Transparency Market Research delivers key insights on the global smart home digital assistant (voice) market. In terms of revenue, the global smart home digital assistant (voice) market is estimated to expand at a CAGR of ~17% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global smart home digital assistant (voice) market.
The global smart home digital assistant (voice) market is broadly impacted by several factors, including increasing investment in smart home devices and technologies across the globe. Thus, expanding adoption of smart home digital assistants (voice) by different end users is propelling the global smart home digital assistant (voice) market.
Smart Home Digital Assistant (Voice) Market: Dynamics
A smart home digital assistant (voice) enables the communication service to interact with users based on a voice command through an engineered entity residing in the software that interfaces with humans in the human way. Some of the trending intelligent virtual assistants such as Apple’s Siri, Microsoft’s Cortana, Amazon’s Alexa, and Google Assistant usually operate based on cloud computing architecture.
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Adoption of voice-powered smart speakers has seen huge increase across the globe. In a report published by Capgemini, the years 2017 and 2018 saw a 145% increase in the installed base of smart speakers in the top six countries across the globe (U.S., U.K., China, Germany, Canada, and South Korea). Over the past 2-3 years, customer segments, which are actively using voice assistants has also increased. According to the Conversational Commerce Survey, in the U.S., the U.K., Germany, and France, approximately 51% of the respondents said they are actively using voice assistants. In 2020, the number of smartphone users in the world stands at 3.5 billion, which translates to 44.87% of the world’s population possessing a smartphone; it is also estimated that 50% of searches could be by voice by the end of the year 2020.
The increased adoption of NextGen technology as well as the penetration of smartphones, which will enable 50% of searches by voice is driving the smart home digital assistant (voice) market. Software, which has embedded technology for text and speech recognition with platforms, which support communication, are offering high revenue growth opportunities across the market. This has led to growth of the smart home digital assistant (voice) market.
Smart Home Digital Assistant (Voice) Market: Prominent Regions
Presently, in the global the smart home digital assistant (voice) market, North America dominates the market due to the early and strong adoption of smart home technologies and devices. The North America smart home digital assistant (voice) market is expected to reach US$ 4,621.9 Mn by the end of year 2030 from US$ 1,396.2 Mn in year 2019, at a CAGR of 12.1% during the forecast period. The North America market for smart home digital assistants (voice) is primarily led by large enterprises in the U.S.
The smart home digital assistant (voice) market in Europe and Asia Pacific is projected to witness favorable growth during the forecast period, due to significant rise in technology adoption by millennial in the regions. In the near future, Asia Pacific is expected to see the fastest growth in the smart home digital assistant (voice) market due to low cost voice assistant devices offered by Chinese companies such as Baidu and Xiaomi. The Asia Pacific smart home digital assistant (voice) market is expected to reach US$ 6,110.3 Mn by the end of year 2030 from US$ 760.9 Mn in year 2019 at a CAGR of 22.0% during the forecast period.
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Smart Home Digital Assistant (Voice) Market: Key Players
Key players operating in the global smart home digital assistant (voice) market are Amazon.com, Inc., Apple Inc., Microsoft Corporation, Google LLC, Samsung Group, Yandex, InGen Dynamics, Inc., and Nuance Communications, Inc.
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