Global Voice Assistant Application Markets, 2019-2024 – Advancements in NLP, ASR & AI

DUBLIN, May 17, 2019 /PRNewswire/ — The “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” report has been added to’s offering.

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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 need for improving customer experience and streamlining the business process are the key factors driving the voice assistant application market. However, security and data concern may hamper the growth of voice assistant application market. Organizations are leveraging the AI-enabled chatbots and virtual agents to automate repetitive and manual processes, such as order placement, balance inquiries, general inquiries, technical assistance, and other customer services. With automation, organizations can achieve higher productivity gain with less manpower requirement.

With the advancement in Natural Language Processing (NLP), Automatic Speech Recognition (ASR), and Artificial Intelligence (AI), the business use cases for voice-based chatbots have increased over the last few years. Currently, customer service, lead generation, customer queries, meeting scheduling, room service, reminders, product queries, and support services are the major use cases enterprises are exploring for strengthening business operations.

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 applications 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.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Market Opportunities in the Global Voice Assistant Application Market
4.2 Market By Deployment Mode, 2019
4.3 Market in North America, By Component and Country
4.4 Market in Europe, By Organization Size and Country
4.5 Market in Asia Pacific, By Application and Country

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers Enhanced Customer Experience Businesses Leveraging Social Media Platforms as A Prime Marketing Channel Advancement in Nlp and Asr Ecosystem Omni-Channel Deployment
5.2.2 Restraints Security and Privacy Concerns
5.2.3 Opportunities Adoption of Voice Assistants Across Verticals Potential Untapped Markets
5.2.4 Challenges Low Accuracy in Voice-Based Virtual Assistants Lack of Multilingual Support
5.3 Ecosystem Analysis
5.4 Regulatory Implications
5.4.1 GDPr
5.4.2 Hipaa
5.4.3 Ftc
5.4.4 Iso/Iec Jtc 1/Sc 42
5.5 Use Cases
5.5.1 Scheduling A Meeting
5.5.2 Increasing User Engagement
5.5.3 Enhancing Customer Experience
5.5.4 Resolving Customer Queries Using Self-Service Tool
5.5.5 Faster Query Resolutions

6 Voice Assistant Application Market By Component
6.1 Introduction
6.1.1 Excerpts From Expert Interviews
6.2 Solutions
6.2.1 Standalone Demand for Enhanced Customer Experience to Drive the Adoption of Standalone Voice Assistant Solution
6.2.2 Integrated Low Deployment Cost to Drive the Adoption of Integrated Voice Assistant Solution
6.3 Services
6.3.1 Consulting Growing Demand for Implementing Voice Assistant Solutions to Boost the Consulting Services
6.3.2 Implementation Technicalities Involved in Implementing Voice Assistant Solutions to Boost the Implementation Services
6.3.3 Training and Support to Overcome the System-Related Issues Effectively, Voice Assistant Application Vendors to Offer Training and Support Services in the Market

7 Voice Assistant Application Market By Application
7.1 Introduction
7.1.1 Excerpts From Expert Interviews
7.2 Web Applications
7.2.1 Increasing Adoption of Web Applications By Workforce to Drive the Growth of Market
7.3 Mobile Applications
7.3.1 Mobile Voice Assistant Applications to Improve User Experience as Well as Reduce Time to Find the Right Content
7.4 Devices
7.4.1 Voice Assistant Application Devices to Offer Multiple Interaction Channels, Consistent Services, and Help Reduce Cost

8 Voice Assistant Application Market By Deployment Mode
8.1 Introduction
8.1.1 Excerpts From Expert Interviews
8.2 On-Premises
8.2.1 BFSI and Healthcare Increasingly Opting for On-Premises Solutions to Adhere to Government Regulations
8.3 Cloud
8.3.1 Reduced Operational Maintenance Cost to Boost the Cloud Deployment Mode

9 Voice Assistant Application Market By Organization Size
9.1 Introduction
9.1.1 Excerpts From Expert Interviews
9.2 Small and Medium-Sized Enterprises
9.2.1 Flexible Pricing to Drive the Adoption of Voice Assistant Solutions in Small and Medium-Sized Enterprises
9.3 Large Enterprises
9.3.1 Need for Streamlining Business Processes to Drive the Adoption of Voice Assistant Solutions in the Large Enterprises

10 Voice Assistant Application Market By Vertical
10.1 Introduction
10.1.1 Excerpts From Expert Interviews
10.2 Banking, Financial Services, and Insurance
10.2.1 Demand for Effortlessly Connecting With Customers to Provide Enhanced Customer Experience to Drive the Adoption of Voice Assistant Solutions in the BFSI Vertical
10.2.2 Use Cases in Banking, Financial Services, and Insurance
10.3 Healthcare
10.3.1 Voice Assistant Solutions to Improve Patient Experience and Engagement
10.3.2 Use Cases in Healthcare
10.4 Retail and eCommerce
10.4.1 Increasing Demand for Greater Customer Engagement to Fuel the Adoption of Voice Assistant Solutions in the Retail and eCommerce Sector
10.4.2 Use Cases in Retail
10.5 Media and Entertainment
10.5.1 Media and Entertainment Vertical Opting for Voice Assistant Solutions to Maximize Customer Satisfaction
10.5.2 Use Cases in Media and Entertainment
10.6 Telecom and It
10.6.1 Growing Demand for Real-Time Problem Solving to Boost the Adoption of Voice Assistant Solutions in the Telecom and It Vertical
10.6.2 Use Cases in Telecom and It
10.7 Manufacturing and Automotive
10.7.1 Emergence of Connected and Smart Car to Shift the Focus of Stakeholders Toward Voice Assistant Solutions
10.7.2 Use Cases in Manufacturing and Automotive
10.8 Education
10.8.1 Improved Student and Teacher Engagement as Well as Training Programs to Drive the Implementation of Voice Assistant Solutions in the Education Sector
10.8.2 Use Cases in Education
10.9 Travel and Hospitality
10.9.1 Automation of Booking Process to Increase the Adoption of Voice Assistant Solutions in the Travel and Hospitality Vertical
10.9.2 Use Cases in Travel and Hospitality
10.10 Others

11 Voice Assistant Application Market, By Region

12 Competitive Landscape
12.1 Competitive Leadership Mapping
12.1.1 Visionary Leaders
12.1.2 Innovators
12.1.3 Dynamic Differentiators
12.1.4 Emerging Companies
12.2 Strength of Product Portfolio (21 Players)
12.3 Business Strategy Excellence (21 Players)
12.4 Competitive Leadership Mapping (Startups)
12.4.1 Progressive Companies
12.4.2 Responsive Companies
12.4.3 Dynamic Companies
12.4.4 Starting Blocks

13 Company Profiles
13.1 Introduction
13.2 IBM
13.3 Google
13.4 AWS
13.5 Microsoft
13.6 Apple
13.7 Baidu
13.8 Nuance Communications
13.9 Salesforce
13.10 Verbio Technologies
13.11 Samsung
13.12 Oracle
13.13 SAS
13.14 SAP
13.15 Orbita

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