The "Voice Assistant Market Research Report: By Component, Technology, Application, End User, Deployment, Industry - Industry Size, Share, Trends, Growth And Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

Valued at $1,723.6 million in 2019, the global voice assistant market is predicted to attain a value of $26,872.6 million by 2030, advancing at a 29.7% CAGR during the forecast period (2020-2030).

The market is growing due to the rising demand in contact centers and requirement for enhanced customer experience. A software which utilizes natural language processing, speech analytics, and voice recognition technologies for helping users through voice recognition applications is referred to as voice assistant. In terms of component, the market is bifurcated into service and software.

When application is considered, the voice assistant market is divided into contact centers, messenger bots, websites, and others (which include smart watches, smartphones, smart speakers, and laptops). The messenger bots division held the largest share of the market during the historical period (2014-2019), owing to the rising utilization of online platforms for buying products and rising penetration of internet. The contact centers category is projected to grow at the fastest pace during the forecast period because of the integration of voice assistant technology in contact centers to help under customer insights better.

The rising demand for voice assistant in contact centers is another major driving factor of the voice assistant market. The voice assistant technology is based on the NLP technology, which aids devices in interacting with customers and assisting them in real time. The technology heals contact centers in gathering information on customers' preferences, opinions, and buying patterns. The data is analyzed through the voice assistant technology, which further enables enterprises to provide the users with personalized experience and proactive recommendations regarding different products and services.

In terms of industry, the voice assistant market is categorized into healthcare, banking, financial services, and insurance (BFSI), automotive, retail & e-commerce, and others (which include IT & telecommunication, hospitality, media & entertainment, transportation, public utility, defense, education, and manufacturing). Among these, the BFSI industry held the major share of the market during the historical period and is further expected to dominate the market during the forecast period. The highest CAGR is projected to be registered by the healthcare category during the forecast period, primarily due to the increasing focus on patient's engagement.

The increasing adoption of the voice assistant technology in the education sector is opening up wide opportunities for the players operating in the voice assistant market. Individuals of all ages are making use of digital platforms, such as blogs, video streaming sites, and social media, as a primary source of information or learning new skills apart from traditional courses. Therefore, the implementation of voice assistant in classrooms can help in enhancing the capabilities of students. Voice assistants are much preferred by the tutors due to their several capabilities.

The requirement for improved customer experience is a major driving factor of the voice assistant market in the U.S. and other countries. Organizations are integrating voice assistant solutions in their customer experience strategies for enhancing customers' experience and their engagement with the offered solutions. Voice assistant technology improves user experience through proper assistance in minimal time. Furthermore, while utilizing voice search, users expect relevant and quick answers from organizations, which is why industry players are collaborating with voice assistant solution providers in order to improve customer experience.

Hence, the market is being driven by the growing adoption of voice assistant in contact centers and rising need for enhancing customer experience.

Key Topics Covered

Chapter 1. Research Background

1.1 Research Objectives

1.2 Market Definition

1.3 Research Scope

1.3.1 Market Segmentation by Component

1.3.2 Market Segmentation by Technology

1.3.3 Market Segmentation by Application

1.3.4 Market Segmentation by End-user

1.3.5 Market Segmentation by Deployment

1.3.6 Market Segmentation by Industry

1.3.7 Market Segmentation by Region

1.3.8 Analysis Period

1.3.9 Market Data Reporting Unit

1.3.9.1 Value

1.4 Key Stakeholders

Chapter 2. Research Methodology

2.1 Secondary Research

2.2 Primary Research

2.2.1 Breakdown of Primary Research Respondents

2.2.1.1 by Region

2.2.1.2 by Industry Participant

2.2.1.3 by Company Type

2.3 Market Size Estimation

2.4 Data Triangulation

2.5 Assumptions for the Study

Chapter 3. Executive Summary

Chapter 4. Introduction

4.1 Definition of Market Segments

4.1.1 By Component

4.1.1.1 Solution

4.1.1.2 Service

4.1.1.2.1 Managed

4.1.1.2.2 Professional

4.1.2 By Technology

4.1.2.1 Speech recognition

4.1.2.2 Text-to-speech recognition

4.1.2.3 Voice recognition

4.1.2.4 NLP

4.1.3 By Application

4.1.3.1 Messenger bots

4.1.3.2 Websites

4.1.3.3 Contact centers

4.1.3.4 Others

4.1.4 By end user

4.1.4.1 SMEs

4.1.4.2 Large enterprises

4.1.4.3 Individuals

4.1.5 By Deployment

4.1.5.1 On-premises

4.1.5.2 Cloud

4.1.6 By Industry

4.1.6.1 BFSI

4.1.6.2 Retail & e-commerce

4.1.6.3 Healthcare

4.1.6.4 Automotive

4.1.6.5 Others

4.2 Value Chain Analysis

4.3 Market Dynamics

4.3.1 Trends

4.3.1.1 Increasing usage of smartphones

4.3.1.2 Advancements in NLP & automatic speech recognition (ASR) ecosystem

4.3.2 Drivers

4.3.2.1 Need for enhanced customer experience

4.3.2.2 Increasing demand in contact centers

4.3.2.3 Impact analysis of restraints on market forecast

4.3.3 Restraints

4.3.3.1 Privacy invasion

4.3.3.2 Impact analysis of restraints on market forecast

4.3.4 Opportunities

4.3.4.1 Adoption of cloud technology

4.3.4.2 Rising opportunity from education sector

4.4 Porter's Five Forces Analysis

Chapter 5. Global Market Size and Forecast

5.1 By Component

5.1.1 By Service

5.2 By Technology

5.3 By Application

5.4 By End User

5.5 By Deployment

5.6 By Industry

5.7 By Region

Chapter 6. North America Market Size and Forecast

Chapter 7. Europe Market Size and Forecast

Chapter 8. APAC Market Size and Forecast

Chapter 9. LATAM Market Size and Forecast

Chapter 10. MEA Market Size and Forecast

Chapter 11. Competitive Landscape

11.1 List of Players and Their Offerings

11.2 Competitive Benchmarking of Key Players

11.3 Market Share Analysis of Key Players

11.4 Strategic Developments of Key Players

11.4.1 Mergers and Acquisitions

11.4.2 Partnerships

Chapter 12. Company Profiles

12.1 Alphabet Inc.

12.1.1 Business Overview

12.1.2 Product & Service offerings

12.1.3 Key Financial Summary

12.2 Amazon.com Inc.

12.3 Microsoft Corporation

12.4 Apple Inc.

12.5 International Business Machines (IBM) Corporation

12.6 Nuance Communications Inc.

12.7 Verint Systems Inc.

12.8 Samsung Electronics Co. Ltd.

12.9 Orange S.A.

12.10 Nokia Corporation

For more information about this report visit https://www.researchandmarkets.com/r/akyfkv

View source version on businesswire.com: https://www.businesswire.com/news/home/20200408005470/en/