Voice Assistant Application Market Overview

The Voice Assistant Application Market size was valued at USD 3.33 billion in 2023 and is projected to reach USD 30.09 billion by 2032, registering a CAGR of 27.71% from 2023 to 2032.

In 1911 a toy named Radio Rex was the first product that utilized automated speech recognition. Voice assistants are digital assistants that use voice recognition, speech synthesis, language processing algorithms, and natural language processing to listen to distinct voice commands and provide relevant information or perform specified functions requested by the user. Moreover, innovative emerging technologies like voice interaction augmented reality and virtual reality are changing the way individuals interact with the world and transforming digital experiences. Furthermore, advancement in cloud computing, Artificial Intelligence, and the Internet of Things (IoT) has revolutionized human-machine interaction giving rise to Voice control. Virtual assistants are a part of smartphones, tablets, and computers. Moreover, several companies such as Google, Amazon, JBL, and others have launched standalone smart devices consisting of voice assistants.

In these smart devices, a microphone is used to listen to the command, and a smart speaker is used to deliver the results. The processing and computing take place in cloud platforms. The Voice command given by the user is streamed to the cloud where it gets converted into text and after interpretation and backend processing a text response is generated which is converted into voice by a smart speaker hence, the user gets the desired results. According to Statista, in 2020 there were 4.2 billion digital voice assistants used in smart devices globally. Moreover, this number is anticipated to reach 8.4 billion units in 2024, a number that is higher than the world's population. Furthermore, the industrial use of voice assistant applications is expected to observe a 56% in usage.

Covid-19 Impact on Voice Assistant Application Market

The outbreak of COVID-19 impacted the functioning of various industries. Moreover, to constrain the spread of the virus several government-imposed lockdowns resulted in the complete shutting down of companies thus many companies incurred losses. Furthermore, as people were compelled to work at home, it impacted a positive impact on the Voice Assistant application market. Additionally, the use of smart speakers, appliances, and other IoT devices gained popularity owing to the comfort and convenience they offer. The incorporation of Voice Assistant Applications by major service providers to improve customer services has helped organizations in the period of COVID-19 even with a limited workforce.

Market Dynamics and Factors of Voice Assistant Application Market

Drivers:

The innovative novel voice technology is used across all industries. Moreover, an increase in the usage of voice assistant applications in banking, financial services, insurance, education, insurance, consumer industries, and electronics is propelling the market growth in the period of forecast. Additionally, the abilities of Voice Assistant Application to play the song on demand, checking the weather, and in smart home household giving commands to other smart devices are remarkable and attracts every consumer hence supporting the expansion of Voice Assistant Application market in the period of forecast.

Moreover, big businesses are also incorporating the use of Voice Assistant Application and are planning to further increase the use of voice technology in near future. Leading business companies uses Voice Assistant Application to include components like subtitling and closed captioning, as well as customer experience and analytics. Furthermore, benefits that organizations achieved from incorporating voice assistants were reduction in costs of customer service, daily saved man-hours, and a decline in customer churn.

Moreover, the increasing adoption of Voice Assistant devices is attributed to the advancements in Voice Assistant application technologies. Users of Voice Assistant devices find it more convenient to perform activities such as listening to music, online shopping, booking appointments, paying bills online, and listening to audiobooks. All these factors are promoting the Voice Assistant Application Market growth throughout the forecast period. Millennials are getting used to voice technology at a faster growth than their older counterparts which is one of the major factors driving the growth of the Voice Assistant Application Market. Popular voice assistants such as Apple Siri, Microsoft Cortana, Google Assistant, Amazon Siri, and Samsung's Bixby are witnessing a tremendous demand among consumers.

