Artificial Intelligence (AI) In Voice Assistants Market to Reach $13.84 Billion by 2029 | Key Drivers and Future Outlook
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What Is the Growth Rate of the Artificial Intelligence (AI) In Voice Assistants Market?
The voice assistants market driven by artificial intelligence (AI) has witnessed rapid expansion in recent times. From $3.54 billion in 2024, it is predicted to swell to $4.66 billion in 2025, marking a compound annual growth rate (CAGR) of 31.5%. The previous increase has been fueled by factors such as increased funding for AI research, the heightened use of voice assistants for health surveillance, a surge in smart speaker sales, growing application of digital assistants in businesses, and the development in E-learning sector.
What Growth Rate Is Forecasted for the Artificial Intelligence (AI) In Voice Assistants Market by 2029?
The market size of artificial intelligence (AI) in voice assistants is projected to witness significant expansion in the coming years, reaching $13.85 billion by 2029 with a CAGR of 31.3%. This anticipated growth during the forecast period could be attributed to a heightened emphasis on data security, a rising demand for accessibility, an upsurge in E-commerce, increased prevalence of remote work, and a broader application of voice search. Key trends predicted for the forecast period encompass developments in natural language processing, voice assistants integration in wearable tech, voice-activated IoT platforms, synergies between voice assistants and augmented reality (AR) and virtual reality (VR) applications, and the implementation of voice assistants within smart city infrastructures.
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Which Key Companies Are Shaping the Future of the Artificial Intelligence (AI) In Voice Assistants Market?
Major companies operating in the artificial intelligence (AI) in voice assistants market are Apple Inc., Google LLC, Samsung Electronics Co. Ltd., Microsoft Corporation, Alibaba Group Holding Limited, Huawei Technologies Co. Ltd., Tencent Holdings Ltd., Amazon Web Service, Sony Group Corporation, International Business Machines Corporation, Cisco Systems Inc., Orange S.A., Oracle Corporation, Baidu Inc., Yandex LLC, iFLYTEK Co. Ltd., Sonos Inc., Nuance Communications Inc., Verint Systems Inc., SoundHound Inc., Rasa Technologies Inc., Cognigy GmbH, Deepgram, Pypestream Inc., VoiceOwl Bot Private Limited, Vokaturi B.V
Which Factors Are Driving Demand in the Artificial Intelligence (AI) In Voice Assistants Industry?
The rise in smart home acceptance is projected to fuel expansion in the AI voice assistant market. This increased acceptance corresponds to homeowners’ growing adoption and incorporation of smart home devices and technologies. The idea of a smart home reflects people’s readiness to enjoy the advantages and conveniences provided by a connected and automated living environment. AI-powered voice assistants are used in conjunction with smart thermostats and other smart home appliances, enabling homeowners to control their home’s heating, ventilation, and air conditioning (HVAC) systems along with other smart devices through voice commands. For instance, IoT For All, a US technology media platform, reported in December 2022 that smart home penetration stood at about 14% in 2022 and could reach up to 25% by the end of 2026. Moreover, nearly half (48.4%) of US homes will have automation by 2025. Thus, the increasing smart home acceptance is propelling the AI voice assistant market’s growth.
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How Is the Artificial Intelligence (AI) In Voice Assistants Market Segmented by Several Divisions?
The artificial intelligence (AI) in voice assistants market covered in this report is segmented –
1) By Deployment Mode: Cloud-Based, On-Premise
2) By Application: Virtual Personal Assistants, Customer Service And Support
3) By Industry Vertical: Consumer Electronics, Banking, Financial Services, And Insurance (BFSI), Automotive, Healthcare, Retail And E-Commerce, Other Industry Verticals
Subsegments:
1) By Cloud-Based: AI Voice Assistant Platforms, Voice Recognition And Processing Services, Cloud-Based Speech Analytics Tools, API Integrations For Cloud Voice Assistants, AI-Driven Chatbot Services In The Cloud, Voice-Enabled IoT Services
2) By On-Premise: On-Premise Voice Assistant Software, Local Speech Recognition Systems, On-Premise Voice Analytics Tools, Customizable On-Premise Voice Assistant Solutions, Integration With Local Systems And Databases, Security And Compliance Tools For On-Premise Deployments
What Strategic Trends Are Transforming the Artificial Intelligence (AI) In Voice Assistants Market?
Key corporations in the AI in voice assistants market are incorporating AI voice assistants into their commercial operations to enhance efficiency and user interaction, automate routine operations and refine customer services. These voice assistants utilize natural language processing to comprehend and react to vocal instructions, subsequently boosting accessibility, productivity and customer service across various industries. For example, Oracle, a software corporation based in the U.S., initiated Oracle’s clinical digital assistant in September 2023. Oracle’s Clinical Digital Assistant fuses generative AI with vocal commands to simplify interactions with digital health records, thereby allowing healthcare providers to concentrate more on patient care and interaction. It equips patients with the capacity to handle their health tasks and reach information through vocal commands and secure web chats.
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Which Regions Are Driving Growth in the Artificial Intelligence (AI) In Voice Assistants Market?
North America was the largest region in the AI in voice assistants market in 2024. The regions covered in the artificial intelligence (AI) in voice assistants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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This Report Delivers Insight On:
1. How big is the artificial intelligence (ai) in voice assistants market, and how is it changing globally?
2. Who are the major companies in the artificial intelligence (ai) in voice assistants market, and how are they performing?
3. What are the key opportunities and risks in the artificial intelligence (ai) in voice assistants market right now?
4. Which products or customer segments are growing the most in the artificial intelligence (ai) in voice assistants market?
5. What factors are helping or slowing down the growth of the artificial intelligence (ai) in voice assistants market?
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