Growth of Voice Assistant Application Market Projected to Amplify During 2031

Voice Assistant Application Market: Overview

The rising popularity of smartphones coupled with the increasing demand for sophisticated assistive technology will assure considerable growth opportunities for the voice assistant application market during the forecast period of 2021-2031. In addition, the rise in activities such as data collection through mobile devices, unified communications, and wireless network strengthens the growth trajectory to a considerable extent.

A voice assistant is a digital assistant utilizing voice recognition, speech synthesis, natural language processing, and others to help consumers through phone applications. The overwhelming use of voice assistant applications in the telecom and IT sector, banking, insurance, financial services, media and entertainment, education, travel, hospitality, manufacturing, automotive, and others will invite substantial growth opportunities.

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.

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On the basis of component, the voice assistant application market can be segmented into services (consulting, support and maintenance, implementation) and solutions (integrated and standalone). Based on channel integration, the voice assistant application market is classified into contact centers, social media, smart speakers, websites, and mobile applications.

The report on the voice assistant application market by Transparency Market Research (TMR) 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.

How is the Competitive Scenario of Voice Assistant Application Market?

The voice assistant application market is highly fragmented. Many new players are entering the global market with novel features and updates. Strategies are being implemented for increasing the consumer base of the players. These activities assure continued growth for the voice assistant application market. Furthermore, research and development activities also help increase the revenues of the players. Strategic collaborations are also necessary for the growth of the voice assistant application market.

Some key players in the voice assistant application market are Microsoft, Verint Systems, Amazon, Apple, Creative Virtual, Samsung, Slang Lavs, SAP, Zaion, and Cisco.

What are Key Trends in Voice Assistant Application Market?

Growing Popularity of Online Shopping to Add Value to Growth Trajectory of Voice Assistant Application Market

The emergence of the pandemic has resulted in extensive popularity of online shopping. Integration of voice assistant applications with online platforms is gaining considerable traction. The integration assures an interactive and efficient online shopping experience for the consumers. Tracking orders, making product recommendations, providing feedback about the products, and others are some areas where voice assistant applications make a mark. Thus, these factors bode well for the growth of the voice assistant application market.

Rising Adoption of Voice Assistant Applications for Streamlining Operations to Assure Promising Growth for Global Market

One of the most prominent benefits of voice assistant applications is the streamlining of operations that come with integrating digital assistants. With numerous technologies such as Artificial Intelligence (AI) and deep learning, these assistants have emerged as one of the critical components of any business or organization. Booking or scheduling appointments, remembering important dates and deadlines, etc. are some vital aspects that will assure profitable growth for the voice assistant application market.

What are Regional Dimensions of Voice Assistant Application Market?

North America is prognosticated to emerge as a dominating region in terms of popularity. The growing adoption of voice assistant applications in various enterprises and organizations will serve as a vital growth factor. The U.S. may emerge as a key growth-generating country for the voice assistant application market in North America due to ongoing developments and increasing popularity of these applications in the country.

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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

• Customer Experience Maps
• Insights and Tools based on data-driven research
• Actionable Results to meet all the business priorities
• Strategic Frameworks to boost the growth journey

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