Restraints:

Voice assistants are present in many homes globally yet, their use in school premises and for educational purposes is restricted due to concerns regarding their privacy settings and data collection thus hampering the Voice Assistant Application Market growth in the period of forecast. Moreover, privacy concerns of these Voice Assistant devices are the major factor restraining the Voice Assistant Application Market expansion in the period of forecast. Furthermore, the voice recognition is not perfect which may result in undesirable answers further voice recognition devices won't always interpret words accurately.

Voice recognition applications are based on programs, which sometimes cannot understand the context of language the way humans comprehend, leading to flaws that are usually due to misinterpretation. High pricing of devices having voice assistant applications and less enriching interactions than other platforms is hindering the Voice Assistant Application Market growth. Moreover, continuous use of voice recognition may result in some physical discomfort and vocal problems such as hoarseness, dry mouth, fatigue, and temporary loss of voice and vocal strain, all these factors restrict the Voice Assistant Application Market growth.

Opportunities:

The increasing adoption of artificial intelligence in consumers' everyday lives is propelling the shift towards voice assistant applications. Moreover, the growing number of IoT products such as smart thermostats, appliances, and speakers provides opportunities for market players to enhance the user and voice-assisted device interactions and make it more engrossing. Furthermore, consumers from the comfort of their homes can buy products, look for product features, and can receive personalized recommendations based on their shopping history all these interactions can be achieved with the help of voice assistants. In addition, individuals are booking tickets, making appointments, creating a shopping list, making a purchase, checking the delivery status, using a customer support system, and making recommendations for a product to other consumers with the help of the Voice Assistant Application. All these factors are providing opportunities for Voice Assistant Application market players.

Challenges:

Lack of awareness of the benefits of voice assistant applications and limited knowledge of virtual assistants are the major challenges for voice assistant solutions providers. Individuals are unaware of the benefits a smartphone can do even though the sales of smartphones are high the number of individuals who use voice assistants is fewer. Moreover, consumer response towards adopting the latest technological devices such as smartphones, cloud computing, and IoT is propelling the market growth in this region.

Market Segmentation

Segmentation Analysis of Voice Assistant Application Market:

Based on Deployment, the cloud segment is expected to dominate the Voice Assistant Application Market. The dependence of voice assistants on cloud platforms for interpretation and solutions is the major factor supporting the growth of the cloud segment. Moreover, low operational and maintenance costs, higher scalability, and high effectiveness are some of the vital qualities of cloud computing. Due to increasing awareness about the advantages of cloud-based solutions, the cloud deployment segment is anticipated to grow tremendously throughout the forecast period.

Based on Components, the solutions segment is estimated to have the highest share in the Voice Assistant Application Market in the period of forecast. The standalone division of the solution segment is gaining popularity owing to the hands-free functions the device offers.

Based on Organization Size, the small and medium-sized enterprises segment is anticipated to have the highest share of the Voice Assistant Application Market in the forecast period. The growing adoption of cloud-based solutions in SMEs owing to scalability, cost-effectiveness, and flexibility which allows SMEs to cater to different markets such as, public and private, is promoting market growth in this segment. SMEs are responsible for increasing overall growth potential and producing high-quality jobs in an economy.

Based on Technology, the Natural Language Processing segment is expected to dominate the Voice Assistant Application Market. To understand the command given by the user, the complex aspect of the human dialect is broken down. Natural language processing works hard to aid voice assistants to understand the intent, context, and unique speech patterns involved in the command.

Based on Channel Integration, the mobile application is forecasted to dominate the Voice Assistant Application Market. The huge number of mobile users and integration of voice-assisted applications to purchase and view products online is contributing towards the growth of the mobile application segment.

Based on Application, the smart retail and e-commerce segment is estimated to have the highest share in Voice Assistant Application Market. The growing adoption of voice assistant applications in online shopping and online pharmacy is anticipated to propel the growth of the smart retail and e-commerce segment of the Voice Assistant Application Market in a period of forecast.

