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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.

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.

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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.

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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.

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

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Voice Assistant Application Market