Research and Markets (www.researchandmarkets.com) says the global voice assistant market of products such as Apple’s Siri is projected to exhibit a compound annual growth rate (CAGR) of over 30% during the forecast period, growing from $ 1.2 billion in 2018 to $ 5.4 billion by 2024, on account of increasing proliferation of smartphones and advanced features such as the ability to recognize different languages, respond via text or voice.
Regionally, the market for voice assistant is gaining traction and expanding to various regions including Asia-Pacific, North America, Europe, South America and the Middle East & Africa, according to the research group. Owing to the vast base of smartphone users and the presence of leading players in the region, North America is anticipated to dominate the global voice assistant market in the coming years. The Asia-Pacific voice assistant market is likely to witness significant adoption of voice assistants during the forecast period, on the back of increasing demand from emerging economies such as India and China.
Major players operating in the global voice assistant market include Apple, Google, Amazon, Microsoft, Samsung, Orange S.A., Nuance Communications, Sony, Alibaba Group Holding, Motorola, Next IT Corp., etc.
Research and Markets says that major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers and acquisitions and new product developments. Assistants such as Google Assistance, Apple Siri and Microsoft Cortana have been introduced by players operating in the market.