Thereport "Voice Assistant Application Market by Component (Solutionsand Services), Deployment Mode (Cloud and On-premises), Application (WebApplication, Mobile Application, and Devices), Organization Size, Vertical, andRegion - Global Forecast to 2024", The global voice assistant applicationmarket size is expected to grow from USD 1.3 billion in 2019 to USD 5.2 billionby 2024, at a Compound Annual Growth Rate (CAGR) of 31.9% during the forecastperiod. The adoption rate of voice assistant application solutions is expectedto grow, due to the enhanced customer experience, businesses leveraging socialmedia platforms as a prime marketing channel, advancement in Natural LanguageProcessing (NLP) and Automatic Speech Recognition (ASR) ecosystems, andomnichannel deployment.
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Thistrend is expected to drive the voice assistant application market growth. Voiceassistant applications are digital assistants that use technologies such asvoice recognition, speech synthesis, and Natural Language Processing (NLP).Voice assistant applications offer services through a particular virtualassistant applications. Various devices, as well as mobile and webapplications, utilize voice applications every day. Voice assistant is one ofthe key application areas across verticals, such as automotive, retail,healthcare, education, and telecommunication.
Inthe voice assistant application market, the key and emerging market playersinclude 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), andOrbita (US). These players have adopted various strategies to grow in theglobal voice assistant application market.
AWSoffers voice assistant services that include Alexa having automatic speechrecognition, image recognition, text-to-speech conversion, and automatic speechrecognition technologies. These services help in building applications that canturn texts into lifelike speeches and have the conversations using voices andtexts. Moreover, they study images to recognize objects, scenes, and faces.Nowadays, voice assistant services are playing a crucial role in solvingvarious business challenges and developing the engaging customer experience.AWS has adopted systematic approaches toward strengthening its voice assistantcapabilities. In March 2018, AWS enhanced its service, Amazon Polly, whereinthe company added a new Speech Synthesis Markup Language (SSML) Breath feature.The feature is designed for developers so that they can add appropriate pausesin speeches to sound more natural.
NuanceCommunications offers natural language understanding and voice recognitionsolutions to its large customer base. These solutions leverage the benefits ofAI capabilities, such as cognitive sciences and Machine Learning (ML). Apartfrom that, the company provides high accuracy in biometric speakerauthentication, capabilities for Natural language Understanding (NLU),text-to-speech, automated speech recognition, dialog and informationmanagement, domain knowledge, Optical Character Recognition (OCR) capabilities,and professional services and implementation support. In February 2018, NuanceCommunications enhanced its text-to-speech technology with the addition of deepneural networks to deliver enhanced quality products as compared to theprevious speech synthesis technique.
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