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Global Voice Assistance Market to Grow at 30% CAGR till 2024

Information and Communication Technology | Aug, 2020

 Growing adoption of technologies in smartphones and rising internet user base to drive global voice assistance market through 2024.

According to Global Databooks report, “Global Voice Assistance Market, By Technology, By Application, By End User, By Company, Competition, Forecast & Opportunities, 2024”, the global voice assistance market is predicted to grow at an estimated CAGR of 30% during 2019-2024 on account of increasing demand for voice search and high penetration of internet.

Global voice assistance market can be segmented based on technology, end user, and company. Based on technology, market can be segregated into text to speech recognition, speech recognition, voice recognition, and natural language processing. Text to speech recognition segment led the market in 2018 due to its ability to allow customer to easily interact and perform tasks with smartphones. Voice recognition segment is predicted to grow at highest rate due to its massive adoption in various verticals like BFSI, and hospitality. In terms of end user, market can be segregated into large enterprises, SME, and individual users. Among these, large enterprises captured the majority share in 2018 and trend is likely to continue until 2024.

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Amazon Inc, Orange SA, Apple Inc, Microsoft Corporation, Nuance Communications, IBM Corp, Sony, Oracle, Samsung, Next IT, Inbenta, among others are key players operating in global voice assistance market. Major companies are adopting strategies such as mergers and acquisitions, contracts and agreements, product launches to capture major share in global voice assistance market.


“North America dominates global voice assistance market due to presence of major players and early adoption of technology within region. Moreover, growing huge adoption of smartphones and customer interest towards advanced features like voice recognition to enable security is further contributing to the growth of the market through 2025. On the other hand, Asia Pacific region is expected to grow at brisk rate due to increasing investments in small and medium enterprises within region.” said Mr. Karan Chechi, Research Director with Global Databooks, a research based global management consulting firm.

“Global Voice Assistance Market, By Technology, By Application, By End User, By Company, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global voice assistance market and provide statistics & information on market size, structure and future market growth. Report provides cutting-edge market intelligence and help investors to make proper decisions. Besides, the report also identifies and analyzes the merging trends along with essential drivers, challenges and opportunities in the global voice assistance market.


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