New York, Feb. 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Voice Assistant Application Global Market Report 2022" - https://www.reportlinker.com/p06233734/?utm_source=GNW
, Avaya, Inbenta and Slang Labs.
The global voice assistant application market is expected to grow from $2.58 billion in 2021 to $3.42 billion in 2022 at a compound annual growth rate (CAGR) of 32.4%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $10.12 billion in 2026 at a CAGR of 31.1%.
The voice assistant application market consists of sales of voice assistant application solutions and services by entities (organizations, sole traders, and partnerships) that use voice recognition, speech synthesis, and natural language processing to provide a service through a specific application.A Voice assistant is also called an intelligent personal assistant or connected speaker can conduct tasks or provide services for a person based on instructions or questions.
It is a new type of product marketed by Apple, Amazon, and Google and is based on natural language speech recognition.
The main components of the voice assistant application are solutions and services.Incorporating voice assistants such as Alexa, Google Assistant, and Siri into digital solutions or goods is referred to as service, and it gives customers another way to communicate with the team.
The different deployment modes include on-premises, cloud and are used in web applications, mobile applications. It is implemented in various sectors such as banking, financial services, and insurance (BFSI), healthcare, retail, and e-commerce, media and entertainment, telecom and IT, manufacturing and automotive, education, travel and hospitality, and others.
North America was the largest region in the voice assistant application market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The growing voice-enabled devices are contributing to the growth of the voice assistant application market.The voice-activated device recognizes spoken instructions and inquiries, and commonly employs text-to-speech to play a response.
Over time, voice activation technology has aided in the provision of assistance, the management of customer experience, and the increase of productivity.Another layer of increased customer assistance and interactions has been added due to an app that includes Alexa, Siri, Google Assistant, and Cortana.
For instance, according to Oberlo, a dropshipping app, in 2020, 111.8 million people in the USA using voice search features, up 9.5% from the previous year. By 2021, it is predicted to have grown by 9.7% to 122.7 million users.
The AI-based voice assistant is a key trend gaining popularity in the voice assistant application market.Major companies operating in the voice assistant application sector are focused on developing AI-based voice assistants to offer users an alternative way to interact with their various business apps.
For instance, in September 2019, Oracle Corporation, a US-based computer software company launched an AI voice assistant for its business app suite. The virtual assistant interprets human intent using AI techniques including machine learning and natural language processing and understanding and is designed to automate tasks including expense approvals and meeting rescheduling.
In April 2021, Microsoft Corporation, a US-based technology company acquired Nuance Communications for $19.7 billion. The acquisition elevates Microsoft as a prominent participant in healthcare technology by reducing the distance among clinicians and Microsoft Cloud for Healthcare. Nuance Communications is a US-based company that provides AI-based voice assistants.
The countries covered in the voice assistant application market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06233734/?utm_source=GNW
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