Voice Assistant Market Share, Size, Future Demand, Top Leading player, and Emerging Trends

Globally, Europe and North America are expected to generate the major demand for voice assistant technology in the coming years. This can be attributed to technological developments, large information technology (IT) spending, high internet penetration, and rapid deployment of emerging technologies such as NLP, machine learning (ML), cognitive computing, and deep learning.

On the other hand, the Asia-Pacific (APAC) region is expected to increase the usage of voice assistant solutions, due to the spurring number of contact centers and growing expenditure on IT and novel technologies. To cater to the demand for voice assistant technology from several parts of the world, players in the voice assistant market are focusing on the development of better products.

For example, in May 2019, Qualcomm Inc., a semiconductor equipment producer, collaborated with Google LLC, to develop voice assistant-enabled Bluetooth headphones. Under this partnership, both companies designed an integrated platform to bring a unique combination of voice assistant interfaces, connectivity options, audio technologies, and processing capabilities.

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the healthcare sector is expected to integrate voice assistant technology at a fast past, due to the escalating focus on patient's engagement, soaring incidence of chronic diseases, and rising adoption of internet of things (IoT). For example, organizations such as the American Red Cross and Boston's Children Hospital are integrating this technology in their business processes to enhance work efficiency and patient experience.

Apart from this, the banking, financial services, and insurance (BFSI) and automotive sectors also deploy voice assistant solutions on cloud platform to improve their businesses.Thus, the growing emphasis on improving customer experience among business entities, BFSI organizations, and healthcare facilities will expand the application base of voice assistant technology in the foreseeable future.

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