Regional Analysis of Voice Assistant Application Market:

North America region is expected to dominate the Voice Assistant Application Market in the period of forecast. North America region has the highest number of voice assistant applications users owing to the development and ease of availability of voice-based devices. According to Statista, a third of the US population owns at least one smart speaker device.

North America followed by Europe is estimated to have the second-highest market share in the period of forecast. The growing popularity of voice-assisted devices and the awareness among individuals about the benefits of voice-assisted application is boosting the market growth in this region.

Asia-Pacific region is expected to have the highest growth rate owing to the rising awareness of voice-assisted applications and the growing disposable income. Countries such as India, China, and Japan are expected to contribute towards the market growth owing to large populations and the adoption of technological advancements. 

Middle-East and African regions are forecasted to have the significant growth owing to growing awareness and rising disposable income.

Players Covered in Voice Assistant Application Market are:

• Aivo (Argentina)
• AWS (US)
• Apple(US)
• Avaamo(US)
• Avaya (US)
• Baidu (China)
• Cisco (US)
• Clinc (US)
• Creative Virtual (UK)
• Google (US)
• Inbenta (US)
• IBM (US)
• Haptik (India)
• Kata.ai (Indonesia)
• Microsoft (US)
• Mindsay (US)
• Oracle (US)
• Rasa (US)
• Samsung (South Korea)
• SAP (Germany)
• Slang Labs (India)
• SoundHound (US)
• Verbio (Spain)
• Verint Systems (US)
• Zaion (France) And Other Major Key Players.

Key Industry Development in Voice Assistant Application Market

• In October 2024, SoundHound AI, Inc. announced the integration of its leading voice assistant, SoundHound Chat AI, into Lancia Ypsilon vehicles across Belgium, France, Germany, Italy, Portugal, Spain, and The Netherlands. With Lancia’s innovative S.A.L.A. infotainment system, drivers can activate the assistant by saying "Hey SALA" or pressing a button. This integration offers Generative AI-style responses alongside features like calls, navigation, and real-time information, creating an immersive conversational experience for drivers and passengers alike.

Chapter 1: Introduction
 1.1 Research Objectives
 1.2 Research Methodology
 1.3 Research Process
 1.4 Scope and Coverage
  1.4.1 Market Definition
  1.4.2 Key Questions Answered
 1.5 Market Segmentation

Chapter 2:Executive Summary

Chapter 3:Growth Opportunities By Segment
 3.1 By Type
 3.2 By Application
 3.3 By Organization Size
 3.4 By Channel Integration

Chapter 4: Market Landscape
 4.1 Porter's Five Forces Analysis
  4.1.1 Bargaining Power of Supplier
  4.1.2 Threat of New Entrants
  4.1.3 Threat of Substitutes
  4.1.4 Competitive Rivalry
  4.1.5 Bargaining Power Among Buyers
 4.2 Industry Value Chain Analysis
 4.3 Market Dynamics
  4.3.1 Drivers
  4.3.2 Restraints
  4.3.3 Opportunities
  4.5.4 Challenges
 4.4 Pestle Analysis
 4.5 Technological Roadmap
 4.6 Regulatory Landscape
 4.7 SWOT Analysis
 4.8 Price Trend Analysis
 4.9 Patent Analysis
 4.10 Analysis of the Impact of Covid-19
  4.10.1 Impact on the Overall Market
  4.10.2 Impact on the Supply Chain
  4.10.3 Impact on the Key Manufacturers
  4.10.4 Impact on the Pricing

Chapter 5: Voice Assistant Application Market by Type
 5.1 Voice Assistant Application Market Overview Snapshot and Growth Engine
 5.2 Voice Assistant Application Market Overview
 5.3 On-premises
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size (2017-2032F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 On-premises: Grographic Segmentation
 5.4 Cloud
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size (2017-2032F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Cloud: Grographic Segmentation

