Voice Assistant Application Market with COVID-19 Impact by Component, Deployment Mode, Organization Size, Channel Integration, Application Area and Region - Global Forecast to 2026 - ResearchAndMarkets.com

The "Voice Assistant Application Market with COVID-19 Impact by Component, Deployment Mode, Organization Size, Channel Integration (Websites, Mobile Applications), Application Area (Smart Banking, Connected Healthcare), and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The analyst projects the voice assistant application market to grow from USD 2.8 billion in 2021 to USD 11.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 32.4% during the forecast period.

Major factors driving the growth of the voice assistant application market include advancements in voice-based AI technologies, rising adoption of voice-enabled devices, increasing focus on customer engagement, and the emergence of low-code platforms for voice assistant applications.

By component, services segment to grow at a higher CAGR during the forecast period

As the majority of companies require their customer service operations to be more automated, voice assistant applications offer greater levels of personalization in customer self-service and continuously increase the self-service utilization and work completion rate. Large enterprises focus on customer satisfaction and customer retention and hence, have the highest requirement of voice assistant applications for improved customer engagement. Premise-based managed services are often used by financial organizations to adhere to the security regulations for data while providing optimal service to their customers.

By deployment mode, cloud segment to lead the market during the forecast period

Cloud computing is one of the most effective technologies today. Voice assistants rely on a cloud-based architecture since data has to be sent back and forth to centralized data centers. There are several benefits offered by the cloud deployment mode, such as reduced operational and maintenance cost, simple deployments, and higher scalability. Due to increasing awareness of the benefits of cloud-based solutions, cloud deployment for voice assistant applications is expected to grow tremendously. The solution providers are focusing on the development of robust cloud-based solutions for their clients, as many organizations have migrated to either a private or a public cloud.

By region, Asia Pacific to grow at the highest CAGR during the forecast period

The voice assistant application market in APAC is expected to experience strong growth in the coming years. The voice assistant application market in APAC is expected to experience strong growth in the coming years due to the rising digitalization and the increasing adoption of advanced AI and ML technologies. Big technology vendors are partnering with local Asian vendors to expand their presence in APAC. Countries such as China, Japan, India, Singapore, 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 such as cloud and AI.

Market Dynamics

Drivers

• Advancements in Voice-Based AI Technologies
• Rising Adoption of Voice-Enabled Devices
• Increasing Focus on Customer Engagement
• Emergence of Low-Code Platforms for Voice-Assistant Applications

Restraints

• Inability to Recognize Customer Intent and Respond Effectively
• Dearth of Complete Accuracy in User's Voice Authentication

Opportunities

• Rising Demand for AI-Based Voice Assistant Applications Across Various Verticals
• Increase in Online Purchasing

Challenges

• Lack of Awareness About the Effect of Implementing Voice Assistant Technologies in Various Application Areas

Companies Mentioned

• [24]7.AI
• AIvo
• Apple
• Avaamo
• Avaya
• Aws
• Baidu
• Cisco
• Clinc
• Creative Virtual
• Google
• Haptik
• IBM
• Inbenta
• Kata.AI
• Microsoft
• Mindsay
• Oracle
• Rasa
• Samsung
• Sap
• Slang Labs
• Soundhound
• Verbio
• Verint Systems
• Zaion

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20211015005486/en/