Rising Adoption of Voice Assistant in Contact Centers Driving Voice Assistant Market

Valued at $1,723.6 million in 2019, the global voice assistant market is predicted to attain a value of $26,872.6 million by 2030, advancing at a 29.7% CAGR during the forecast period (2020-2030). The market is growing due to the rising demand in contact centers and requirement for enhanced customer experience. A software which utilizes natural language processing, speech analytics, and voice recognition technologies for helping users through voice recognition applications is referred to as voice assistant. In terms of component, the market is bifurcated into service and software.

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When application is considered, the voice assistant market is divided into contact centers, messenger bots, websites, and others (which include smart watches, smartphones, smart speakers, and laptops). The messenger bots division held the largest share of the market during the historical period (2014-2019), owing to the rising utilization of online platforms for buying products and rising penetration of internet. The contact centers category is projected to grow at the fastest pace during the forecast period because of the integration of voice assistant technology in contact centers to help under customer insights better.

The rising demand for voice assistant in contact centers is another major driving factor of the voice assistant market. The voice assistant technology is based on the NLP technology, which aids devices in interacting with customers and assisting them in real time. The technology heals contact centers in gathering information on customers' preferences, opinions, and buying patterns. The data is analyzed through the voice assistant technology, which further enables enterprises to provide the users with personalized experience and proactive recommendations regarding different products and services.

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In terms of industry, the voice assistant market is categorized into healthcare, banking, financial services, and insurance (BFSI), automotive, retail & e-commerce, and others (which include IT & telecommunication, hospitality, media & entertainment, transportation, public utility, defense, education, and manufacturing). Among these, the BFSI industry held the major share of the market during the historical period and is further expected to dominate the market during the forecast period. The highest CAGR is projected to be registered by the healthcare category during the forecast period, primarily due to the increasing focus on patient's engagement.

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