The global voice assistant application market size is expected to reach $4.8 billion by 2024, rising at a market growth of 29.7% compound annual growth rate (CAGR) during the forecast period, according to ReportBuyer (www.reportbuyer.com).
Virtual assistants are applications that understand the voice commands and complete tasks for the users. Virtual assistants are available across various smartphones and tablets, traditional computers, and, now, even on standalone devices like the HomePod, Amazon Echo and Google Home. In these applications, a combination of specialized computer chips, microphones, and software listens to the specific spoken commands from users and typically answers back with a voice that is selected by the user.
The power of digital assistants is projected to flourish over the coming years, and it is apparent that one of these assistants would be sooner or later used by everyone, according to ReportBuyer. Amazon Echo and Google Home are the prominent choices in smart speakers, though it is expected that the market would soon witness models from other brands down the road, adds the research group.