Chapter 6: Voice Assistant Application Market by Application
 6.1 Voice Assistant Application Market Overview Snapshot and Growth Engine
 6.2 Voice Assistant Application Market Overview
 6.3 Smart Retail & eCommerce
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size (2017-2032F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Smart Retail & eCommerce: Grographic Segmentation
 6.4 Smart Banking
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size (2017-2032F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 Smart Banking: Grographic Segmentation
 6.5 Connected Healthcare
  6.5.1 Introduction and Market Overview
  6.5.2 Historic and Forecasted Market Size (2017-2032F)
  6.5.3 Key Market Trends, Growth Factors and Opportunities
  6.5.4 Connected Healthcare: Grographic Segmentation
 6.6 Smart Transportation
  6.6.1 Introduction and Market Overview
  6.6.2 Historic and Forecasted Market Size (2017-2032F)
  6.6.3 Key Market Trends, Growth Factors and Opportunities
  6.6.4 Smart Transportation: Grographic Segmentation
 6.7 Others
  6.7.1 Introduction and Market Overview
  6.7.2 Historic and Forecasted Market Size (2017-2032F)
  6.7.3 Key Market Trends, Growth Factors and Opportunities
  6.7.4 Others: Grographic Segmentation

Chapter 7: Voice Assistant Application Market by Organization Size
 7.1 Voice Assistant Application Market Overview Snapshot and Growth Engine
 7.2 Voice Assistant Application Market Overview
 7.3 Small & Medium
  7.3.1 Introduction and Market Overview
  7.3.2 Historic and Forecasted Market Size (2017-2032F)
  7.3.3 Key Market Trends, Growth Factors and Opportunities
  7.3.4 Small & Medium: Grographic Segmentation
 7.4 Large
  7.4.1 Introduction and Market Overview
  7.4.2 Historic and Forecasted Market Size (2017-2032F)
  7.4.3 Key Market Trends, Growth Factors and Opportunities
  7.4.4 Large: Grographic Segmentation

Chapter 8: Voice Assistant Application Market by Channel Integration
 8.1 Voice Assistant Application Market Overview Snapshot and Growth Engine
 8.2 Voice Assistant Application Market Overview
 8.3 Mobile Applications
  8.3.1 Introduction and Market Overview
  8.3.2 Historic and Forecasted Market Size (2017-2032F)
  8.3.3 Key Market Trends, Growth Factors and Opportunities
  8.3.4 Mobile Applications: Grographic Segmentation
 8.4 Web Applications
  8.4.1 Introduction and Market Overview
  8.4.2 Historic and Forecasted Market Size (2017-2032F)
  8.4.3 Key Market Trends, Growth Factors and Opportunities
  8.4.4 Web Applications: Grographic Segmentation
 8.5 Social Media
  8.5.1 Introduction and Market Overview
  8.5.2 Historic and Forecasted Market Size (2017-2032F)
  8.5.3 Key Market Trends, Growth Factors and Opportunities
  8.5.4 Social Media: Grographic Segmentation
 8.6 Others
  8.6.1 Introduction and Market Overview
  8.6.2 Historic and Forecasted Market Size (2017-2032F)
  8.6.3 Key Market Trends, Growth Factors and Opportunities
  8.6.4 Others: Grographic Segmentation

