Where Would Voice Assistant Market Grow Fastest?

The primary factors driving the growth of the voice assistant market are the increasing demand for the technology in contact centers and surging requirement for an improved customer experience. From $1,723.6 million in 2019, the market revenue is expected to increase to $26,872.6 million in 2030, at a 29.7% CAGR during the forecast period (2020–2030). A voice assistant processes people’s spoken commands, with the help of voice recognition, natural language processing (NLP), and speech analytics.

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The component segmentation of the market consists of the service and solution bifurcations. Of these, solutions held the larger revenue share during the historical period (2014–2019), as several industries, including automotive, banking, financial services, and insurance (BFSI), retail, and healthcare, are procuring such solutions to make the experience of their customers better. The increasing focus to provide enhanced customer experience is itself a key voice assistant market driver, with companies rapidly using this technology to better engage with customers and potentially drive revenues and build brand loyalty.

Voice assistance is necessary to provide customers with the correct solutions to their query or problems in as less time as possible, which is why businesses are swiftly integrating it into their support operations. For instance, Estee Lauder Inc. and Google LLC entered into a partnership in February 2019, for the launch of Liv, a beauty advisor which helps people with personalized treatments and knowing about the various skincare products available.

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Based on application, the categories of the voice assistant market are contact centers, websites, messenger bots, and others, which includes laptops, smartphones, smartwatches, and speakers. Among these, the largest share, in 2019, was held by messenger bots, as a result of the increasing usage of online platforms to make purchases. During the forecast period, the contact centers category is predicted to progress the fastest, due to the growing demand for such solutions from contact centers.

Voice assistants working on the NLP technology help support teams interact with customers better. This is achieved by studying their preferences, opinions, and buying patterns, by automatically fetching the related data. The voice assistant analyzes this data, which helps companies offer personalized recommendations regarding the products and services on offer. Thus, rerouting the everyday tasks related to customer query allows companies to press its human employees in the more-complex tasks.