping (Global)
12.1.1 Visionary Leaders
12.1.2 Innovators
12.1.3 Dynamic Differentiators
12.1.4 Emerging Companies
12.2 Strength of Product Portfolio (21 Players)
12.3 Business Strategy Excellence (21 Players)
12.4 Competitive Leadership Mapping (Start-ups)
12.4.1 Progressive Companies
12.4.2 Responsive Companies
12.4.3 Dynamic Companies
12.4.4 Starting Blocks
13 Company Profiles
13.1 Introduction
13.2 IBM
13.3 Google
13.4 AWS
13.5 Microsoft
13.6 Apple
13.7 Baidu
13.8 Nuance Communications
13.9 Salesforce
13.10 Verbio Technologies
13.11 Samsung
13.12 Oracle
13.13 SAS
13.14 SAP
13.15 Orbita
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