Dynamic Growth of Voice Assistant Application Market Propelled by Increased Adoption of Voice-Enabled Devices

LONDON, GREATER LONDON, UK, November 2, 2023 /EINPresswire.com/ -- The global voice assistant application market, valued at $3.43 billion in 2022, is projected to reach $4.52 billion in 2023, reflecting a robust compound annual growth rate (CAGR) of 32.0%. Predicted to maintain its upward trajectory, the market is anticipated to attain a valuation of $13.66 billion by 2027, with a CAGR of 31.8%. This growth is primarily attributed to the escalating demand for voice-enabled devices and the emergence of AI-based voice assistant technologies, revolutionizing the user experience across various sectors.

Market Segmentation and Key Players

• Component: Solutions, Services
• Deployment Mode: On-Premises, Cloud
• Applications: Web Applications, Mobile Applications
• End-Use: Banking, Financial Services, And Insurance, Healthcare, Retail And E-Commerce, Media And Entertainment, Telecom And IT, Manufacturing And Automotive, Education, Travel And Hospitality, Other End Users

Leading players in the voice assistant application market, including Amazon Web Services, Apple, and Google LLC, are actively contributing to market expansion through innovative solutions and strategic partnerships, driving the proliferation of voice-enabled technology across diverse industries.

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Rising Demand for Voice-Enabled Devices Driving Market Growth

The robust growth of the voice assistant application market can be attributed to the increasing prevalence of voice-enabled devices. Leveraging voice-activated technology, these devices facilitate seamless interaction and enhanced customer experiences. Integrating well-known voice assistant applications such as Alexa, Siri, Google Assistant, and Cortana has added an additional layer of customer engagement and assistance, boosting overall productivity. For instance, the United States witnessed a surge in the adoption of voice search features, with 111.8 million users reported in 2020, marking a 9.5% increase from the previous year. This number is projected to rise further to 122.7 million users by 2021, indicating the growing significance of voice-activated technology.

AI-Based Voice Assistants: A Pervasive Trend in the Market

The incorporation of AI-based voice assistants represents a prominent trend in the voice assistant application market. Key industry players are increasingly focusing on the development of AI-driven voice assistant technologies to provide users with a seamless and efficient means of interacting with various business applications. Notably, Athenahealth, a prominent US-based healthcare company, recently introduced athenaOne, an AI-based voice assistant technology. Designed as an integrated, mobile-friendly digital companion, athenaOne expedites information retrieval and enables healthcare professionals to carry out clinical tasks hands-free, ultimately streamlining workflow efficiency and enhancing patient engagement.

Regional Analysis and Growth Projections

With North America leading the voice assistant application market in 2022, Asia-Pacific is poised to exhibit the highest growth rate during the forecast period. The comprehensive market analysis delves into regional dynamics and trends across Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, providing valuable insights for industry stakeholders and market participants.

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Voice Assistant Application Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Voice Assistant Application Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on voice assistant application market size, voice assistant application market drivers and trends, voice assistant application market major players, voice assistant application market competitors' revenues, voice assistant application market positioning, and voice assistant application market growth across geographies. The voice assistant application market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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