Northbrook, IL -- (SBWire) -- 06/03/2021 --According to a new market research report "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" published by MarketsandMarkets™, 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 Compound Annual Growth Rate (CAGR) of 31.9% during the forecast period.
The adoption rate of voice assistant application solutions is expected to grow, due to the enhanced customer experience, businesses leveraging social media platforms as a prime marketing channel, advancement in Natural Language Processing (NLP) and Automatic Speech Recognition (ASR) ecosystems, and omnichannel deployment.
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Among deployment modes, the cloud segment to hold a higher market share during the forecast period
Owing to the increasing awareness of the benefits of cloud-based solutions, the cloud segment 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 applications, the web applications segment to hold the largest market share 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 case of banking, finance, retail, healthcare, and telecom verticals, end users seek interactive support/help while buying a product or inquiring about the queries.
In terms of regions, APAC to account for 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 application 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.
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In the voice assistant application market, the key and emerging market players include 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), and Orbita (US).
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Voice Assistant Application Market Will Reach to $5.2 Billion by 2024
The research report categorizes the voice assistant application market to forecast the revenues and analyze trends by Components (solutions and services), Applications (web applications, mobile applications, and devices), Deployment Mode (on-premises and cloud), Organization Size (SMEs and large enterprises), Verticals, and Regions