Chapter 9: Company Profiles and Competitive Analysis
 9.1 Competitive Landscape
  9.1.1 Competitive Positioning
  9.1.2 Voice Assistant Application Sales and Market Share By Players
  9.1.3 Industry BCG Matrix
  9.1.4 Ansoff Matrix
  9.1.5 Voice Assistant Application Industry Concentration Ratio (CR5 and HHI)
  9.1.6 Top 5 Voice Assistant Application Players Market Share
  9.1.7 Mergers and Acquisitions
  9.1.8 Business Strategies By Top Players
 9.2 AIVO
  9.2.1 Company Overview
  9.2.2 Key Executives
  9.2.3 Company Snapshot
  9.2.4 Operating Business Segments
  9.2.5 Product Portfolio
  9.2.6 Business Performance
  9.2.7 Key Strategic Moves and Recent Developments
  9.2.8 SWOT Analysis
 9.3 AWS
 9.4 APPLE
 9.5 AVAAMO
 9.6 AVAYA
 9.7 BAIDU
 9.8 CISCO
 9.9 CLINC
 9.10 CREATIVE VIRTUAL
 9.11 GOOGLE
 9.12 INBENTA
 9.13 IBM
 9.14 HAPTIK
 9.15 KATA.AI
 9.16 MICROSOFT
 9.17 MINDSAY
 9.18 ORACLE
 9.19 RASA
 9.20 SAMSUNG
 9.21 SAP
 9.22 SLANG LABS
 9.23 SOUNDHOUND
 9.24 VERBIO
 9.25 VERINT SYSTEMS
 9.26 ZAION
 9.27 OTHER MAJOR PLAYERS

Chapter 10: Global Voice Assistant Application Market Analysis, Insights and Forecast, 2017-2032
 10.1 Market Overview
 10.2 Historic and Forecasted Market Size By Type
  10.2.1 On-premises
  10.2.2 Cloud
 10.3 Historic and Forecasted Market Size By Application
  10.3.1 Smart Retail & eCommerce
  10.3.2 Smart Banking
  10.3.3 Connected Healthcare
  10.3.4 Smart Transportation
  10.3.5 Others
 10.4 Historic and Forecasted Market Size By Organization Size
  10.4.1 Small & Medium
  10.4.2 Large
 10.5 Historic and Forecasted Market Size By Channel Integration
  10.5.1 Mobile Applications
  10.5.2 Web Applications
  10.5.3 Social Media
  10.5.4 Others

Chapter 11: North America Voice Assistant Application Market Analysis, Insights and Forecast, 2017-2032
 11.1 Key Market Trends, Growth Factors and Opportunities
 11.2 Impact of Covid-19
 11.3 Key Players
 11.4 Key Market Trends, Growth Factors and Opportunities
 11.4 Historic and Forecasted Market Size By Type
  11.4.1 On-premises
  11.4.2 Cloud
 11.5 Historic and Forecasted Market Size By Application
  11.5.1 Smart Retail & eCommerce
  11.5.2 Smart Banking
  11.5.3 Connected Healthcare
  11.5.4 Smart Transportation
  11.5.5 Others
 11.6 Historic and Forecasted Market Size By Organization Size
  11.6.1 Small & Medium
  11.6.2 Large
 11.7 Historic and Forecasted Market Size By Channel Integration
  11.7.1 Mobile Applications
  11.7.2 Web Applications
  11.7.3 Social Media
  11.7.4 Others
 11.8 Historic and Forecast Market Size by Country
  11.8.1 U.S.
  11.8.2 Canada
  11.8.3 Mexico

Chapter 12: Europe Voice Assistant Application Market Analysis, Insights and Forecast, 2017-2032
 12.1 Key Market Trends, Growth Factors and Opportunities
 12.2 Impact of Covid-19
 12.3 Key Players
 12.4 Key Market Trends, Growth Factors and Opportunities
 12.4 Historic and Forecasted Market Size By Type
  12.4.1 On-premises
  12.4.2 Cloud
 12.5 Historic and Forecasted Market Size By Application
  12.5.1 Smart Retail & eCommerce
  12.5.2 Smart Banking
  12.5.3 Connected Healthcare
  12.5.4 Smart Transportation
  12.5.5 Others
 12.6 Historic and Forecasted Market Size By Organization Size
  12.6.1 Small & Medium
  12.6.2 Large
 12.7 Historic and Forecasted Market Size By Channel Integration
  12.7.1 Mobile Applications
  12.7.2 Web Applications
  12.7.3 Social Media
  12.7.4 Others
 12.8 Historic and Forecast Market Size by Country
  12.8.1 Germany
  12.8.2 U.K.
  12.8.3 France
  12.8.4 Italy
  12.8.5 Russia
  12.8.6 Spain
  12.8.7 Rest of Europe

