The report "Voice Assistant Application Market by Component (Solutions and Services), Deployment Mode (Cloud and On-premises), Application (Web Application, Mobile Application, and Devices), Organization Size, Vertical, and Region - Global Forecast to 2024", The global voice assistant application market size is expected to grow from USD 1.3 billion in 2019 to USD 5.2 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 31.9% during the forecast period. The adoption rate of voice assistant application solutions is expected to grow, due to the enhanced customer experience, businesses leveraging social media platforms as a prime marketing channel, advancement in Natural Language Processing (NLP) and Automatic Speech Recognition (ASR) ecosystems, and omnichannel deployment.
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This trend is expected to drive the voice assistant application market growth. Voice assistant applications are digital assistants that use technologies such as voice recognition, speech synthesis, and Natural Language Processing (NLP). Voice assistant applications offer services through a particular virtual assistant applications. Various devices, as well as mobile and web applications, utilize voice applications every day. Voice assistant is one of the key application areas across verticals, such as automotive, retail, healthcare, education, and telecommunication.
In the voice assistant application market, the key and emerging market players include IBM (US), Google (US), AWS (US), Microsoft (US), Apple (US), Baidu (China), Nuance Communications (US), Salesforce (US), Verbio Technologies (Spain), Samsung (South Korea), Oracle (US), SAS (US), SAP (Germany), and Orbita (US). These players have adopted various strategies to grow in the global voice assistant application market.
AWS offers voice assistant services that include Alexa having automatic speech recognition, image recognition, text-to-speech conversion, and automatic speech recognition technologies. These services help in building applications that can turn texts into lifelike speeches and have the conversations using voices and texts. Moreover, they study images to recognize objects, scenes, and faces. Nowadays, voice assistant services are playing a crucial role in solving various business challenges and developing the engaging customer experience. AWS has adopted systematic approaches toward strengthening its voice assistant capabilities. In March 2018, AWS enhanced its service, Amazon Polly, wherein the company added a new Speech Synthesis Markup Language (SSML) Breath feature. The feature is designed for developers so that they can add appropriate pauses in speeches to sound more natural.
Nuance Communications offers natural language understanding and voice recognition solutions to its large customer base. These solutions leverage the benefits of AI capabilities, such as cognitive sciences and Machine Learning (ML). Apart from that, the company provides high accuracy in biometric speaker authentication, capabilities for Natural language Understanding (NLU), text-to-speech, automated speech recognition, dialog and information management, domain knowledge, Optical Character Recognition (OCR) capabilities, and professional services and implementation support. In February 2018, Nuance Communications enhanced its text-to-speech technology with the addition of deep neural networks to deliver enhanced quality products as compared to the previous speech synthesis technique.
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