New York, US, June 23, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Voice Assistant Market - Information by Technology, Hardware and Application - Forecast till 2025” the market valuation stood at USD 1.68 Billion in 2019 and is projected to reach USD 7.30 Billion by 2025, registering a 24.32% CAGR.

Market Scope:
A voice assistant is a form of digital assistant which is developed using different technologies such as machine learning, artificial intelligence, and voice recognition technologies. The assistant follows and understands voice commands and helps to perform routine tasks such as place online orders for a tangible good, schedule appointments, serve as a hands-free facilitator, among others.

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Dominant Key Players on Voice Assistant market covered are:

• Cisco Systems Inc (US)

• Nuance Communications (US)

• Creative Virtual Ltd (UK)

• Microsoft Corporation (US)

• Samsung Electronics (South Korea)

• Verint Systems Inc (US)

• IBM Corporation (US)

• Apple Inc (US)

• Amazon.com Inc (US)

• Orange S.A (France)

• Google LLC (US)

Market USP exclusively encompassed:
Market Drivers
As per the MRFR report, there are numerous factors that are propelling the voice assistant market share. Some of these include growing need in contact centers, need for enhanced customer experience, rising voice recognition, and speech recognition technologies, rising inclination towards automation and IoT, adoption of smart homes, rising instances of voice searches, increasing penetration of broadband connections and the internet, SMEs and governments making huge investments in technologies such as voice assistance, Chatbot, and NLP, increasing use in the healthcare industry, and the voice assistant feature that is added as an upgrade in Amazon’s Alexa, Apple’s Siri, and Google’s Home Assistant.

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Market Restraints
On the flip side, technical complexities, the high cost of voice assistants, and limited competition in voice & speech recognition may limit the global voice assistant market growth in the forecast period.

Segmentation of Market Covered in the Research:
The MRFR report throws light on an inclusive analysis of the voice assistant market based on application, end user, hardware, and technology.

By technology, the market is bifurcated into text to speech recognition, speech recognition, voice recognition, natural language processing, and others. Among these, the segment of text to speech will dominate the market in the forecast period.

By hardware, the market is bifurcated into smartphone and tablets, set-top box, smart speakers, & others. The smart speakers segment is further segmented into Netgear Orbi Voice, Google Assistant, JBL, Bixby, Nina, Alexa and Amazon Echo, Duer, and others.

By application, the market is bifurcated into websites, messenger bots, contact centers, & others. Among these, webistes will lead the market in the forecast period.

By end user, the market is classified into SMEs, large enterprises, individual users, and others. Among these, large enterprises will rule the market in the forecast period.

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Regional Takeaway
Geographically, the global voice assistant market is bifurcated into Europe, the Asia Pacific (APAC), North America, and Rest of the World. Of these, North America will remain the forerunner in the market. It will grow at a healthy 23.05% CAGR by 2025.

In the APAC region, the global voice assistant market in the APAC region will grab the second-largest share over the forecast period.

In Europe, the global voice assistant market is predicted to have notable growth over the forecast period.

The global voice assistant market in RoW is predicted to have sound growth over the forecast period.

Industry News:
March 2021- ECARX has joined hands with Cerence on voice assistants for Lotus Cars.
February 2021- Haptik has launched artificial intelligence-based voice assistant, especially for e-commerce shopping.

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COVID-19 Analysis
The ongoing crisis has helped in re-establishing the significance of automation and the sought-after technologies such as big data, DevOps, deep learning, machine learning, artificial intelligence, and smart home. Though the problems arising due to the pandemic prompted manufacturers to take new automation technologies into consideration which increase efficiency and offset higher wages, most people took up do-it-yourself projects in order to keep them engaged and enhance comforts at home.

The global voice assistant market resultantly started to garner traction experiencing a rise in automation investments constantly. Along with office and industrial applications, and smart homes, voice assistants perceive rising adoption in the auto industry for in-vehicle infotainment systems and driver assistance systems.

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