According to the research report titled ‘Global Voice Assistant Application Market Size study, by Component (Solutions, Services), by Deployment Mode (On-premises, Cloud), by Organization Size (Small and Medium-sized Enterprises, Large Enterprises), by Channel Integration (Websites, Mobile Applications, Contact Centers, Smart Speakers, Social Media), by Application Area (Smart Retail and eCommerce, Smart Banking, Connected Healthcare, Smart Transportation, Smart Manufacturing, Smart Learning, Others), and Regional Forecasts 2021-2027’, available with MarketStudyReport, global voice assistant application market size was valued approximately at USD 2.1 billion in 2020 and is projected to attain USD 15 billion by 2027 year-end, registering a CAGR of 32.4% throughout the forecast timeframe.
 

Advancements in voice-based AI technologies coupled with introduction of low-code platforms for voice-assistant applications are mainly driving the global voice assistant application market growth, claims the study.
 

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For those unfamiliar, voice assistant apps are designed to provide users with conversational interactions by enabling voice searching, voice commands, and voice-controlled device control.
 

Experts cite that growing customer inclination towards e-commerce is likely to enhance the industry outlook. However, lack of accuracy in user voice authentication might hamper the market expansion rate in the ensuing years.
 

With respect to application area, worldwide voice assistant application industry is fragmented into smart retail & ecommerce, connected healthcare, smart transportation, smart manufacturing, smart banking, smart learning, and others.
 

Retail & ecommerce sector will witness strong product adoption over the forecast timeframe. Retail e-commerce sales is expected to grow from USD 4.28 trillion in 2020 to around USD 5.4 trillion in 2022, reflecting accelerated online purchases and increasing acceptance of voice assistant applications to improve user experience.
 

From a geographical aspect, as per the report, the market size spans across North America (U.S., Canada), Europe (UK, France, Germany, Spain, Italy, ROE), Asia Pacific (China, Japan, South Korea, Australia, India, RoAPAC), and Latin America (Mexico, and Brazil). 
 

Among the listed regions, North America will account for the largest market share attributable to rapid adoption of new technologies such as cloud computing, mobile devices, and IoT, technological advancements & innovations, and emergence of key market players.
 

Considering the competitive landscape, Creative Virtual, Clinc Inc., Cisco Systems Inc., Baidu Inc., Avaya, Avaamo Inc., Apple Inc., Amazon Web Services Inc., Aivo, and [24]7.ai, are the major contenders influencing global voice assistant application market trends.