Next Generation Search Engines Market - Growth, Trends, and Forecast (2020 - 2025)
The Next Generation Search Engines Market is Segmented by Distribution Channel (Online, Offline), End-user Vertical (Personal, Commercial), and Geography.
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Scope of the Report
Key Market Trends
TABLE OF CONTENTS
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The next generation search engines market was valued at USD 14.87 billion in 2019, and it is expected to reach USD 55.68 billion by 2025, registering a CAGR of 25.5% during the forecast period (2020-2025). The ongoing advancements in the voice-activated capabilities of devices are making voice search by the user even more commonplace, resulting in increasing opportunities for the market, over the forecast period.
The rapidly increasing need for semantic search capabilities, the reduction of value in traditional keyword strategies, and the emergence of long-tail phrase optimization are some of the major factors that will drive the market for next generation search engines, over the forecast period.
the intelligent virtual assistant (IVA) smart speakers are experiencing substantial growth in the market, and are playing a very significant role in the evolution of the voice user interface, in smart homes. The current growth in the smart homes and smart office markets is also expected to boost adoption for next generation search engines.
In a modern house installed with a set of connected gadgets, connectivity issues are bound to happen. Connection problems arising with the voice-based search engine devices may require the user to first repeat the power cycle of the speaker, as well as the modem and the router, which presents a challenge to the market.
Scope of the Report
Next generation search engines are considered as advanced search engines incorporated with new technologies, like embedded AI capabilities. Voice-based (Google Assistant, Alexa) and Image-based (Google Lens) searches are considered as next generation search engines.
By Distribution Channel
By End-user Vertical
Middle East & Africa
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Key Market Trends
Personal Segment to Witness the Highest Growth
Smart speakers in the personal end-user vertical are expected to hold the majority share in the market, due to the growing usage of the devices in smart homes. The integration of smart speakers with smart home devices, such as TVs, thermostats, and smart lightbulbs, is encouraging consumers to adopt these devices for personal use.
According to Google, Google Assistant, which works on the Google Home line of smart speakers and displays, is integrated with more than 1,600 home-automation brands and more than 10,000 devices.
Moreover, according to the Voicebot Smart Speaker Consumer Adoption Report, January 2019, the most popular smart home devices by a wide margin were smart TVs with 33.3%, followed by smart lighting at 21.2%, voice-interactive game consoles and cable boxes at 14.4%, and smart thermostats at 12.4%.
Moreover, with the increasing sales of smart home devices in the United States, the market is expected to grow further in the region.
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Asia-Pacific Occupies the Largest Market Share
The Asia-Pacific region currently holds the largest market share for the market studied. The demand for the products in the region, which is primarily from the emerging economies, is expected to remain high and the major players are expected to focus chiefly on this region, with the youth as the target audience.
China, India, Japan, South Korea, Singapore, and other populous nations, with consumer product-based demand, are expected to remain the target market, as product demand in these countries continues to drive the market.
Also, the major vendors in this region are expected to target the price sensitive consumer group by offering products in different price segments, and therefore, create an opportunity for vendors who offer products at a low price. Vendors with costly products may target a different customer segment by offering products as a package, in collaboration with other electronic products, such as notebooks and tablets.
The presence of a large population, with different regional languages being spoken, has prompted the market vendors to offer language-based search capacity in the regional language.
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The competition in the market is quite high. Technological innovation has been the most important growth factor for this level of competition. The market is moderately concentrated with the presence of many players. Some of the major players are Amazon.com Inc., Alphabet Inc. (Google), Alibaba Group, Baidu Inc., among others.
April 2019: Amazon launched Echo Show in India at a price of INR 22,999. The product is powered by Alexa and features a 10-inch HD display, along with a 5MP camera and built-in smart hub.
February 2019: Google added real-time translation capabilities to its Google Home smart speakers, the Home Hub screened speaker, as well as other screened devices from third parties.