The voice assistants market is predicted to grow at a CAGR of 19% and reach US$ 4,329.0 million in 2022. By 2032, it is anticipated that the market will grow to a value of US$ 24,588 million.
Switches and buttons are being replaced with voice assistants in order to increase user convenience. Voice assistants enable people to use connected appliances, voice-activated speakers like Google Home, and many other voice-activated home appliances while finishing other tasks.
Voice assistant-equipped devices are capable of differentiating between accents and voices. Multiple commands can be answered by voice assistants at once. Intelligent assistants that act on voice commands are helping people reduce the amount of daily stress they experience.
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The Voice Assistants market refers to the segment of the technology industry that deals with the design, development, production, and distribution of software-based digital assistants that use voice recognition and natural language processing to interact with users. Voice assistants are used to perform a variety of tasks, such as answering questions, setting reminders, controlling smart home devices, and playing music.
The demand for Voice Assistants has been driven by the increasing adoption of smart homes and the growing use of mobile devices such as smartphones and tablets. Additionally, the development of artificial intelligence (AI) and natural language processing (NLP) technologies has greatly improved the accuracy and reliability of voice recognition, making voice assistants more practical and effective.
Factors driving the growth of the Voice Assistants market include the increasing adoption of smart home devices, the growing use of mobile devices, the development of AI and NLP technologies, and the increasing demand for personalized and hands-free digital experiences. Additionally, the growing trend towards connected cars and the integration of voice assistants with automotive infotainment systems are expected to fuel the growth of the market in the coming years.
Overall, the Voice Assistants market is expected to continue to grow in the coming years as the adoption of smart home devices and the use of mobile devices continues to increase, and as voice recognition and NLP technologies continue to improve.
Major Key Players:
- Amazon.com, Inc.
- Artificial Solutions
- Apple Inc.
- Honeywell Corporation
- Samsung Electronics Co., Ltd.
- Google Corporation
- Interactive Voice Inc.
- Athom B.V.
- IBM Corporation
- Nuance Communications, Inc.
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Recent Development:
Automating repetitive tasks is an important benefit offered by voice assistant applications. While routine tasks are carried out by voice assistant applications, humans can perform other tasks that are more important. Thus, introducing voice assistants not only enhances consumer experience but also increases the productivity levels of an organization or a business. Thus, these factors will serve as growth boosters for the voice assistant application market.
The report on the voice assistant market by FMI has various points and factors that make the stakeholder aware of the existing competitive scenario. Furthermore, the report includes the demographic landscape, industrial insights, and the latest trends that prove to be of great help to the CXOs and stakeholders. The COVID-19 pandemic effect has also been included in the report.
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Voice Assistants Market Segmentation:
By Technology:
- Voice Recognition Technology
- Iot Technology
- Natural Language Processing
- Others
By End-Use Application:
- Corporate Office
- Residential Application
- Institutional Areas Such As School, Colleges
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
- Europe
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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