Chapter 13: Asia-Pacific Voice Assistant Application Market Analysis, Insights and Forecast, 2017-2032
 13.1 Key Market Trends, Growth Factors and Opportunities
 13.2 Impact of Covid-19
 13.3 Key Players
 13.4 Key Market Trends, Growth Factors and Opportunities
 13.4 Historic and Forecasted Market Size By Type
  13.4.1 On-premises
  13.4.2 Cloud
 13.5 Historic and Forecasted Market Size By Application
  13.5.1 Smart Retail & eCommerce
  13.5.2 Smart Banking
  13.5.3 Connected Healthcare
  13.5.4 Smart Transportation
  13.5.5 Others
 13.6 Historic and Forecasted Market Size By Organization Size
  13.6.1 Small & Medium
  13.6.2 Large
 13.7 Historic and Forecasted Market Size By Channel Integration
  13.7.1 Mobile Applications
  13.7.2 Web Applications
  13.7.3 Social Media
  13.7.4 Others
 13.8 Historic and Forecast Market Size by Country
  13.8.1 China
  13.8.2 India
  13.8.3 Japan
  13.8.4 Singapore
  13.8.5 Australia
  13.8.6 New Zealand
  13.8.7 Rest of APAC

Chapter 14: Middle East & Africa Voice Assistant Application Market Analysis, Insights and Forecast, 2017-2032
 14.1 Key Market Trends, Growth Factors and Opportunities
 14.2 Impact of Covid-19
 14.3 Key Players
 14.4 Key Market Trends, Growth Factors and Opportunities
 14.4 Historic and Forecasted Market Size By Type
  14.4.1 On-premises
  14.4.2 Cloud
 14.5 Historic and Forecasted Market Size By Application
  14.5.1 Smart Retail & eCommerce
  14.5.2 Smart Banking
  14.5.3 Connected Healthcare
  14.5.4 Smart Transportation
  14.5.5 Others
 14.6 Historic and Forecasted Market Size By Organization Size
  14.6.1 Small & Medium
  14.6.2 Large
 14.7 Historic and Forecasted Market Size By Channel Integration
  14.7.1 Mobile Applications
  14.7.2 Web Applications
  14.7.3 Social Media
  14.7.4 Others
 14.8 Historic and Forecast Market Size by Country
  14.8.1 Turkey
  14.8.2 Saudi Arabia
  14.8.3 Iran
  14.8.4 UAE
  14.8.5 Africa
  14.8.6 Rest of MEA

Chapter 15: South America Voice Assistant Application Market Analysis, Insights and Forecast, 2017-2032
 15.1 Key Market Trends, Growth Factors and Opportunities
 15.2 Impact of Covid-19
 15.3 Key Players
 15.4 Key Market Trends, Growth Factors and Opportunities
 15.4 Historic and Forecasted Market Size By Type
  15.4.1 On-premises
  15.4.2 Cloud
 15.5 Historic and Forecasted Market Size By Application
  15.5.1 Smart Retail & eCommerce
  15.5.2 Smart Banking
  15.5.3 Connected Healthcare
  15.5.4 Smart Transportation
  15.5.5 Others
 15.6 Historic and Forecasted Market Size By Organization Size
  15.6.1 Small & Medium
  15.6.2 Large
 15.7 Historic and Forecasted Market Size By Channel Integration
  15.7.1 Mobile Applications
  15.7.2 Web Applications
  15.7.3 Social Media
  15.7.4 Others
 15.8 Historic and Forecast Market Size by Country
  15.8.1 Brazil
  15.8.2 Argentina
  15.8.3 Rest of SA

Chapter 16 Investment Analysis

Chapter 17 Analyst Viewpoint and Conclusion